*Speakers Emphasize Need To Strengthen Insolvency Laws To Aid Economic Growth
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Economists, legal and financial experts have called for a strong legal and regulatory framework for business restructuring and insolvency system in Nigeria.
They spoke in Lagos at the 2023 international conference of the Business Recovery & Insolvency Practitioners Association of Nigeria (BRIPAN), with the theme: “Insolvency and restructuring law and practice in Nigeria: Looking to the Future”.
The two-day event featured two keynote speeches by former Attorney-General of the Federation Mr Kanu Agabi (SAN) and President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Dr Ken Opara.
Other legal and financial experts who spoke were Dr Anthony Idigbe (SAN), Dr Chinyere Almona, Dr Olusegun Omisakin, Dr Aurelie Gurrea-Martinez, Mr George Etomi, Olawale Akoni (SAN), Justice Ebiowei Tobi of the Court of Appeal, Dr Olawakemi Pinheiro (SAN), Mr Kofo Salam-Alada and Henry Fomah.
Others were Ms Oluwaseun Mamoye, Richard Healey, Ms. Samira Musayeva, Amala Umeike, Rogers Turyasingura, Michael Out, Haruna Jalo-Waziri, Oluwaseyi Fayemi, Bidemi Olumide, Ms. Jenifer Omonhe and David Ekanem.
The conference ended with a gala night, which had the theme: “Africa futurism”.
Speakers explored strategies for managing public debt, optimising insolvency and restructuring laws for economic growth, as well as opportunities offered by the African Continental Free Trade Area Agreement (AfCFTA).
Mr Agabi noted that some corporate entities become insolvent due to lack of support by the government.
He stressed that without an enabling environment such as good roads, regular power supply and security, businesses cannot thrive; instead more will go bankrupt.
“Wrong government policies are responsible for the collapse of businesses and the naira,” the former AGF said.
He, therefore, urged the government do more to help businesses survive.
Agabi also said the number of goods imported must be reduced by boosting manufacturing.
“If the government is going to help the people, it must first help itself,” he said.
The ex-AGF faults a situation where the country imports over 70 per cent of goods it consumes, saying no economy can grow that way.
“The business environment is not conducive.
“The government must go out of its way to help businesses,” he said.
Dr Opara, represented by CIBN Director of Economics & Strategy, Dr Oreitan Adigun, said the existing legal framework for business recovery and insolvency practice is “stagnant”.
He stressed the need to continually enhance the capacity of insolvency practitioners.
According to him, the finance industry is the lifeblood of the economy, while the legal sector is the backbone that provides structure, stability and protection for it, both working together for a powerful economic system.
“In the ever-evolving landscape of finance and economics, the importance of insolvency and restructuring law cannot be overstated.
“These areas play a pivotal role in ensuring stability and resilience of our financial system, protecting investors and facilitating economic growth,” Opara said.
Citing a World Bank report, he noted that Nigeria ranks 157 out of 190 economies in the world, with a total score of 28.6 of 100, performing below regional average of sub-Saharan Africa of about 35 points and the global average of 50.1 in terms of ease of resolving insolvency cases.
He said despite the insolvency regulations introduced by the Companies and Allied Matters Act (CAMA), there are still challenges and gaps that need to be addressed.
These gaps, the CIBN President said, can be addressed by creating a comprehensive framework for cross-border insolvency recognition and enforcement, establishing a specialised court or tribunal for insolvency matters, enhancing the capacity of practitioners.
Chief Idigbe, who chaired the first session, stressed the need for effective legal framework and strong supporting institutions for insolvency management, which he said can contribute to economic growth.
For instance, he said if the insolvency system takes away inefficient companies, resources can be allocated to more efficient players and confidence can be restored.
Idigbe added: “For insolvency and restructuring to have the desired impact, there must be effective legal framework, supporting government policies and competent institutions and professionals.
“Other requirements are adequate insolvency and bankruptcy laws, efficient judicial systems, access to financing for business restructuring, and professional expertise.”
Etomi, pioneer Chairman of the Nigerian Bar Association (NBA) Section on Business Law (SBL), spoke on the need to open up the legal service space through the AfCFTA.
According to him, some believe that opening up the borders to foreign lawyers could take jobs away, but the reality is that cross-border legal service provision is inevitable.
“If we don’t broaden our focus, we’ll be like big fishes in small ponds.
“We need to remove the mental block that we’re threatened.
“We should amend the Legal Practitioners Act and make allowance for others to come and practice here,” Etomi said.
President of BRIPAN, Mr Richard Ayodele Akintunde (SAN), said the economic reforms of the Bola Tinubu Administration has resulted in the high cost of petrol, floating of the naira and high exchange rate, rise in cost of food, among others.
All of these, he noted, provide opportunities for insolvency practitioners.
Akintunde said: “Businesses are feeling the pinch of these economic reforms. According to the President of Nigerian Association of Small and Medium Enterprises (NASME), 10 per cent of about 40 million Micro, Small and Medium Enterprises (MSMEs) have shut down their operations since the removal of the petrol subsidy.
“Some international companies have either scaled down their business operations or shut down completely. Rising public debt is also a matter of serious concern.
“These kinds of problems create opportunities for Insolvency practitioners.
“As leaders in the restructuring and insolvency space in Nigeria and with the network of practitioners we have all over the world, BRIPAN is poised to providing rescue solutions and other options for a prosperous and sustainable future for businesses and companies in Nigeria.”
Chairman of the Conference Planning Committee, Mr Albert Folorunsho, said in choosing the theme, BRIPAN took into cognisance the significant reforms in the insolvency and restructuring space in recent times.
“In the last three years, Nigeria’s 30-year old Companies and Allied Matters Act, 21-year old Banks and Other Financial Institutions Act and 14-year old Nigerian Deposit Insurance Corporation have been repealed and re-enacted,” he said.
According to him, the conference sought to examine, forecast and chart a future course for insolvency and restructuring law and practice in Nigeria, among other objectives.
Founded on June 17, 1994, BRIPAN is ‘the voice’ of professionals involved in business recovery and insolvency, promoting best practices for its members handling financially troubled individuals and businesses.
Its main services are training, advisory and consultancy, while its core objective is to build a body of knowledge in business recovery and insolvency among members and other stakeholders and, in so doing, promote quality assurance in the delivery of services.
The membership consists of insolvency practitioners who are lawyers, accountants, bankers and other professionals.
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