By Top risk experts and business leaders have raised the alarm over Nigeria’s weak risk culture and unstable policies, warning that these issues are threatening the resilience and long-term success of businesses in the country. They say Enterprise Risk Management (ERM) needs to be at the heart of how companies operate if they are to withstand future shocks.
Speaking at a seminar hosted by Kreston Pedabo in Lagos, participants said most Nigerian firms are still treating risk management as a formality instead of a strategic tool. Themed “Spreading Business Resilience: Integrating Enterprise Risk Management for Sustainable Growth,” the event drew voices from regulators, academia, and private sector players.
Olanike Olakanle of Lafarge Africa said the lack of connection between business strategy and risk management is a major problem. “Many organisations have the documents, but ERM is not embedded in how decisions are made,” she said. “Technology alone won’t save you. Risk culture must be internalised across all levels of the organisation.”
Biyi Olagbami of Ecobank Nigeria also criticised sudden policy changes and lack of ownership in risk planning. “Knee-jerk changes to policies do more harm than good. We need stability, we need foresight,” he said. He stressed that risk should be seen as a tool for growth, not just a form of control.
Dr. Joseph Atatsi, a U.S. regulator and professor, said Nigerian businesses must wake up to the reality of global risks. “We’re in an era of interconnected risks — from cyber disruptions to climate shocks,” he said. “Companies must build systems that can withstand global volatility.”
Other panelists, including Seplat’s Abiola Ogunleye and Kreston Pedabo’s Ajibade Fashina, called for better data, stronger collaboration, and consistent risk frameworks. They warned that unless ERM becomes part of everyday operations, Nigeria may struggle to attract the kind of sustainable investment needed for long-term economic growth.
