‘Bank auditors partnership boosts financial sector resilience’

Collaboration among audit leaders has ensured that the Nigerian banking sector remains resilient, transparent and trustworthy in the eyes of stakeholders and regulators.

Chief Audit Executive, Union Bank, Mr. Isiaka Arowolo, said that chief audit executives now play strategic roles as sentinels responsible for strengthening institutional resilience and safeguarding public confidence.

He spoke during the 63rd Quarterly General Meeting (QGM) of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Lagos, hosted by Union Bank.

Speaking on the theme: “Navigating the Next Wave: Audit Resilience Amid Emerging Risks and Regulatory Complexity,” he said the meeting examined the evolving challenges confronting Nigeria’s banking sector.

Representing the Managing Director of Union Bank, Chief Brand & Marketing Officer, Head, Customer Experience, Union Bank of Nigeria, Olufunmilola Aluko, she said “The meeting’s theme reflects both domestic and global realities affecting the financial sector.

 “We are in a period where multiple waves of disruption intersect macroeconomic pressures, exchange rate volatility, expanding digital ecosystems, cybersecurity incidents, rising regulatory expectations and growing demands for sustainability,” Aluko said.

She emphasised that Chief Audit Executives now play strategic roles as “sentinels” responsible for strengthening institutional resilience and safeguarding public confidence.

Aluko highlighted global regulatory shifts such as the EU’s Sixth Anti-Money Laundering Directive, which, while not directly binding on Nigeria, influences international expectations of transparency and accountability.

She also raised concerns about Nigeria’s expanding cybercrime exposure, noting that reported losses in 2023 exceeded hundreds of billions of naira, with the country ranking among the top global sources of cyberattacks.

 “Cybersecurity is no longer an IT issue; it is an enterprise-wide resilience issue,” she said. “Internal audit must lead in validating and strengthening controls.”

On domestic economic trends, she stressed the implications of foreign exchange liberalisation, inflationary pressures and liquidity challenges, adding that internal audit must now challenge assumptions, strengthen scenario planning and validate risk models.

Delivering her address, Chairperson of ACAEBIN, Mrs. Aina Amah, noted that the theme of the meeting mirrors the evolving realities redefining audit functions across the sector.

 “The world is moving faster than ever testing institutional agility and demanding greater professional courage,” Amah said.

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She highlighted emerging regulatory expectations around AML/CFT, cybersecurity, data privacy, sustainability and consumer protection, noting that these factors have reshaped accountability structures across the financial system.

Amah also referenced ongoing banking consolidation, inflation, geopolitical tensions and FX volatility as interconnected risks redefining the audit landscape.

According to her, internal audit must now strengthen foresight, resilience and strategic value beyond traditional compliance roles.

She outlined key milestones achieved by the association in the past quarter, including a week-long cybersecurity and risk-based auditing training in Mauritius and two additional capacity-building programmes in partnership with Phillips Consulting Limited and Intermarc Consulting Limited.

 “These interventions targeted high-impact vulnerability points across the modern financial ecosystem,” she said.

Amah also announced the successful launch of the ACAEBIN Training Academy, which aims to build a structured pipeline of next-generation audit leaders. The academy is already developing bespoke training programmes and planning a study tour to Singapore and the United Kingdom in May 2026, focusing on Open Banking.

She further commended the Central Bank of Nigeria for progress on the industry’s draft Guidelines for ATM Operations, noting ACAEBIN’s active contribution to the process.

Looking ahead, she revealed ongoing efforts to develop a Universal Audit Programme that would help harmonise and strengthen internal audit methodologies across Nigeria’s banking industry.

 “As we engage in today’s deliberations, let us approach this moment with clarity, courage and collaboration,” Amah said. “The future of internal audit is not about survival; it is about ascendancy. Audit resilience must go beyond reacting to disruptions; it must anticipate them.”

The meeting concluded with a renewed call for collaboration, capacity-building and proactive audit strategies to safeguard Nigeria’s evolving financial ecosystem.