The Registrar-General and Chief Executive Officer of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, has called on members of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) to effectively implement the provisions of the Companies and Allied Matters Act (CAMA) 2020. Magaji made this appeal during his keynote address at BRIPAN's International Conference 2026, themed 'Building an Insolvency Architecture for a New World Order'. He emphasized that CAMA 2020 has provided a strong foundation for insolvency practice in Nigeria.
Magaji highlighted that the tools provided by CAMA 2020, including rescue, restructuring, administration, receivership, liquidation, investigation, and reversal of improper pre-insolvency transactions, must be translated into measurable outcomes. These outcomes include more viable businesses rescued, jobs preserved, better recoveries for creditors, greater accountability by office-holders, and increased confidence in the Nigerian economy. He stressed that a modern insolvency system should facilitate early intervention, preserve viable businesses, protect employment, and maximize returns to creditors.
The CAC Registrar-General noted that the Insolvency Regulations 2022 give practical effect to the provisions of CAMA 2020 through requirements relating to accreditation, continuing education, renewal, and withdrawal of accreditation. He emphasized that these safeguards are essential because insolvency practitioners exercise extensive powers over distressed businesses, creditors' recoveries, employees' livelihoods, and productive assets. The commission is committed to ensuring that practitioners are competent, independent, ethical, and fit and proper to hold office.
Magaji also mentioned that the commission is committed to improving digital filing, strengthening the integrity of corporate records, issuing appropriate regulations and guidance, monitoring compliance, and collaborating with the courts, professional bodies, and other regulators. He emphasized that the implementation of CAMA 2020 and the Insolvency Regulations 2022 is crucial for the development of Nigeria's insolvency architecture.
In his welcome address, BRIPAN President Albert Folorunsho noted that practitioners have made important progress and gained valuable practical experience six years after the introduction of the insolvency and business rescue provisions under CAMA 2020. He stated that this experience must now guide the next phase of the development of Nigeria's insolvency architecture. Folorunsho highlighted that the conference would address the implementation of CAMA 2020, cross-border insolvency, emerging technologies, sector-specific business distress, judicial efficiency, ethics, regulations, and the future of the profession.
Folorunsho emphasized that the world of business is changing, and insolvency practice must change with it. He noted that the responsibility of practitioners is not merely to liquidate failed companies but to facilitate early intervention, preserve viable businesses, protect employment, and maximize returns to creditors. The conference aims to provide a platform for stakeholders to discuss the challenges and opportunities in insolvency practice in Nigeria.
The collaboration between CAC and BRIPAN is expected to enhance the effectiveness of insolvency practice in Nigeria. The implementation of CAMA 2020 and the Insolvency Regulations 2022 is crucial for the development of a robust insolvency architecture in Nigeria. The conference is expected to provide a platform for stakeholders to discuss the challenges and opportunities in insolvency practice and to proffer solutions to the challenges facing the industry.
Key points
- CAC urges BRIPAN to translate CAMA 2020 provisions into measurable outcomes for effective insolvency practice.
- Insolvency practice in Nigeria must change with the changing business world.
- CAC and BRIPAN collaboration aims to enhance the effectiveness of insolvency practice in Nigeria.
