Alhaji Umaru Ibrahim, former Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), has said that supporting Dangote Refinery is crucial to mitigating the negative consequences of fuel scarcity, which seems to have become the new normal in the nation’s lingering energy crises.
Speaking at the 2024 Mid-Year Enterprise Risk Management (ERM) Conference organised by the Association of Enterprise Risk Management Professionals (AERMP) in Lagos at the weekend, Ibrahim, while addressing the refinery issue, called for collaboration and urged regulators to exercise caution to prevent risks to the public.
The event also featured the induction of new members into the emeritus category and newly qualified fellows and associates.
Ibrahim, who was inaugurated at the event as the Global Board Chairman Emeritus, Risk and Compliance Professionals, will lead other members from the capital and money markets, insurance and financial services sectors.
He emphasised the importance of supporting Dangote Refinery to operate optimally, noting that fuel queues had reappeared in Lagos, a development he described as “not a good sign”.
“I expect the regulator to exercise more caution even if the regulator has all the facts,” Ibrahim, who spoke on the themes: “Enterprise Risk Management Framework: Implementation and Global Best Practices in the Capital and Financial Markets”, said.
“Regulators should not take actions that could harm or de-market the institutions they regulate,” he said.
Mr Farouk Ahmed, Chief Executive Officer of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, had earlier stated that locally refined products were of lower quality compared to imported ones.
In response, federal lawmakers set up a committee to investigate the allegations.
The former NDIC boss advised regulators to engage in self-regulation to maintain credibility and relevance while adopting measures against risks.
He called for accountability among regulators and stressed the need for collaboration among the banking and financial services sectors, media, legislature, and professional bodies.
He added that this would ensure the success of ongoing monetary policy reforms.
“The days of overbearing bank CEOs and chairmen are over, but we must all work together for financial stability,” he declared, warning that “regulators must be credible, fair, seek professionalism and possess robust knowledge.”
“Regulators must be subjected to scrutiny by all concerned parties, including operators, civil society, the National Assembly, and the media,” he emphasized.
Mr Jamiu Badmus, an engineer and risk expert, highlighted the importance of mindset in achieving excellence across various sectors.
Badmus identified three key mindsets necessary to overcome challenges: the unbreakable mindset, customer-centric mindset, and collaborative mindset.
The consultant explained that a collaborative mindset goes beyond teamwork, requiring the integration of great ideas to achieve more.
He noted that one of the greatest challenges organisations face is the misalignment between leaders and followers in turning challenges into opportunities.
“For every risk, if we look very well, there are opportunities,” he said.
