Business leaders and regulators have warned that Nigerian companies risk long-term instability if they continue to treat Enterprise Risk Management (ERM) as an afterthought rather than a core element of corporate strategy.
This caution emerged at a high-level seminar hosted by Kreston Pedabo in Lagos, themed “Spreading Business Resilience: Integrating Enterprise Risk Management for Sustainable Growth.” The event attracted stakeholders from regulatory bodies, multinational firms, academia, and the financial sector, all unified by a central message: without embedding risk thinking into operations and strategy, businesses may struggle to withstand economic shocks and seize growth opportunities.
In his keynote address, Bola Ajomale, Executive Commissioner, Operations at Nigeria’s Securities and Exchange Commission (SEC), stated that a fragmented approach to risk is no longer tenable in the face of rising volatility. “Enterprises must move from reacting to risk events to anticipating them. ERM should guide business design, not just disaster recovery,” he said.
Echoing this sentiment, Joseph Atatsi, U.S. SEC Senior Regulator and Wake Forest University Academic Director, called for a culture of shared risk ownership across all corporate levels. “Risk management isn’t just a job title. It’s a mindset that every business unit must adopt,” he added.
Ajibade Fashina, Kreston Pedabo’s Managing Partner, said the firm launched its 2025 strategic engagement series to push for forward-looking conversations on resilience.
According to him, Nigerian businesses still underestimate how risk frameworks—when aligned with strategy and innovation—can be competitive tools.
“ERM must evolve from being a box to tick into a system that enables agility, foresight, and value creation,” Fashina said. “In an era where threats range from cyber-attacks to climate shocks, business resilience cannot be accidental—it must be deliberate.”
Throughout the seminar, panelists addressed gaps in implementation, with speakers like Lafarge Africa Plc’s Head of Audit, Risk & Internal Control, Olanike Olakanle, describing ERM adoption in Nigeria as “more symbolic than strategic.”
“Most companies have ERM policies, but very few use them to guide real-time decisions. Risk management must influence how business is actually done, not just what’s documented,” she said.
Olakanle called for technology integration, especially in AI and data analytics, to strengthen proactive risk planning. However, she warned that without a strong governance framework, technology alone will fall short.
Also speaking, Executive Director at Ecobank Nigeria, Biyi Olagbami, stressed that risk management must be integrated into strategic planning from the outset. “When organisations wait until they’re facing a crisis to consider risk, they’ve already lost valuable ground,” he said.
He highlighted the role of organisational culture, saying resilience must be “coded into how employees think and act daily.”
In the energy sector, where exposure to environmental and infrastructure risks is high, Abiola Ogunleye, Seplat Energy’s Head of ERM, advocated for industry-specific frameworks. “No two sectors have the same risk dynamics. ERM must be tailored and responsive,” he said.
Ogunleye added that risk maturity is a journey, not a destination. “What matters is that organisations remain committed to evolving their frameworks in line with changing realities.”
