Nigeria Urged to Embrace UNCITRAL Law for Insolvency

At the 2026 Annual International Insolvency Conference hosted by the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Omobolaji Bello, a Senior Associate at Stren & Blan Partners, urged the federal government to adopt the UNCITRAL Model Law on Cross-Border Insolvency. He highlighted that while the Companies and Allied Matters Act (CAMA) provides mechanisms for domestic restructuring, it does not address cross-border insolvency issues where companies have assets or proceedings in multiple jurisdictions.

Bello pointed out that Nigeria currently lacks a formal framework for recognizing foreign insolvency, which hampers cooperation between Nigerian courts and foreign insolvency practitioners. He criticized existing laws, such as the Foreign Judgments Reciprocal Enforcement Act, as outdated and insufficient.

Bello emphasized the need for a dedicated cross-border insolvency framework to support Nigerian businesses operating internationally, especially as trade expands under the African Continental Free Trade Area.