CRMI opposes new Chartered Institute Bill, citing duplication, legal conflicts

The Chartered Risk Management Institute of Nigeria (CRMI) has formally opposed the National Assembly’s proposed bill to establish the Chartered Institute of Enterprise Risk Management of Nigeria, warning that it duplicates existing institutions with identical mandates.

In a submission to the House Committee on Commerce, CRMI Registrar Victor Olannye highlighted that the 9th National Assembly already enacted the Chartered Risk Management Institute of Nigeria Act No. 39 of 2022, which legally governs risk management practice in Nigeria.

Olannye stressed that the new bill overlaps with this existing legislation and undermines the legislative process by creating redundant bodies.

He urged the Committee to reject the bill to uphold legal coherence and prevent institutional conflicts, praising the Committee’s professionalism and diligence in legislative oversight.

Hon. Ahmed Munir, Chairman of the House Committee on Commerce, reaffirmed the 10th Assembly’s commitment to enacting inclusive, transparent laws that foster economic growth and reform.

Munir emphasized the broad scope of bills under review, including those addressing climate-resilient commerce, professional regulatory bodies, and amendments to existing laws to strengthen governance.

Munir praised President Tinubu’s administration for stabilizing the economy and underscored that the next stage must focus on translating macroeconomic gains into concrete improvements for Nigerians, such as enhanced social protections and tackling inflation.

The Committee’s hearings aim to incorporate diverse stakeholder views into legislation designed to promote national progress, with Munir affirming the Parliament’s role as a people-centered institution dedicated to openness and participatory governance.