April 1, 2011 by ROSELINE OKERE
BUSINESS Recovery & Insolvency Practitioners Association of Nigeria (BRIPAN) has declared its intention to work with Asset Management Corporation of Nigeria (AMCON) to enhance operations of the nation’s financial sector.
Speaking recently at a BRIPAN training programme in Lagos, the First Deputy Vice President, Chief Anthony Adigbe, stated that members of the association have the expertise to assist AMCON in its work of rescuing Nigerian banks.
Twelve of the 14 Nigerian lenders that passed an audit by the Central Bank of Nigeria applied to the AMCON to take over their non-performing loans.
Union Bank of Nigeria, one of the Nigerian lenders bailed out by the country’s central bank in 2009, received a capital injection of N239 billion ($1.56 billion) from the Asset Management Company of Nigeria for the purchase of toxic assets.
Also, Wema Bank said that it received N15.2 billion from AMCON following the sale of a portfolio of non-performing loans.
About N620 billion was injected into nine Nigerian banks - Afribank, Bank PHB, Equatorial Trust Bank, Finbank, Intercontinental Bank, Oceanic Bank, Spring Bank, Union Bank and Wema Bank by the central bank in 2009.
Adibge said that AMCON by its mandate is to take over the non- performing accounts in the banks.
“It is taking them over gradually. It now has a lot of accounts to deal with. We are saying as members of insolvency practitioners, we have the skilled professionals to assist it on fieldwork. We are experienced in working with these banks even before AMCON came on board”, he added.
He said that the association have been very effective working for banks; “we are going to be effective in working for AMCON.”
Speaking on the company’s continuous training programme, he stated; “Training is multi-faceted and multi-fold. We organise training programmes regularly to ensure that our new members are given the three sections of trainings they needed before becoming full members.
“It is also open to the members of the public who are also interested in insolvency practice. There is also training for our old members to enable them update themselves. We have this training every two months. Training is very important for economic development. Any association which does not engage in training will not be able to meet the needs of the members,” he said.
He disclosed that the training committee engages in continuous training programmes throughout the year. “The economy can benefit from our members who are well equipped to handle insolvency practice.”
He added: “We are 10 years now, we have come a long way and we have been able to sustain insolvency practice in Nigeria. We have been able to assist companies to re-engineer to perform better. We are ready to work with the banks, we have been working with them”.
BRIPAN (formerly known as IPAN) which was incorporated as a company limited by guarantee on 17th June 1994 under the Companies and Allied Matters Act 1990 is positioned to be recognised as “The Voice” of professionals involved in the practice of business recovery and insolvency, not only by articulating the views of insolvency practitioners but also by protecting their interests and regulating their practice. Members of BRIPAN are registered as members of INSOL International, which is a federation of insolvency practitioners throughout the world.