The Federal Government has established a new committee tasked with assessing and managing the various risks facing the nation. 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 (CRMI) in Lagos.
Dr. Olusi stated, “President Bola Tinubu, recognizing the significance of risk management for the overall economy, has recently set up a committee to explore improved strategies for managing credit and other risks. He has given us a mandate to report back to him within the next four weeks.”
The conference, themed “Emerging Crisis in Africa: Way Forward,” also featured remarks from the President and Chairman of Council at CRMI, Dr. Ezekiel Oseni. He revealed that the institute has sponsored a risk management bill, currently under review in the National Assembly, which has passed its first reading.
“One of the key initiatives of the Institute is sponsoring a bill at the National Assembly. The bill aims to require every Ministry, Department, and Agency to establish a risk management function,” said Dr. Oseni. “We envision every ministry and state government having a dedicated risk management department. This legislative move is a practical step towards embedding risk management as a core element of governance in Nigeria.”
Dr. Oseni emphasized the importance of government support for the institute’s initiatives, which aim to enhance economic resilience and sustainability. He also called on African governments, the African Union, and multilateral agencies like the African Development Bank (AfDB) to support the cause of risk management. Dr. Oseni commended the AfDB and other organizations working towards establishing a rating agency for Africa.
The conference saw the signing of a Memorandum of Understanding (MOU) with representatives from various risk management associations, including Agossou Elie Agbazahou from the Republic of Benin, Mohammed Aziz Derj from Morocco, Sande Fatola from Ivory Coast, Bheki Gutshwa from South Africa, Dorothy Maseke from East Africa, and Ibuou Sougoufara from Senegal.
In his keynote address, Lagos State Deputy Governor, Dr. Kadri Obafemi Hamzat, highlighted the broad implications of risk management from a governance perspective. He noted that insecurity has led to turmoil, instability, and internal displacement, underscoring the government’s responsibility to ensure the safety of citizens and investors.
“Governments must take hard decisions with careful consideration of risks, without compromising sovereign integrity,” Dr. Hamzat said. He also pointed to the growing influence of Artificial Intelligence and Robotics, which necessitate legislation to protect data and sensitive information.
Dr. Hamzat further emphasized that the rapid growth of technology has increased public engagement in governance, enhancing transparency and accountability. He underscored the critical role of the CRMI in disseminating information and raising awareness about risk management in the modern era.
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