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Experts Task Organisations On Risk Management


Ayo Shote

Ayo Shote

Corporate Organisations in Nigeria have been advised to put in place a robust risk management system, in order to forestall cases of eventuality.

The Managing Director of Baker Hughes Nigeria, Ayo Shote , who delivered a keynote address titled: “Crisis Management In A Corporate Organisation”, at a seminar organised by Jackson, Etti & Edu, said it was necessary for organisations to put in place risk management system to address disputes whenever they occurred The seminar was aimed at addressing some areas in dispute and crisis management that may bedevil any corporate entity and to equip in-house and corporate lawyers with the requisite skills needed to of identify, mitigate and effectively manage risks associated with crisis, dispute and complex litigation of whatever nature.

“We are to always prepare for damage in any organisation or country. Every organisation should have a robust risk management system, so that in case of eventuality there should be temporary solutions”.

In his presentation, Asamah Kadiri, a managing partner with the company, defined corporate litigation as managing the “entire or substantial part of the litigation portfolio of a corporate entity across the states of the federation or within a defined territory in Nigeria”.

He said the hallmark of the specialised service was the ability to deploy personnel to relevant parts of the country in order to arrest or deal with situation within the shortest possible time.

“When does litigation becomes complex? When the Federal Inland Revenue Service (FIRS) comes into an organisation and shut down the business and everyone starts running helter-skelter, that is a complex situation and when management are arrested.

The role of in-house corporate counsel is managing situations and the board.   “In most organisations, a corporate counsel or Legal Adviser is called the company secretary, and his or her duty is to the company and not to the director who appointed him or her.

He or she must be able to manage dispute among directors and shareholders.”   But Obafemi Ogaba, who spoke on “Managing The Risk Of Litigation Policy, Cost And Value Consideration”, said that although litigation could be expensive, the value could be unimaginable, if well managed.

“Why does litigation happen in an organisation? It is because of stubbornness, lack of understanding and passion, failure to communicate, greed and business expediency. Most companies don’t like paying litigation cost, it is for the best to know and plan against it and have a good corporate governance rule.

Always analyse the complain that is made, don’t sit on issues because it might explode in your face,and it will be serious and you’ll realise that someone is trying to achieve his own goal by a head-to-head combat”, he warned

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