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.

Afrexim Bank’s Creative Africa Nexus (CANEX) programme has launched the highly anticipated “One Drum” EP, a collaborative music project that brings together top artists from Africa and the diaspora.

This innovative initiative aims to promote Africa’s creative economy, drive economic growth, and solidify the continent’s position as a global creative hub.

The “One Drum” EP is a strategic initiative to unlock Africa’s creative potential, promote cultural exchange, and drive economic growth. With its global appeal and innovative sound, the EP is poised to resonate with audiences worldwide, further establishing Africa as a key player in the global creative economy.

Afreximbank, having recognised the relevance and opportunities provided by the creative economy as a key driver for development and job creation, established the Creative Africa Nexus programme (CANEX) to support the  development of Africa’s Creative and Cultural Industries and address some of  the challenges faced by this economy, through the provision of access to  finance, capacity building, trade, investment and export promotion, access to new market opportunities, digital solutions, and policy advocacy to  fast-track the scaling of Africa’s creative sectors within the global economy.

The “One Drum” EP is a masterpiece of global musical collaboration, celebrating the vibrancy, resilience, and diversity of African music while embracing global influences.

Featured artistes on the One Drum EP include Flavour (Nigeria), Olodum (Brazil), Oskido (South Africa) Commissioner Gordon Williams (USA), Sofiya Nzau (Kenya), Stephen Marley, YG Marley, and Jo Mersa Marley (Jamaica), The Scorpion Kings (South Africa) as well as Tman Xpress, X-Wise, Phila Dloz (South Africa)i, and Olodum (Brazil).

One Drum is more than just music; it’s a celebration of the cultural bonds that unite Africa and its diaspora, shaped by our shared history and the enduring legacy of the Trans-Atlantic Slave Trade. The EP resonates with rhythms that have traveled across continents— from the global sounds of Afrobeats and Amapiano, to the vibrant drums of Brazil to the soul-stirring Reggae of the Caribbean.

Ibom Air has announced receipt of second Air bus A220-300 in fulfillment of plans to increase fleet operations in Akwa Ibom state. In a statement signed by Mrs Aniekan Essienette, the Manager, Marketing and Communication and made available to Journalists in Uyo, the Airbus arrived Nigeria through Murtala Mohammed International Airport, Lagos on 10 August 2024 .

It also stated that the shareholder being Akwa Ibom state government formally received the consignment on Tuesday at Victor Attah International Airport , Uyo amidst pomp and pageantry.

Essienette explained that the acquisition of the second Airbus aligns with Ibom Air’s strategic goal of rapidly increasing capacity and expanding its route network.

The statement reads in parts : “The Airbus A220-300, celebrated for its fuel efficiency, environmental sustainability, and passenger comfort, will enable Ibom Air to increase flight frequencies on existing routes and expand to new destinations.

“While giving his welcome remark, the Chairman of Ibom Air, Pastor Imoabasi Jacob, saluted the resilience and doggedness of Ibom Air’s management and the strong support of the state governor Pastor Umo Eno.”

She said Pastor Umo Eno in his remarks on arrival of the Airbus has expressed his enthusiasm for the development of the Airline .

“The arrival of our second Airbus A220 reiterates the state’s unwavering commitment to advancing our aviation sector. This addition aligns with our strategic vision for Ibom Air and supports the economic growth and development of Akwa Ibom State by enhancing air travel and connectivity, creating job opportunities, and boosting tourism.”

Essienette disclosed that bom Air’s Chief Executive Officer , Mr. Mfon Udom, emphasized the significance of the addition to the fleet to operations of the Airline

“We are thrilled to welcome our second wholly owned Airbus A220. This aircraft will significantly boost our capacity in response to the growing service demand.

“A special thanks to the Nigerian financial institutions who continue to partner with Ibom Air, especially Fidelity Bank and Union Bank.

“We appreciate the tremendous support shown to us by our valued customers recently as we bore through flight disruption. We are committed to delivering remarkable improvements moving forward.”

She maintained that Ibom Air as a wholly owned subsidiary of the Akwa Ibom State Government is dedicated to setting the benchmark as the airline of choice for passengers.

“The airline focuses on schedule reliability, on-time departures, and outstanding service. Ibom Air’s fleet comprises seven aircraft: five Bombardier CRJ 900s and two Airbus A220-300s. It serves six domestic destinations in Nigeria and Accra, Ghana.” She said.