Chartered Risk Management Institute of Nigeria Act (Amendment) Bill

What Is This Policy?

The Chartered Risk Management Institute of Nigeria Act (Amendment) Bill, 2026 (HB. 2303) is a legislative proposal to amend the principal Chartered Risk Management Institute of Nigeria Act No. 39, 2022 the Act that established Nigeria’s statutory body for the regulation, certification, and development of risk management professionals. The Amendment Bill seeks to review, strengthen, or update specific provisions of the 2022 Act, likely addressing gaps in governance, membership regulation, disciplinary procedures, funding, operational scope, or alignment with evolving financial sector regulations since the Act’s enactment. The Bill was scheduled for Second Reading in the House of Representatives on Wednesday, 25 February 2026.

Who Does It Target?

Chartered and aspiring risk management professionals practising in Nigeria’s financial services, banking, insurance, pensions, capital markets, and public sectors Corporate organisations particularly banks, insurance companies, pension fund administrators, investment firms, and listed companies that employ or contract risk management professionals The Chartered Risk Management Institute of Nigeria (CRMIN) and its existing membership, councils, committees, and management structures Federal regulatory and supervisory agencies including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the National Insurance Commission (NAICOM), and the National Pension Commission (PenCom) Academic institutions and training providers offering risk management curricula and programmes accredited by or aligned with CRMIN standards Public sector entities and government-owned enterprises seeking structured risk management frameworks and certified practitioners

What Does It Aim to Achieve?

Amend and strengthen the Chartered Risk Management Institute of Nigeria Act No. 39, 2022 to address legislative gaps, inconsistencies, or operational challenges that have emerged since the Institute’s establishment Update the Institute’s governance framework, membership categories, disciplinary procedures, or financial provisions to reflect current best practices in professional institute regulation Align CRMIN’s statutory mandate and operational scope with evolving regulatory requirements under the BOFIA 2020, the Financial Reporting Council Act, and relevant CBN, SEC, and NAICOM guidelines on risk management Strengthen the Institute’s capacity to enforce professional standards, protect the integrity of the risk management profession, and sanction misconduct among members Expand or clarify the Institute’s mandate to cover emerging risk disciplines such as cyber risk, climate risk, operational resilience, and enterprise risk management (ERM) within Nigerian organisations Enhance public confidence in the risk management profession by ensuring the Institute’s regulatory framework is robust, current, and internationally benchmarked

Key Features

Amendment Nature: The Bill amends the existing Chartered Risk Management Institute of Nigeria Act No. 39, 2022, it does not repeal or replace the principal Act but modifies selected provisions to improve the Institute’s functioning and regulatory reach Principal Act Background: The CRMIN Act 2022 established the Chartered Risk Management Institute of Nigeria as a statutory body corporate responsible for regulating risk management practice, setting professional standards, conducting examinations, and maintaining a register of certified risk management professionals in Nigeria Likely Amendment Areas: Based on standard amendment practice for professional institute legislation in Nigeria, the Bill may address membership tier restructuring, examination and accreditation updates, council composition and tenure, disciplinary tribunal powers, funding mechanisms, mutual recognition of foreign qualifications, and scope of practice definitions Professional Designation: CRMIN is empowered under the principal Act to confer the designation of Chartered Risk Manager (CRM) or equivalent; amendments may refine eligibility criteria, pathways, or continuing professional development (CPD) obligations for designation holders Regulatory Interface: The amendments are expected to sharpen the interface between CRMIN and key financial sector regulators CBN, SEC, NAICOM, PenCom ensuring coordinated oversight of risk management practice across regulated industries Single Sponsorship: The Bill is sponsored by Hon. Zakaria Dauda Nyampa, who also sponsored the original CRMIN Act or related risk management legislation, reflecting sustained legislative stewardship of the risk management professional framework

Current Status

The Bill is scheduled for Second Reading in the House of Representatives on 25 February 2026, indicating it is under consideration by the National Assembly.

Legal Framework

Chartered Risk Management Institute of Nigeria Act (principal Act being amended); Constitution of the Federal Republic of Nigeria 1999; Companies and Allied Matters Act