PRESS RELEASE

May 24, 2022

The Infrastructure Concession Regulatory Commission (ICRC) has commenced training for Ministries, Departments and Agencies (MDAs) on risk management, especially as it relates to Public Private Partnerships (PPPs).

The training which was declared open by the Acting Director General of the Commission, Michael Ohiani, had Ministries of Transportation, Justice, Aviation, Water Resources as well as agencies under the Ministries in attendance.

Aimed at enlightening decision makers in government agencies on risk assessment and management, the training sought to advance PPP processing to capitalize on opportunities and avoid pitfalls that can bring about economic losses.

Speaking at the opening of the training, Acting Director General of the ICRC, Michael Ohiani said that the training was part of efforts by the Commission to ensure that only the right people are allowed to take on risks in PPPs.

He hinted that after the establishment of the ICRC in 2005 and its commencement in 2008, the Commission noticed a major gap in the preparation process of PPP projects and in its bid to fill this gap, the Commission established a training institute so as to bring PPP stakeholders up to speed with what PPP entailed.

“We set up a consultative forum where all the MDAs meet quarterly to exchange ideas. We also have a platform for states PPP units to interact at least once a year. It is therefore pursuant to that that we are having this training today.

“As you are aware, risk management plays a very important role in PPPs. Parties who are best suited to bear a particular risk are assigned to take on such responsibility.

“We are happy to have in our midst one of the leading groups in risk management, we are working to have a collaboration so that the foundation that has been cultivated today will continue to be nurtured,” he said.

Speaking further, the Ag. DG pointed out that participants need to understand that risk was not all about gloom but also about opportunities.

For the trainer, Mr Joachim Adenusi, a risk management expert and Managing Partner at Conrad Clark Nigeria Limited, he called for the establishment of a Risk Management Desk for the nation and the appointment of a ‘Risk Manager of the Federation’.

Adenusi explained that with proper risk management through the office of the Risk Manager for the Federation, Nigeria’s economic situation will be advanced and its debt portfolio reduced.

He added that individuals across Sub-Saharan Africa were already being trained to become risk professionals.

“We want to see more people becoming risk professionals so that they can work in different places and advise leaders. This will arrest the debts and disasters arising around the world.

“This subject will save our children and grandchildren, it will protect our economy and that is why we want to partner with you,” he said.

During the training, participants were taught how to recognise risks, prioritise them and do something about them, because if they failed to act, they would have failed in their roles as managers.

He stressed that in other to clearly identify the risk associated with a project or programme, it was imperative for the project and its objectives to be clearly defined. END.

Manji Yarling
Ag. Head, Media & Publicity
ICRC

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