Business leaders and risk experts have asked Nigerian companies to urgently embed Enterprise Risk Management (ERM) into their corporate strategies, describing it as essential for building resilient and future-proof organisations.
The stakeholders said this at a hybrid high-level seminar hosted by Kreston. The event, which marked the first in the firm’s 2025 strategic engagement series, convened top executives, regulators and risk professionals to explore how businesses can proactively address emerging risks while unlocking opportunities for long-term value creation.
Speakers at the event included Executive Commissioner, Operations of the Securities and Exchange Commission (SEC) Nigeria, Dr Bola Ajomale, who delivered the keynote address and Academic Director at Wake Forest University and Senior Regulator with the U.S. SEC, Dr Joseph Atatsi, Executive Director at Ecobank Nigeria Limited, Biyi Olagbami; Head, Audit, Risk & Internal Control at Lafarge Africa Plc, OlanikeOlakanle; Head, Enterprise Risk Management at Seplat Energy Plc, Abiola Ogunleye; and Capital Market Specialist, Temiloluwa Olokun and moderated by Partner, Financial Advisory & Risk Management at Kreston Pedabo, Nosa Ogebebor hinted on the looming challenges.
On his part, Managing Partner of Kreston Pedabo, Ajibade Fashina, who noted that the session was part of a yearly tradition to convene meaningful conversations around economic and environmental sustainability, said today’s fast-paced and unpredictable business environment posed many uncertainties for businesses.
“From geopolitical upheavals and cyber threats to market volatility and evolving global trade dynamics, organisations face an unprecedented range of risks. Enterprise Risk Management must therefore move from being a reactive compliance function to a strategic lever for resilience, innovation, and growth,” he said.
Fashina noted that many Nigerian organisations still underestimate the transformative power of ERM when properly implemented.
“ERM is not just about survival. It’s about leadership and agility in times of change. The firms that thrive in the future will not be those that avoid risk, but those that anticipate and harness it,” Fashina said.
One of the recurring themes at the seminar was the need to reframe ERM as a tool for value creation rather than a regulatory burden.
Head of Audit and Internal Control at Lafarge Plc, Olanike Olakanle, highlighted that while the adoption of ERM has grown over the past decade, many companies still treat it as a tick-box exercise.
“A lot of organisations have ERM frameworks, but few are truly using them to drive decision-making. We need to move from form to substance, to a stage where ERM is embedded in strategy, operations, and culture,” Olakanle said.
She advocated for a shift from reactive to proactive risk management, calling for the adoption of tools such as Artificial Intelligence and data analytics to forecast and pre-empt risks.
Olakanle also highlighted the role of Environmental, Social, and Governance (ESG) indicators in strengthening risk frameworks. “ESG data is no longer ‘nice to have’. It is increasingly material and must be part of how we assess risk and sustainability,” she stated.
Olagbami of Ecobank also weighed in on the strategic value of ERM, stressing that risk planning must be baked into business objectives from inception.
“Risk management must not be treated as an afterthought. It should be integrated into goal-setting, allowing companies to decide whether to avoid, accept, transfer, or mitigate each risk,” Olagbami said.
He further underscored the importance of organisational culture in sustaining risk practices. “The mindset of your people is critical. Risk-conscious behaviour must be internalised, not only when people are supervised, but as part of daily operations,” he added.
