Thompson Sunday, NDIC MD, and BRIPAN President, Chimezie Ihekweazu
The Nigeria Deposit Insurance Corporation (NDIC) and the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) have intensified their efforts to assist struggling businesses in recovering and safeguarding jobs.
Speaking in Abuja, NDIC Managing Director Thompson Sunday said the collaboration aims to strengthen financial stability and ensure failing companies are handled in ways that protect depositors, employees, and creditors.
“No institution is too big to fail,” he added, stressing that proper insolvency management is crucial to prevent chaos in the financial system.
In practical terms, this means that businesses in trouble could either be restructured to survive or closed in an orderly manner, reducing the risk of job losses and unpaid debts. For ordinary Nigerians, it ensures that banks and companies operate transparently, protecting their savings and investments.
BRIPAN President, Chimezie Ihekweazu (SAN), said the partnership would also focus on staff training, public awareness, and developing clear guidelines for insolvency and business recovery.
Sunday highlighted that the NDIC Act 2023 has strengthened the corporation’s ability to manage bank resolutions, recover distressed assets, and promote stability.
Through the renewed collaboration, Nigerians can expect stronger protections against corporate failures, more resilient businesses, and safer financial services, turning insolvency laws into a tool that safeguards livelihoods.
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