More businesses in Nigeria may be treading the way of insolvency, going by the position of Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN). Speaking at the association’s 2016 yearly general meeting, the president of BRIPAN Sola Oyetayo, said there was no reliable statistics yet on ailing businesses, because most Nigerian business owners do not reflect the right figures in their annual reports.
He said: ”While we cannot say the exact percentage of businesses going extinct in the country currently, we dare say that there are more companies going insolvent than the ones succeeding’”.
He added Nigeria is generally a difficult place to run a company, but if a more enabling environment is there, there would surely be a change.“This is where we differ from the developed world, when their business is collapsing, they voice out and cry for assistance, but here in Nigeria, except they stop paying workers’ salaries or owe staff for months, you will never know. Read more