The Federal Government has established a committee to assess and manage various risks confronting the country, with a mandate to report back to the Presidency within four weeks.
This initiative was announced by the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, during the annual conference of the Chartered Risk Management Institute in Lagos on Thursday.
Dr. Olusi, who was honored with an honorary fellowship at the event, emphasized the importance of risk management in ensuring the stability of Nigeria’s economy.
“I am delighted to announce that His Excellency, President Bola Tinubu, who understands the critical role of risk management in our economic landscape, has set up a committee to explore better ways to manage risks, particularly credit risks. We have been given a four-week deadline to present our findings to the Presidency,” Olusi stated.
The conference, themed “Emerging Crisis in Africa: Way Forward,” also featured remarks from CRMI President and Chairman of Council, Dr. Ezekiel Oseni. He highlighted the institute’s efforts to institutionalize risk management practices within the government. Dr. Oseni announced that a risk management bill, sponsored by the CRMI, has already passed its first reading in the National Assembly.
“This bill mandates that every ministry, department, and agency establish a risk management function. We aim to have every ministry and state government with a dedicated risk management department. This legislative initiative is a practical step towards embedding risk management as a core component of governance in Nigeria,” Dr. Oseni explained.
He further stressed the need for government support, stating, “As the institute continues to promote initiatives that enhance the resilience and sustainability of the economy, it is crucial for the government to recognize and support the vital role the CRMI is playing.”
A significant milestone at the event was the signing of a Memorandum of Understanding to establish the Federation of African Risk Management Associations. The MoU was signed by heads of risk management institutes from South Africa, Côte d’Ivoire, Morocco, Senegal, Benin Republic, and Kenya.
Commenting on the MoU, Dr. Oseni called for support from African governments, the African Union, and multilateral agencies such as the African Development Bank and it the African Export-Import Bank.
“We urge all African governments and Pan-African organizations to back this great cause. We commend the AfDB and others for their efforts toward establishing a rating agency for Africa,” he said.
In his keynote address, Lagos State Deputy Governor, Dr. Obafemi Hamzat, highlighted the broader implications of risk management from a governance perspective. He discussed the challenges posed by insecurity, which has led to turmoil, instability, and forced migration within the country. Dr. Hamzat underscored the government’s responsibility to ensure the safety of lives, property, and investments, even in challenging circumstances.
“The government cannot abdicate its responsibility to protect citizens, residents, and investors. Tough decisions must be made with due consideration for the risks involved, without compromising national sovereignty or territorial integrity,” Dr. Hamzat asserted.
He also addressed the impact of technology on governance, noting that the rapid growth and deployment of technology have enhanced sociopolitical participation and transparency. He emphasized that the CRMI has a crucial role to play in educating the public on contemporary risk management practices.
In addition to Dr. Olusi, the CRMI awarded its first set of honorary fellowships to several prominent figures, including Dr. Obafemi Hamzat; the Governor of the Central Bank of Nigeria, Olayemi Cardoso; the Executive Chairman of the Federal Inland Revenue Service, Zaccheus Adedeji; the Director-General of the Nigerian Meteorological Agency, Professor Charles Anosike; and the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama.
Other recipients included Dr. Adaora Umeoji, Group Managing Director of Zenith Bank; Dr. Roosevelt Ogbonna, Chief Executive Officer of Access Bank; and Dr. Nneka Onyeali-Ikpe, Chief Executive Officer of Fidelity Bank.
