The Federal Government has recently set up a specialized committee tasked with evaluating and managing the array of risks currently confronting Nigeria.
According to The PUNCH, this development was made public by the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, during the annual Chartered Risk Management Institute conference held in Lagos on Thursday.
During the conference, which featured the theme, ‘Emerging Crisis in Africa: Way Forward’, Dr. Olusi, who was recognized with an honorary fellowship at the event, highlighted the committee’s objective and its timeline for action.
He explained, “I am delighted to say that His Excellency, President Bola Tinubu, who understands the importance of risk management and its implications for our economy at large, has recently set up a committee to look into ways we can manage risks, credit risks better, and he gave us a mandate to report back to him within the next four weeks.”
The conference also featured remarks from the President and Chairman of the Council at CRMI, Dr. Ezekiel Oseni, who underscored the institute’s proactive measures to embed risk management within the fabric of governance across Nigeria.
He revealed that the institute had taken significant steps towards institutionalizing risk management by sponsoring a bill at the National Assembly.
This proposed legislation has already passed its first reading and seeks to ensure that every ministry, department, and agency establishes a risk management function.
Oseni commented on this initiative, stating, “One of the key initiatives of the institute is sponsoring a bill at the National Assembly, as I promised last year. The bill has already passed its first reading. This legislation mandates that every ministry, department, and agency establish a risk management function. We envision every ministry and state government having a dedicated risk management department. This legislative move is a practical step towards positioning risk management as a fundamental component of governance in Nigeria.”
Emphasizing the critical need for government backing, he further remarked, “As the institute continues to champion initiatives that enhance the resilience and sustainability of the economy, the government must recognize and back the role that this institute is playing.”
Another significant moment during the conference was the formal signing of a Memorandum of Understanding aimed at establishing the Federation of African Risk Management Associations.
This agreement involved heads of risk institutes from various African nations, including South Africa, Côte d’Ivoire, Morocco, Senegal, Benin Republic, and Kenya.
Addressing the significance of this agreement, Oseni called for broad-based support, saying, “We call on the governments of all African countries, African Union, and multilateral agencies like AfDB, Afreximbank and Pan-African organisations to support this great cause. On behalf of FARMA, CRMI, we commend AfDB and others leading or working towards establishing a rating agency for Africa.”
In a keynote address, the Deputy Governor of Lagos State, Dr. Obafemi Hamzat, provided a comprehensive overview of risk management from a governance perspective.
He highlighted the multifaceted challenges Nigeria faces, particularly in the realm of insecurity, which has led to widespread turmoil, instability, and internal displacement.
Hamzat asserted, “The government cannot abdicate its role and responsibility of providing safety for the lives and properties of citizens, residents, and investors under such ignoble conditions. Hard decisions must be taken with due consideration for the risks involved without compromising sovereign or territorial integrity.”
Hamzat also noted the economic implications of risk management, especially in light of technological advancements such as artificial intelligence and robotics.
These developments, he noted, have spurred the need for robust legislation to protect data and other sensitive information that could be compromised through technological means.
He noted, “By and large, the greater risks in decision-making by government have been in the economic growth and development of our society, particularly with the growing influence of the use of artificial intelligence and robotics. This has engendered the necessity to legislate for the protection of data and other sensitive information that could be ‘harvested’ with the ingenuous use or deployment of technology.”
He further elaborated on the positive impact of technology on governance, noting that its rapid deployment has enhanced citizen participation, ensuring greater transparency and accountability.
The Lagos Deputy Governor emphasized that the CRMI plays a crucial role in disseminating information and educating the public on contemporary risk management practices.
At the event, alongside Dr. Olusi, several distinguished individuals were awarded honorary fellowships by the CRMI.
These included Dr. Obafemi Hamzat; Governor of the Central Bank of Nigeria, Olayemi Cardoso; Executive Chairman of the Federal Inland Revenue Service, Zaccheus Adedeji; Director-General of the Meteorological Agency, Professor Charles Anosike and the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama.
Others recognized were Group Managing Director of Zenith Bank, Dr. Adaora Umeoji; Chief Executive Officer of Access Bank, Dr. Roosevelt Ogbonna; and the Chief Executive Officer of Fidelity Bank, Dr. Nneka Oyeali-Ikpe.
