The former Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, says supporting the Dangote refinery is crucial to mitigating the negative consequences of fuel scarcity in the country.
Ibrahim said this at the 2024 Mid-Year Enterprise Risk Management (ERM) Conference organised by the Association of Enterprise Risk Management Professionals (AERMP) in Lagos on Saturday, July 27, 2024.
The event also featured the induction of new members into the emeritus category and newly qualified fellows and associates.
Addressing the Dangote refinery issue, Ibrahim called for collaboration and urged regulators to exercise caution to prevent risks to the public.
He emphasised the importance of supporting the Dangote refinery in operating optimally, noting that fuel queues had reappeared in Lagos, a development he described as “not a good sign”.
The ex-NDIC boss said: “I expect the regulator to exercise more caution even if the regulator has all the facts.
“Regulators should not take actions that could harm or de-market the institutions they regulate.”
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The Chief Executive Officer (CEO) of the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, had said that locally refined products were of lower quality compared to imported ones.
In response, federal lawmakers set up a committee to investigate the allegations.
Ibrahim, however, enjoined regulators to engage in self-regulation to maintain credibility and relevance while adopting measures against risks.
He also called for accountability among regulators and stressed the need for collaboration among the banking and financial services sectors, media, legislature, and professional bodies.
The former NDIC Managing Director added that this would ensure the success of ongoing monetary policy reforms.
Ibrahim said: “The days of overbearing bank CEOs and chairmen are over, but we must all work together for financial stability.
“Regulators must be credible, fair, seek professionalism, and possess robust knowledge.
“Regulators must be subjected to scrutiny by all concerned parties, including operators, civil society, the National Assembly, and the media.”
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