Dangote Group has emerged winner of the 2018 prestigious Nigerian Risk Award, which recognizes organizations that have made measurable impact within their sector through the effective application of good governance, risk management and internal control systems and strategies.
The award was conferred on Dangote at the Fourth NRA summit attended by top executives of both public and private sector.
The September 6, 2018 event was chaired by the Pro-Chancellor and ex-Chairman of the Governing Council, Lagos Business School and Pan-Atlantic University, Dr. Christopher Kolade, and recognized other individuals and organizations across Banking and Investment; Insurance and Pension; Telecoms and Media Service; and Oil and Gas Services sectors.
Dangote Group was shortlisted for the award by a panel of judges made up of 14 risk management professionals and academics across four countries: Nigeria United Kingdom, United States of America and Denmark.
According to the NRA Co-Chair, Tunde Popoola, the panel of judges responsible for assessing all entries for the prestigious award, assessed all entries based on four criteria and went further to include a fifth and evidence-based metric to the selection process, further streamlining the process and ensuring winners have demonstrated actual value in the context of an overall risk management programme.
Popoola said: “This year’s award recognizes organizations that have successfully integrated and promote risk management culture and practices. The decision-making process is merit driven and a new metric was introduced to attest the evidence of success made by organizations. This changed the outcome significantly as quiet a lot of companies applied but failed on the part of providing evidence.
“All 14 judges participated in the assessment process and ranked all entries on response provided on – what was done by the organization in integrating and promoting risk management culture and practices; when it was done; how it was done; what was achieved and the final metric of evidence of result which carried 30 per cent of the entire rating. To win, any organization must score a minimum of 70 per cent.”
Dangote Industries Limited emerged as the winner in the Manufacturing, Production and Industry’ category.
Receiving the awards, Group Operational Lead, Risk Management of Dangote Group, Eneni Oduwole, expressed gratitude to the organizers of the event and the panel of judges who have committed immense resources towards the project.
Oduwole said: “As Africa’s foremost business conglomerate, we understand the importance of integrating a robust and relevant Risk Management practices and we are honoured to receive this award from NRA, a body committed to championing the cause of risk management excellence. The rigorous judging process reaffirms the outstanding Risk Management framework of Dangote Industries Limited towards delivering superior value for our stakeholders, and it further fuels our commitment to do more.”
Dangote Industries Limited in 201, became the first manufacturing organization in West Africa to be awarded the ISO 22301 certificate in Business Continuity Management (BCM) following an external audit.
ISO certifications are an international benchmark highlighting good business practices and providing a framework for an organization to proactively identify and mitigate current and future threats to business, allowing continuity across its operations and preserving stakeholder value.
Other awardees at the summit included ex-Governor of Ondo State, Dr. Olusegun Mimiko, for promoting Health, Safety and Emergency Risk Management in Nigeria; Lagos State Emergency Management Agency, for inspiring effective Emergency response in Nigeria; Lagos State Safety Commission for Inspiring Safety practice and education in Nigeria; Association of Enterprise Risk Management Professionals for promoting Risk Management Awareness and Education in Nigeria; UBA Pensions; IITA; and Forte Oil.