Infrastructure Concession Regulatory Commission trains MDA’s on risk management

MDAS means – Multiplication, Division, Addition, Subtraction

The Infrastructure Concession Regulatory Commission (ICRC), has begun the training of Ministries, Departments and Agencies (MDAs) on risk management to enhance Public Private Partnership (PPP) processes.

This is contained in a statement signed by Mr Manji Yarling, the Acting Head, Media and Publicity, ICRC, in Abuja on Wednesday.

Yarling said the training was aimed at enlightening decision makers in government agencies on risk assessment and management.

“The training sought to advance PPP processing to capitalise on opportunities and avoid pitfalls that can bring about economic losses.’’

The statement quoted the Acting Director- General of  ICRC, Michael Ohiani as saying “the training is part of efforts by the Commission to ensure that only the right people are allowed to take on risks in PPPs.’’

Ohiani said 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.

He said that in a bid to fill this gap, the commission established a training institute 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 it that we are having this training today.

“As you are aware, risk management plays a very important role in PPPs. Parties which 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.

Ohiani said participants needed to understand that risk was not all about gloom but also about opportunities.

The trainer, Mr Joachim Adenusi, a risk management expert, called for establishment of a risk management desk for the nation and the appointment of a ‘Risk Manager of the Federation’.

Adenusi, who is also a Managing Partner at Conrad Clark Nigeria Limited, said that with proper risk management through the office of the Risk Manager of the Federation, Nigeria’s economic situation would be advanced and its debt portfolio reduced.

According to him, individuals across Sub-Saharan Africa are 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.

Adenusi said that in order to clearly identify the risk associated with a project or programme, it was imperative for the project and its objectives to be clearly defined.

The statement said the training which was declared open by Ohiani, had Ministries of Transportation, Justice, Aviation, Water Resources as well as agencies under the Ministries in attendance. (NAN)