In a significant move to improve risk management practices across the country, the Federal Government of Nigeria has announced the establishment of a new committee dedicated to evaluating and addressing national risks. The initiative was unveiled by Dr. Olasupo Olusi, Managing Director and Chief Executive Officer of the Bank of Industry, at the Chartered Risk Management Institute (CRMI) annual conference held in Lagos on Thursday.

Dr. Olusi, who was awarded an honorary fellowship during the event, revealed that the committee is expected to present its findings to the presidency within four weeks. This initiative underscores the government’s commitment to enhancing risk management and mitigating potential financial and operational vulnerabilities.

The CRMI conference also highlighted 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)
– Dr. Lamido Yuguda, Director General of the Securities and Exchange Commission (SEC)
– Dr. Adaora Umeoji, Group Managing Director of Zenith Bank
– Dr. Roosevelt Ogbonna, Managing Director/CEO of Access Bank
– Dr. Nneka Oyeali-Ikpe, Managing Director/CEO of Fidelity Bank

A notable development at the conference was the signing of a Memorandum of Understanding (MOU) to establish the Federation of African Risk Management Associations (FARMA). The MOU was signed by representatives from South Africa, Côte d’Ivoire, Morocco, Senegal, Benin Republic, and Kenya. Dr. Olusi commended President Bola Tinubu for his support, highlighting his commitment to improving credit risk management. The committee is expected to report progress within four weeks.

Dr. Ezekiel Oseni, President and Chairman of Council at CRMI, provided an update on legislative progress, revealing 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 mandate risk management functions across all Ministries, Departments, and Agencies (MDAs).

Dr. Oseni emphasized the importance of ongoing governmental support for these initiatives, stating, “Our efforts are crucial for enhancing economic resilience, and it is vital that the government continues to support these initiatives.” He also urged African governments, the African Union, and multilateral organizations like AfDB and Afrexim to support the newly formed FARMA, and praised the establishment of an African rating agency.

Dr. Kadri Obafemi Hamzat, Deputy Governor of Lagos State, delivered a keynote address on the need for comprehensive risk management from a governance perspective. He addressed the impact of insecurity and technological advancements on societal stability and economic growth, calling for decisive government action to ensure safety and uphold national integrity. Dr. Hamzat also highlighted the importance of legislating for data protection and addressing risks associated with Artificial Intelligence (AI) and robotics.

The conference marked a pivotal moment for Nigeria’s approach to risk management, emphasizing both national and regional commitments to enhancing risk assessment and response mechanisms.