The Risk Management Committee, a newly established committee saddled with the responsibility of assessing and managing various risks confronting the country, said it will submit its report within four weeks.
The Federal Government has established a committee to assess and manage the various risks confronting the country. This initiative was announced by the Managing Director/Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, during the annual conference of the Chartered Risk Management Institute in Lagos on Thursday.
Olusi, who was honored with an honorary fellowship at the event, noted that the committee was expected to submit findings within four weeks to the Presidency.
He said, “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, themed ‘Emerging Crisis in Africa: Way Forward,’ also featured remarks from the President/Chairman of Council at CRMI, Dr Ezekiel Oseni.
He disclosed that the institute had sponsored a risk management bill at the National Assembly, which had already passed its first reading.
“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,” Oseni remarked.
He further emphasized the importance of government support, noting, “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 highlight at the event was the signing of the Memorandum of Understanding to establish the Federation of African Risk Management Associations with risk institute heads represented by South Africa, Cote D’Ivoire, Morocco, Senegal, Benin Republic, and Kenya.
Speaking on the MOU signed, he said, “We call on the governments of all African countries, African Union, and multilateral agencies like AfDB, Afreximbank, and Pan-African organizations 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 his keynote address, the Deputy Governor of Lagos State asserted, “Taking a broad view of risk management from a governance point of view, insecurity has plagued the landscape, creating turmoil, instability, and forced migration leading to internal displacement of persons, among many other social indicators.
“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.
“By and large, the greater risks in decision-making by the 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.”
According to Hamzat, the rapid growth and deployment of technology have enhanced sociopolitical participation in the governance process because more people have found their voices and platforms to engage in the governance process to ensure transparency and accountability.
He stated that CRMI had a major role to play in the dissemination of information and enlightenment on risk management in contemporary times.
Apart from Olusi, the CRMI also awarded its first set of honorary fellowships to the Deputy Governor of Lagos State, Dr Obafemi Hamzat; the Governor of the Central Bank of Nigeria, Olayemi Cardoso; the Executive Chairman of the Federal Inland Revenue Service, Zaccheus Adedeji; the Director-General of Meteorological Agency, Professor Charles Anosike and the Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama.
Others were the Group Managing Director of Zenith Bank, Dr Adaora Umeoji; Chief Executive Officer of Access Bank, Dr Roosevelt Ogbonna and Chief Executive Officer of Fidelity Bank, Dr Nneka Oyeali-Ikpe.
