The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has called for the improvement of governance structures, enhancement of risk management practices, and strengthening of the mechanisms that safeguard Nigeria’s financial system.
The chairperson of ACAEBIN, Aina Amah stated this at the 2024 annual general meeting and fraud conference with the theme: ‘Fraud and Governance: Strengthening Institutional Frameworks in Nigeria’ held yesterday in Lagos.
She said “this gathering, a hallmark of our collective commitment to integrity, transparency, and corporate governance, comes at a critical time when financial institutions and regulatory bodies must work hand in hand to fortify our institutional frameworks against fraud and financial crimes.”
Amah said “our theme for this year underscores the urgent need to enhance governance structures, strengthen risk management practices, and fortify the mechanisms that protect our financial system.
“The evolving nature of fraud, fuelled by technological advancements and complex financial transactions, demands that we remain vigilant, innovative, and collaborative in our approach to combating financial malpractices.”
Governor of Lagos State, Babajide Sanwo-Olu represented by the special adviser to the Governor, Office of Internal Audits, Dr. Oyeyemi Ayoola noted that “this conference is a call to reinforce trust in our financial institutions, to uphold the integrity of our systems, and to ensure that governance remains the foundation of everything we do.”
According to Sanwo-Olu, the theme for this year’s conference could not be more relevant. As we all know, financial fraud is not just a banking problem, it is an economic threat, a governance challenge, and a risk to national development. Every time fraud occurs, businesses suffer, investors lose confidence, and public trust in the financial system is weakened.
He pointed out that a strong, fraud-resistant financial system is essential to driving economic growth, attracting investment, and creating jobs, emphasising that “financial fraud is changing rapidly, cybercrime, insider threats, digital payment vulnerabilities, and regulatory loopholes have made fraud more sophisticated than ever. Criminals are getting smarter, but we must be smarter and faster in our response.”
The governor, however, said, “Governance is the foundation that holds everything together. Strong policies and regulations are important but leadership, transparency, and ethical decision-making are what truly sustain trust in our financial system.”
The chairman of the Board of Bank CEOs and the Group managing director/chief executive officer of United Bank for Africa (UBA) Plc, Oliver Alawuba noted that fraudulent activities are the by-products of governance failures.
He explained that governance failures lead to public distrust, regulatory penalties and economic aggression, saying that “in Nigeria’s financial landscape, we have seen insider business, cyber fraud, identity theft and regulatory breaches.
“And these things are escalating because of one weak corporate governance framework, inadequate internal controls and lack of real-time fraud monitoring and enforcement.”
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