Business and Economy
CRMI Rejects Establishment of Chartered Institute of Enterprise
By Our Correspondent
The Chartered Risk Management Institute (CRMI) has kicked against the proposed establishment of the Chartered Institute of Enterprise Risk Management of Nigeria by the National Assembly, describing it as a duplication of existing institutions with identical mandates.
In a memorandum submitted to the House Committee on Commerce, the Registrar of CRMI, Victor Olannye, said the bill seeking to establish the new institute overlaps with the functions of the already existing Chartered Risk Management Institute of Nigeria.
“Upon careful review of the bill, we wish to draw the Committee’s attention to certain issues surrounding the proposed legislation, specifically its overlap with existing laws and its implications for the integrity of the legislative process,” he said.
Olannye explained that the 9th National Assembly had already passed the Chartered Risk Management Institute of Nigeria Act No. 39 of 2022, which was duly assented to by the President and gazetted, thereby conferring legal status on the institute.
“The Act comprehensively governs and promotes the practice of risk management in Nigeria, including professional certification, regulation, and the advancement of the profession,” he said.
He pointed out that the primary objective of the proposed Chartered Institute of Enterprise Risk Management of Nigeria, to control and promote the practice of risk management, is already fully addressed by the 2022 Act.
“As such, the proposed bill duplicates functions and responsibilities already legislated under the existing law,” he stated.
Olannye noted that the legislature has consistently frowned upon the unnecessary proliferation of professional bodies, particularly when their mandates are already covered by existing legislation.
“Creating overlapping institutions not only leads to inefficiency and confusion within the profession but also undermines the integrity of the legislative process,” he added.
He therefore urged the Committee to consider dropping the bill, warning that allowing it to progress would “contradict existing legislation (Act No. 39 of 2022), create legal and institutional conflicts, undermine the principle of avoiding duplication and redundancy in laws, and weaken the credibility and authority of the legislature’s previous actions.”
Olannye stressed that maintaining the integrity and coherence of the legislative framework was paramount, urging the Committee to uphold the existing law and reject the proposed bill.
He commended the Committee for its diligence and professionalism, saying, “The Governing Council wishes to commend the Committee for its unwavering diligence and commitment to upholding the principles of lawmaking. Your meticulous approach to legislative oversight and your dedication to ensuring that every bill aligns with the broader goals of national progress reflect the highest standards of legislative professionalism.”
He added that the Committee’s integrity and thoughtfulness were instrumental in strengthening Nigeria’s governance framework and fostering public trust in the National Assembly.
The Chairman, House of Representatives’ Committee on Commerce, Hon. Ahmed Munir, reaffirmed the commitment of the 10th House to transparency, inclusiveness, and people-oriented legislation aimed at driving Nigeria’s economic growth and institutional reform.
Hon. Munir said the House remains focused on ensuring that every proposed law reflects the genuine needs of Nigerians.
He explained that the bills under consideration span multiple sectors of the economy, with provisions to establish new professional regulatory bodies, amend outdated laws, and strengthen the operational capabilities of existing institutions for greater service delivery.
“A critical look at these bills shows that both the legislature and the executive have the interest of the citizens at heart,” Munir stated. “Some of these bills, if passed, will create regulatory institutions that ensure professionalism, accountability, and efficiency across various sectors.”
Among the notable bills deliberated on was the Bill for an Act to Establish Climate Resilient Commerce in Nigeria (HB. 2206), which seeks to create a framework for promoting sustainable economic growth and reducing the vulnerability of Nigerian businesses to climate-related risks.
Munir noted that the proposed legislation aligns with global efforts to mitigate climate change impacts and will position Nigeria to take advantage of international partnerships and incentives tied to environmental sustainability.
“The importance of synergy between the legislature and the executive toward good governance and human capital development cannot be overemphasized,” he said. “Bills like this will help moderate potential damage, reduce long-term risks, and enable us to benefit from global and local opportunities associated with climate change mitigation.”
