Stakeholders in Nigeria’s risk management sector have opposed a bill before the House of Representatives seeking to establish the Chartered Institute of Enterprise Risk Management of Nigeria, describing it as unnecessary and a duplication of existing legislation.
In a memorandum submitted to the House Committee on Commerce, Victor Olannye, Registrar of the Chartered Risk Management Institute of Nigeria (CRMI), said the proposed law overlaps with the functions of the already established Chartered Risk Management Institute of Nigeria, created by Act No. 39 of 2022.
“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,” Olannye stated.
He noted that the 9th National Assembly had passed the Chartered Risk Management Institute of Nigeria Act in 2022, which was duly assented to by the President and gazetted, conferring full 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.
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Olannye explained 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 covered by the 2022 Act.
“As such, the proposed bill duplicates functions and responsibilities already legislated under the existing law,” he added.
He warned that the legislature has consistently frowned upon the unnecessary proliferation of professional bodies, particularly where 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,” Olannye said.
The CRMI therefore urged the House Committee to drop the bill.
Responding, Ahmed Munir, Chairman of the House Committee on Commerce, reaffirmed the 10th Assembly’s commitment to transparency, inclusiveness and people-oriented legislation aimed at driving Nigeria’s economic growth and institutional reform.
Munir said the House remained focused on ensuring that every proposed law reflects the genuine needs of Nigerians.
