CRMI, SEC strengthen risk governance in Nigeria’s capital market

The Chartered Risk Management Institute of Nigeria (CRMI), in collaboration with the Securities and Exchange Commission (SEC), has trained regulated capital market entities on strengthening enterprise risk management (ERM) as part of efforts to deepen investor confidence, enhance transparency, and reinforce proactive risk oversight across the Nigerian capital market. Speaking at the training session, CRMI President, Mr. Kevin Ugwuoke—represented by the Institute’s First Vice-President, Eneni Oduwole—said CRMI remains committed to upholding internationally recognised standards through its affiliations with IFRIMA and FARMA. He commended SEC for its sustained partnership and its dedication to building a risk-sensitive and transparent market environment. Ugwuoke noted that insights from the programme, themed “Strengthening Risk Governance and Compliance in the Nigerian Capital Market,” would help operators improve governance structures, embed stronger compliance cultures, and enhance overall market resilience.

“With the recent enactment of the Investment and Securities Act (ISA) 2025, our capital market is entering a phase that demands stronger corporate governance, heightened compliance, and more robust enterprise risk management structures. Today’s engagement is designed to support regulated entities in aligning global best practices with Nigeria’s evolving regulatory landscape,” he said.

He added that CRMI continues to expand its institutional and individual membership base, reinforcing its commitment to promoting sound risk management as a strategic necessity across both public and private sectors.

Also speaking, Executive Commissioner, Operations at SEC, Mr. Bola Ajomale, commended CRMI for its continuous contribution to strengthening professional standards and risk governance in the financial system.

Ajomale highlighted that Nigeria’s capital market is becoming increasingly complex—shaped by innovation, interconnected markets, rapid technological disruption, and global economic uncertainties. In such an environment, he stressed, enterprise-wide risk management is indispensable.

“ERM is an imperative for institutional resilience, market integrity, and investor confidence,” he said. “Our regulatory philosophy is anchored on proactive supervision, strong risk oversight, and the promotion of sound corporate governance. Operators must move beyond compliance-driven approaches and adopt integrated, forward-looking frameworks that align strategy, performance, and sustainability.”

He explained that the session provides an opportunity for regulators and operators to share insights on emerging risks, regulatory expectations, capital adequacy, stress testing, and the importance of building strong risk cultures. He reaffirmed SEC’s commitment to working with professional bodies such as CRMI to deepen capacity and strengthen the financial ecosystem.

Ajomale, however, warned regulated entities against submitting poorly prepared or copied ERM frameworks. He cautioned that sanctions may be introduced from 2026 for institutions that submit misleading, improperly researched, or plagiarised documents.

“We observed that some submissions were poorly done or simply copied from other institutions. This is inappropriate. Operators must understand the framework and develop it properly before submitting to the regulator. If they send in false, poorly researched, or misleading information, sanctions may apply from 2026,” he said.

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