NDIC, BRIPAN partner to strengthen insolvency framework, business recovery in Nigeria
The Nigeria Deposit Insurance Corporation (NDIC) and the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) have deepened collaboration to strengthen the implementation of insolvency laws and promote effective business rescue practices aimed at enhancing financial stability in Nigeria.
Managing Director of NDIC, Mr. Thompson Sunday, disclosed this when he received a delegation from BRIPAN led by its President, Mr. Chimezie Ihekweazu (SAN), at the corporation’s headquarters in Abuja on Thursday.
Sunday said the partnership seeks to support efficient corporate recovery processes and ensure that insolvency cases are handled transparently in line with international best practices.
“Insolvency law governs how businesses or individuals who can no longer meet their financial obligations are either restructured for recovery or liquidated in an orderly manner to protect creditors, depositors, and employees,” he explained.
He noted that the NDIC Act 2023 has strengthened the corporation’s authority to manage bank resolution processes, recover assets, and maintain financial system stability.
“No institution is too big to fail,” Sunday stressed, adding that NDIC’s mandate is to manage insolvency cases in a way that upholds transparency and public trust.
Under its new strategic direction, he said, the corporation is prioritising capacity building in bank resolution, liquidation management, and distressed asset recovery all of which depend on a robust insolvency framework.
Sunday further expressed NDIC’s readiness to collaborate with BRIPAN on capacity-building programmes, technical research, and policy dialogues aimed at modernising Nigeria’s insolvency regime.
In his remarks, BRIPAN President Ihekweazu reaffirmed the association’s commitment to advancing knowledge and professional standards in insolvency and business recovery practice.
He said BRIPAN, established under the Companies and Allied Matters Act (CAMA) 2020, recognises NDIC as a key partner in maintaining financial stability and developing best practices for insolvency administration.
“The association is ready to collaborate with NDIC on staff training, stakeholder sensitisation, and the development of practical guidelines to enhance understanding and enforcement of insolvency procedures in the financial services sector,” Ihekweazu stated.
Both organisations expressed optimism that the renewed partnership would contribute significantly to building a resilient financial system capable of withstanding economic shocks and safeguarding public confidence.