The Committee considered ten bills at the hearing, including those seeking to establish or amend professional and regulatory bodies such as the Chartered Institute of Nigerian Universities Professional Administrators, the Institute of Chartered Biochemists and Molecular Biologists, the Chartered Institute of Mortgage Bankers and Brokers, the Chartered Institute of Entrepreneurship Consultants, and the Chartered Institute of Enterprise Risk Management of Nigeria.
Also listed were amendments to the Nigerian Export Promotion Council Act and the National Institute of Marketing of Nigeria Act 2003, as well as bills to strengthen risk management and financial analysis practices in Nigeria.
Munir said the essence of the public hearing was to provide a platform for citizens and stakeholders to express their views, thereby enriching the legislative process with diverse perspectives.
“Every democratic dispensation is guided by laws that help ensure good governance and allow citizens to benefit maximally from government programmes,” he said.
The lawmaker commended President Bola Ahmed Tinubu’s administration for stabilizing key economic indicators, including achieving a 3.9% annual GDP growth and improving revenue mobilization. He described these achievements as signs that “the bleeding has been stopped,” adding that the next phase should focus on translating macroeconomic progress into tangible benefits for ordinary Nigerians.
“What is critically left is the healing of the wound, ensuring that the gains at the macro level translate into micro-level improvements for our people,” Munir said. “This requires expanding social protection schemes, ensuring transparency in public finance, tackling food insecurity, and addressing inflation and trade barriers.”
Hon. Munir emphasized that the 10th Assembly remains a People’s Parliament, committed to openness, inclusivity, and national interest. He recalled that the House recently conducted nationwide hearings on constitutional amendments, underscoring its dedication to participatory governance.
He urged participants to be constructive and concise in their submissions, assuring them that all contributions would be considered in shaping final recommendations.
“We all have one purpose at heart, uplifting our people as we build a greater nation,” he said.
BY Saint Mugaga
The Opposition Caucus in the House of Representatives have raised serious concerns over the alleged failure of the federal government to implement the 2025 Appropriation Act.
The caucus warned that the development could trigger calls for the removal of top finance officials.
In a statement jointly signed by the caucus leaders, Hon. Fred Agbedi (PDP, Bayelsa) and Hon. Afam Ogene (LP, Anambra),on Monday, the lawmakers announced that a strategic meeting has been scheduled for 8:00 p.m. on Tuesday to deliberate on critical national and legislative issues.
According to the statement, the meeting will focus on fiscal governance, legislative oversight, and an internal review of the performance of the minority leadership in the House.
Central to the deliberations, the caucus said, is the reported non-implementation of the 2025 budget throughout the entire fiscal year, despite the House approving all loan requests submitted by the Executive arm of government.
The lawmakers are expected to interrogate claims that funds appropriated for capital projects were not released, contrary to assurances earlier given to the National Assembly.
The caucus disclosed that it is also considering strong accountability measures, including a possible call for the removal of the Minister of Finance and the Accountant-General of the Federation.
By Saint Mugaga
The Vice President, Senator Kashim Shettima, has said the opening of Nigeria House in Davos reflected the country’s renewed seriousness, readiness, and resolve to take its place as an active participant in shaping global economic conversations.
He observed that while nations do not prosper in isolation, Nigeria’s future growth depended on deliberate, structured engagement with the global economy.
A release by his spokesman, Stanley Nkwocha, said Shettima stated this on Monday, during the formal opening of the Nigeria House at the 2026 World Economic Forum (WEF) in Davos, Switzerland.
He said Nigeria marked a historic milestone in its global economic engagement with the official opening of its House at the WEF 2026.
“This day is extraordinary in the history of our engagements at this beautiful meeting point of global political leadership, policy thinkers, and corporate enterprise. For the first time in our nation’s history, Nigeria stands at Davos with a sovereign pavilion of its own.
“Nigeria House is a response to the lapses of the past. It reflects our intention. It reflects our seriousness. Above all, it advertises both our readiness and our resolve to take a front-line seat in the discourse of the global economy, not as observers, but as participants with a clear sense of purpose and place,” he stated.
