EMERGING TECHNOLOGIES AND INSOLVENCY LAW IN NIGERIA: AN EXAMINATION OF TECHNOLOGY AND INNOVATION UNDER CAMA 2020

Abstract

This article critically examines the intersection of emerging technologies and insolvency law in Nigeria, focusing on the Companies and Allied Matters Act 2020 (CAMA 2020). It traces the historical development of Nigerian insolvency law, highlighting the limitations of the pre-CAMA 2020 framework, which was largely liquidation-oriented and lacked modern mechanisms for corporate rescue. The study analyses the statutory innovations introduced under CAMA 2020, including administration, company voluntary arrangements, and netting, as well as procedural reforms such as electronic filing and virtual meetings, which collectively aim to enhance efficiency, transparency, and creditor participation in insolvency proceedings. The article further explores the potential application of emerging technologies, such as artificial intelligence, blockchain, and digital platforms for creditor engagement, in improving insolvency practice in Nigeria. By assessing global trends and comparative experiences from the United Kingdom, the United States, and South Africa, the study identifies doctrinal and practical gaps in the Nigerian framework and draws lessons to strengthen domestic insolvency administration. The paper concludes with recommendations for legal reform, institutional capacity building, and policy initiatives that integrate technological solutions into insolvency practice. It argues that by embracing technology and innovation, CAMA 2020 can better facilitate corporate rescue, protect creditor interests, and align Nigeria’s insolvency system with the demands of a digitalised global economy. The study contributes to scholarship on law, technology, and economic governance by providing a roadmap for modernising insolvency law in Nigeria while promoting efficiency, transparency, and sustainable economic resilience.