In a bid to strengthen Nigeria’s risk management strategies, the Federal Government has established a new committee tasked with evaluating and addressing various national risks. The announcement was made by Dr. Olasupo Olusi, Managing Director and CEO of the Bank of Industry, during the Chartered Risk Management Institute (CRMI) annual conference in Lagos on Thursday.

Dr. Olusi, who was honored with an honorary fellowship at the event, revealed that the committee is expected to deliver its findings to the presidency within four weeks. This initiative highlights the government’s commitment to improving risk management practices and addressing financial and operational vulnerabilities.

The CRMI conference also celebrated the presentation of its inaugural Honorary Fellowship Awards. This year’s recipients 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 major highlight of the conference was the signing of a Memorandum of Understanding (MOU) to establish 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 recognizes the critical importance of effective risk management for our economy and has tasked us with enhancing our approach to credit risks. We are expected to report progress within the next four weeks.”

Dr. Ezekiel Oseni, President and Chairman of Council at CRMI, provided an update on legislative initiatives, including 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 need for continued governmental support, stating, “Our efforts are essential for boosting economic resilience, and it is crucial that the government continues to support these initiatives.” He also called on African governments, the African Union, and multilateral organizations like the African Development Bank (AfDB) and Afrexim Bank to support FARMA. “We commend efforts towards establishing a rating agency for Africa and seek broader support for this significant initiative,” he added.

Dr. Kadri Obafemi Hamzat, Deputy Governor of Lagos State, delivered a keynote address on the necessity of comprehensive risk management from a governance perspective. He discussed the impact of insecurity and technological advancements on societal stability and economic growth, emphasizing the need for legislative measures to address data protection and risks associated with Artificial Intelligence (AI) and robotics.

Dr. Hamzat concluded by acknowledging the CRMI’s role in promoting transparency and accountability through risk management education and practices.

The conference underscored Nigeria’s commitment to advancing risk management and highlighted regional efforts to enhance risk assessment and response mechanisms.