The Vice President pointed out that even though “Nigeria House may have been conceived as a whole-of-government platform, led by the Honourable Minister of Industry, Trade and Investment, with senior leadership across investment, foreign affairs, energy, infrastructure, technology, climate, and culture gathered under one roof,” the true essence of the House must come from the private sector.
“Government can open doors, create frameworks, and de-risk environments; only enterprise can animate growth, scale opportunity, and translate policy into productivity. This House will thrive to the extent that it draws life from private capital, private innovation, and private confidence,” he maintained.
Shettima explained that the dividends of the Tinubu administration’s reforms were beginning to materialize, noting that “our decision to open up to the world more deliberately comes at a turning point in our economic journey.
“The dividends of the difficult but inevitable reforms of recent years are beginning to show,” he added, recalling that in 2025, Nigeria’s economy expanded by about 3.9 per cent, the fastest pace recorded in over a decade, driven largely by a resilient non-oil economy that now accounts for roughly 96 per cent of GDP.
He continued: “Services, agriculture, finance, and technology are expanding, while non-oil revenues now make up nearly three-quarters of government collections, marking a structural shift away from oil dependence.
“Inflation, which stood above 30 per cent in late 2024, eased significantly by the end of 2025, and external buffers have improved, with foreign reserves rising above 45 billion dollars and greater stability in the foreign exchange market.”
He invited the international business community to leverage the platform created through the Nigeria House project, noting that “Nigeria is open for business, but more importantly, Nigeria is open for collaboration.”
Shettima assured that the Nigeria House would host conversations that must have to move the nation and the global community forward.
“We are here to learn from you just as much as we are here to inform you of the opportunities that await in Nigeria. Progress is not a monologue; it is a dialogue,” he further stated.
Earlier, Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, applauded the support of Vice President Shettima for the realisation of the historical vision for Nigeria House, Davos, acknow
Business and Economy
Shettima urges African entrepreneurs to close ranks to fully harness continent’s huge potentials…hails Massachusetts Tech Institute’s impact on global innovation ecosystem
By Saint Mugaga
The Vice President, Senator Kashim Shettima, has urged African entrepreneurs to close ranks in order to fully harness the Massachusetts Institute of Technology continent’s huge potentials, leveraging (MIT)’s resource mobilization network and job creation opportunities.
He made the call on Wednesday when he received a delegation from Kuo Sharper Foundry Fellowship 2025-2026 led by MIT’s Executive Director for the Kuo Sharper Centre for Prosperity and Entrepreneurship, Dina Sherif, on a courtesy visit at the presidential villa.
The vice president lauded the transformative impact of the MIT on the global entrepreneurship and innovation ecosystem that has raised over $1.5 billion dollars and created over 30,000 direct jobs in 20 years.
Shettima called for unity of purpose among African professionals and entrepreneurs, saying “Africa is the new frontier and future belongs to the continent but its people must unite to transform potentials into tangible results that impact lives and livelihoods.
“Africa is blessed with enormous human and material resources but its people must fuse into one to benefit from the tremendous opportunities that abound across the continent,” he added.
He disclosed that Nigeria President Bola Tinubu was daring to leverage available opportunities to transform the entire economy, noting that “President Tinubu is not afraid of taking bold decisions that will reposition Nigeria’s economy and better the lives of the livelihoods of the people.”
Earlier in her remarks, the leader of the delegation said the delegation was at the Presidential Villa to brief the Vice President on the activities of MIT’s Kuo Sharper Centre for Prosperity and Entrepreneurship, assuring that the Centre is dedicated to “fueling the engine of entrepreneurship across the world”.
She noted that the team was in Nigeria in view of the Kuo Sharper Foundry Fellowship programme, which, according to her, has helped to entrench the spirit of entrepreneurship across the continent.
Sherif underscored the significance of collaboration among African startups, noting that Nigeria is a leading country, as evidenced in the progress recorded by startups across the continent.
She further assured of improved support for African-based startups from the centre through its various initiatives.
Also present at the meeting with the Vice President were the Director General of the National Emergency Management Agency (NEMA), Mrs. Zubaida Umar, and some fellows of the Kuo Sharper Foundry Fellowship 2025 – 2026 Session across Africa.
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