To bolster Nigeria’s approach to risk management, the Federal Government has inaugurated a new committee dedicated to evaluating and addressing various national risks.
The announcement was made by the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, during the Chartered Risk Management Institute (CRMI) annual conference held in Lagos on Thursday.
Dr. Olusi, who was honoured with an honorary fellowship at the event, revealed that the committee is tasked with presenting its findings to the presidency within four weeks. The initiative reflects the government’s commitment to enhancing risk management practices and mitigating potential financial and operational vulnerabilities.
The CRMI conference also featured the presentation of its inaugural Honorary Fellowship Awards. This year’s honorees included- Dr. Kadir Obafemi Hamzat, Deputy Governor of Lagos State; Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN); Dr. Zaccheus Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS); Dr. Emomotimi Agama, Director General of the Meteorological Agency (NiMet); and Dr. Lamido Yuguda, Director General of the Securities and Exchange Commission (SEC).
Additional awards were given to Dr. Adaora Umeoji, Group Managing Director of Zenith Bank; Dr. Roosevelt Ogbonna, Managing Director/CEO of Access Bank; and Dr. Nneka Oyeali-Ikpe, Managing Director/CEO of Fidelity Bank.
A significant highlight of the conference was the signing of a Memorandum of Understanding (MOU) to form the Federation of African Risk Management Associations (FARMA). The MOU was endorsed by representatives from South Africa, Côte d’Ivoire, Morocco, Senegal, Benin Republic, and Kenya.
Dr. Olusi praised President Bola Tinubu for his support, stating, “President Tinubu understands the critical importance of effective risk management for our economy and has charged us with improving our approach to credit risks. We are expected to report our progress within the next four weeks.”
Dr. Ezekiel Oseni, President and Chairman of Council at CRMI, provided an update on legislative developments, noting that the Institute is sponsoring a risk management bill currently under review in the National Assembly.
The bill, which has passed its first reading, aims to establish mandatory risk management functions across all Ministries, Departments, and Agencies (MDAs).
Dr. Oseni highlighted the importance of governmental support for these initiatives, stating, “Our efforts are vital for enhancing economic resilience, and it is crucial that the government continues to back these initiatives.”
He also called on African governments, the African Union, and multilateral organizations like AfDB and Afrexim to support the newly established FARMA.
“We commend the efforts of those working towards establishing a rating agency for Africa and call for broader support for this significant initiative,” Dr. Oseni added.
Dr. Kadri Obafemi Hamzat, Deputy Governor of Lagos State, delivered a keynote address emphasizing the need for comprehensive risk management from a governance perspective.
He highlighted the impact of insecurity and technological advancements on societal stability and economic growth.
“Insecurity has caused significant turmoil and displacement, requiring decisive government action to ensure safety and uphold sovereign integrity,” Dr. Hamzat noted.
He also stressed the importance of legislating for data protection and addressing the risks associated with Artificial Intelligence (AI) and robotics.
Dr. Hamzat concluded by acknowledging the role of the CRMI in advancing transparency and accountability through risk management education and practices.
The conference marked a pivotal moment for Nigeria’s approach to risk management, underscoring both national and regional commitments to enhancing risk assessment and response mechanisms.