Proposed Risk Management Institute unnecessary, CRMI tells Reps

By Gift Chapi-Odekina, Abuja

The Chartered Risk Management Institute of Nigeria (CRMI) has cautioned the National Assembly against passing the bill seeking to establish the Chartered Institute of Enterprise Risk Management of Nigeria, describing it as a duplication of existing laws.

In a memorandum submitted to the House Committee on Commerce, the Registrar of CRMI, Victor Olannye, said the proposed bill overlaps with the functions of the Chartered Risk Management Institute of Nigeria, which was legally established under Act No. 39 of 2022.

“Upon careful review of the bill, we wish to draw the Committee’s attention to its overlap with existing laws and its implications for the integrity of the legislative process,” Olannye stated.

He explained that the 9th National Assembly had already enacted the CRMI Act in 2022, which was duly assented to by the President and gazetted, giving the institute full legal recognition.

“The Act comprehensively governs and promotes the practice of risk management in Nigeria, including professional certification, regulation, and advancement of the profession,” he said.

Olannye noted that the objectives of the proposed Chartered Institute of Enterprise Risk Management of Nigeria are already covered under the existing 2022 Act, stressing that enacting another similar law would create confusion, inefficiency, and institutional conflicts.

“Creating overlapping institutions not only leads to inefficiency within the profession but also undermines the integrity of the legislative process,” he added.

He therefore urged the Committee to drop the proposed bill to safeguard legislative coherence and uphold the existing law.

Olannye commended the Committee for its professionalism and commitment to legislative integrity, saying:

“Your diligence and dedication to ensuring that every bill aligns with national goals reflect the highest standards of lawmaking.”

In his remarks, the Chairman of the Committee, Rep. Ahmed Munir, said the ongoing legislative efforts aim to strengthen Nigeria’s economic and regulatory frameworks through the establishment of new institutions, amendment of existing laws, and improved oversight mechanisms.

He explained that several bills before the Committee focus on enhancing regulatory efficiency, professional standards, and economic diversification, noting that effective collaboration between the legislature and executive was essential to achieving good governance.

“Bills like this will help moderate potential risks, promote sustainable growth, and enable Nigeria to benefit from global opportunities in climate change mitigation,” Munir said.

The Committee also considered other bills, including those seeking to establish or amend laws for professional and regulatory bodies such as the Chartered Institute of Nigerian Universities Professional Administrators, the Institute of Chartered Biochemists and Molecular Biologists, and the Chartered Institute of Mortgage Bankers and Brokers, among others.

Munir commended the Tinubu administration for maintaining macroeconomic stability, citing improvements in GDP growth and revenue generation despite current economic challenges.

“What is left is ensuring that macro-level gains translate into better living conditions for citizens,” he added.

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