Stakeholders in Nigeria’s banking industry have called for urgent adaptation to emerging technology and governance risks, as the Association of Chief Audit Executives of Banks in Nigeria convened its 2026 Annual Retreat, Conference, and General Meeting in Lagos.
In a statement from the association on Wednesday, it stated that the two-day event brought together chief audit executives, regulators, and industry experts under the theme “Navigating Future Technology and Governance Risks in the Nigerian Financial Sector.”
In her welcome address, ACAEBIN Chairperson, Aina Amah, described the theme as timely, noting that technology had evolved from a support function to a central driver of banking operations, risk management, and customer experience.
She emphasised that advancements such as artificial intelligence, cloud computing, and fintech partnerships are reshaping the financial ecosystem, while simultaneously introducing complex risk dimensions that require a proactive and strategic audit approach.
Amah further stressed the need for collaboration among regulators, especially the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation, boards, and audit professionals to strengthen trust and resilience across the financial system.
In an interview session at the conference, Amah further identified rising cyber threats as the most urgent technology-driven risk facing the sector. She warned that failure to proactively address vulnerabilities could allow malicious actors to undermine technological progress.
Amah also advised upcoming auditors to evolve into strategic advisors within their organisations, emphasising early involvement in decision-making processes, particularly in technology deployment, to ensure effective risk mitigation.
On Environmental, Social, and Governance compliance, Ibukun Beecroft, Partner, Deloitte West Africa, noted that global environmental realities and ethical considerations now demand greater accountability from financial institutions.
“ESG is no longer optional. Sustainable practices and ethical partnerships are critical to long-term profitability and stability,” she added.
The conference featured six technical sessions addressing critical areas of risk and governance. Discussions covered integrating ESG principles into audit frameworks, strengthening internal audit functions for strategic influence, managing macroeconomic pressures on financial stability, and tackling cybersecurity threats and digital fraud.
During the panel discussions, industry experts engaged in robust conversations on the intersection of innovation and risk management, highlighting the growing complexity of auditing in a digitally driven financial ecosystem.
Panellists noted that as banks deepen their reliance on digital platforms and third-party integrations, internal auditors must expand their scope to include real-time system monitoring, predictive risk assessment, and enhanced collaboration with technology teams.
The panel session further underscored cybersecurity as a critical area requiring sustained attention, with speakers warning that financial institutions must adopt a more aggressive posture in defending their systems against evolving threats.
