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Power Sector: Expert calls for adherence to risk management to avert threats of project failures

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Ifeoluwa Oyedele, a power expert has advocated firm application of acceptable practices of managing risk for power projects to avert threats of project failures in the power sector.

Oyedele, an Executive Director, Engineering and Technical Services, Niger-Delta Power Holding Company (NDPHC) said this in an interview with journalists in Abuja on Friday.

Oyedele, who was inducted as Fellow, Risk Managers Society of Nigeria (RIMSON) at the 2018 National Risk Management Conference, said adhering to risk management procedures would ensure sustainability of projects on the long term.

Risks management is the identification, evaluation and prioritisation of risks followed by coordinated and economical application of resources to minimise, monitor, and control the impact of unfortunate events.

Risks can come from various sources including threats from project failures at any phase in design, development, production, accidents, and natural causes among others.

“The principles of managing risk are the same and all we need to do is to just apply it to the power sector.

“It is not different in the power sector to what obtains in the oil industry, to what obtains in the insurance industry, what it entails is doing things the way it should be done, not cutting corners in any way.’’

The NDPHC executive director said it was important for projects constructed in Nigeria to be sustainable and stand the test of time.

“Looking into the future, thinking ahead and knowing that whatever we do now must be able to stand the test of time.

“The underground train in England is more than 200 years, I guess that if a project like that was in Nigeria by now we will not have been able to use it again.

“Because we will not have managed the risk of 200 years, these days when we construct public buildings or roads in two to three years they have outlive their purpose.

“So, we must insist on doing things the way it should be done by doing that, we avert all the risks that are involved in the power sector.’’

He said it was important for individuals in all segments of the society to exhibit the right attitude in whatever capacity they have been called to serve.

“ I do not believe that there is any man who can change the world, but you can change your little self.

“One of the things I will take away from this award is to ensure that in the organisation that I manage we train our members of staff to practice risk management the way it should be done.’’

Oyedele said it was also necessary for governments at all levels to begin to take interest in risk management practices in all sectors.

“The truth of the matter is that government, our institutions are just coming to term with some of these things like risk management, safety measures.

“The most important thing is that we must accept that there must be a paradigm shift and that we must exercise patience as a nation and know that these things are a long term issues.

“Because some of these nations we compare our self to, nations in the west have a history of 200,500 years old and they have been practicing risk management for so long.

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