Experts have called for urgent institutional reforms, stronger data systems, and ethical governance to protect Nigeria’s economy from global disruptions and internal vulnerabilities.

This appeal was made at the conclusion of the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI).

Held under the theme “Global Risks, Local Solutions,” the conference brought together policymakers, regulators, financial institutions, and risk management practitioners to address pressing economic challenges in Nigeria.

CRMI President and Chairman Mr. Kevin Ugwuoke emphasized the need for a proactive, risk-based framework to anticipate and mitigate economic shocks. “Nigeria’s competitiveness and fiscal stability depend on how we anticipate, prepare for, and mitigate shocks,” he stated.

Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, identified climate shocks, inflationary pressures, and weak governance as key factors undermining investor confidence and economic stability.

Prince Semiu Adeniran, Statistician-General of the National Bureau of Statistics, highlighted Nigeria’s structural imbalances and urged policymakers to leverage rebased GDP data as a basis for effective reforms.

The conference also included panel discussions on food security and agricultural resilience, with representatives from the Bank of Industry and Nigeria Social Insurance Trust Fund sharing insights on climate adaptation financing and social protection.

The final communiqué called for stronger regional integration, policy stability, and enhanced collaboration between risk managers and financial institutions to support underserved sectors.

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.

The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday has disclosed that nearly all the depositors in Nigeria’s financial system are protected under enhanced coverage frame work.

Sunday disclosed this Thursday in Abuja at the Corporation’s Special Day at the ongoing Abuja International Trade Fair..

He said that 98.98 per cent of depositors in Deposit Money Banks (DMBs), 99.27 per cent in Microfinance Banks (MFBs), 99.34 per cent in Primary Mortgage Banks (PMBs), and 99.99 per cent in Payment Service Banks (PSBs) are fully covered.

He noted that the expansion in coverage was achieved through the upward review of the maximum deposit insurance limit across various bank categories.

“Currently, the NDIC insures depositors of Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks up to a coverage limit of five million naira.

“Depositors of Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are insured up to two million naira. This provides stronger assurance to millions of Nigerians that their savings are safe”, he stated.

He however cautioned Nigerians to be wary of fraudulent financial schemes warning that “It is important for Nigerians to remain vigilant against Ponzi schemes and other fraudulent investment platforms. Always ensure your funds are placed only in Central Bank of Nigeria licensed banks, all of which are covered by deposit insurance provided by the NDIC. This vigilance is crucial to protecting your hard-earned savings”.

The MD explained that in the event of bank failure, depositors with funds above the insured limit first receive an initial payout up to the maximum coverage, while balances above that amount are settled through liquidation dividends.

“Liquidation dividends refer to payouts made to depositors and creditors from proceeds generated from the sale of a failed bank’s assets and recovered debts.

“These are paid on a pro-rata basis, meaning depositors receive a proportionate share of the recovered funds relative to their outstanding balances beyond the insured limit.”

Citing a recent case, Sunday referenced the revocation of Heritage Bank’s license on June 3, 2024. He said NDIC promptly reimbursed insured depositors using the Bank Verification Number (BVN) in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to identify alternate accounts for payment.

“Depositors with sums exceeding five million naira were first paid up to the insured amount, and liquidation dividends are being paid subsequently from recovered assets and debts,” he explained.

“The first tranche of liquidation dividends commenced on April 25, 2025, and payments continue as the Corporation realises asset sales and debt recoveries. This approach demonstrates NDIC’s effectiveness in ensuring comprehensive depositor protection and financial stability.”

Earlier, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, represented by Sir Agaba Idu Jideani, said the theme of this year’s trade fair – Sustainability, Consumption, Incentives, and Taxation – reflects the need to build resilient institutions and inclusive economic growth.

“We are pleased to note the alignment between this theme and the mandates of NDIC, which provides a safety net for depositors, contributes to financial system stability, and supports confidence in our banking sector,” Obegolu said.

“The Corporation’s four broad mandates – Deposit Guarantee, Banking Supervision, Pension Resolution, and Banking Regulation – are fundamental pillars of Nigeria’s financial ecosystem.”

He said NDIC’s role is critical for businesses, particularly small and medium-sized enterprises (SMEs), as it ensures access to stable financial services and fosters confidence in investment.

“By extending deposit insurance coverage beyond deposit money banks to include microfinance banks, mortgage banks, non-interest banks, payment service banks, and mobile money operators, NDIC has shown responsiveness to the evolving dynamics of Nigeria’s financial landscape,” he added. “These interventions not only protect depositors but also create a more enabled environment for SMEs and entrepreneurs to participate confidently in the economy.”

The ACCI president also called for stronger recognition of women in enterprise. “At the Abuja Chamber of Commerce and Industry, we have established a gender policy and introduced a national definition of women-owned businesses, which we are advocating for widespread adoption. If we accept that women make up at least half of the population, then recognising and strengthening their capacity in business is not only sensible but essential for national growth,” he said.