The Federal Government has taken a significant step towards enhancing risk management in the country by establishing a new committee. This development was announced by Dr. Olasupo Olusi, Managing Director and CEO of the Bank of Industry, during the annual conference of the Chartered Risk Management Institute (CRMI) held in Lagos.
Committee Formation: The newly established committee is tasked with assessing and managing various risks facing the nation. It has been mandated to deliver its findings to the presidency within the next four weeks.
Purpose: The committee aims to improve the management of credit risks and other critical areas impacting the economy, highlighting the government’s commitment to effective risk management.
During the conference, several notable figures were honored with the CRMI’s first set of Honorary Fellowships:
- 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 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
The conference also featured the signing of a Memorandum of Understanding to establish the Federation of African Risk Management Associations (FARMA). The MoU was signed with representatives from South Africa, Cote D’Ivoire, Morocco, Senegal, Benin Republic, and Kenya, aiming to strengthen risk management practices across Africa.
Dr. Ezekiel Oseni, President and Chairman of Council at CRMI, announced the sponsorship of a risk management bill currently under review in the National Assembly. The bill, which has passed its first reading, seeks to mandate every Ministry, Department, and Agency to establish a dedicated risk management function. This legislative initiative is a step towards integrating risk management into the governance framework at all levels of government.
The CRMI conference, themed “Emerging Crisis in Africa: Way Forward,” underscored the importance of risk management in addressing both current and future challenges. The establishment of the new committee and legislative efforts reflect the growing recognition of risk management as a critical component of effective governance and economic stability.
