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Experts have urged Nigerian corporate leaders to take responsibility for decisions made by artificial intelligence (AI) systems, warning that failure to establish clear accountability could expose businesses to serious risks.
They spoke at the 2026 Annual Corporate Governance Conference of the Society for Corporate Governance Nigeria (SCGN), held in Lagos, with the theme, “Artificial Intelligence, Power and Accountability: The New Architecture of Corporate Governance.”
The experts said AI was already influencing corporate decisions, risk management and business performance, making it necessary for boards to establish clear oversight structures, protect data and ensure that investments in the technology deliver measurable value.
In his keynote address, the Founder and Chairman of Digital Africa Global Consult Limited, Evans Woherem, warned that Africa risked increasing its vulnerabilities by relying on AI systems developed outside the continent.
While acknowledging the technology’s potential to transform healthcare, education and power, Woherem urged organisations to protect their data, maintain human control over critical decisions and ensure that AI systems were developed and deployed ethically.
He called on corporate boards to establish dedicated AI oversight structures involving technical experts, lawyers and business professionals. He also advocated continuous staff training, responsible data management and regular monitoring of AI systems.
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, said AI should be treated as a corporate and public governance issue rather than merely a technology concern.
She noted that AI could improve supervision, detect unusual transactions and strengthen risk management, but stressed that human beings and the institutions they lead must remain accountable for consequential decisions.
“Responsibility for consequential decisions must remain with people and the institutions they lead,” she said.
Oloworaran identified accountability, transparency, human oversight, data integrity and independent assurance as five essential principles for governing AI. She also called for faster digitalisation and real-time, risk-based supervision in the pension industry.
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During a panel session moderated by the Chief Executive Officer of Futuresoft and co-founder of AI CoLab Africa, Nkemdilim Uwaje Begho, participants urged boards to look beyond what AI could do and focus on who controls it, who answers when it fails and the value it creates for businesses.
The panel featured AI governance expert and founder of PALS HUB, Amaka Ibeji; Uto Ukpanah, representing MTN Nigeria Chief Executive Officer, Dr. Karl Toriola; and Christopher Ogirri, Associate Director, AI and Data Engineering Lead and Chief AI Officer at PwC Nigeria.
The speakers called for formal responsible AI policies, closer monitoring of AI spending and continuous assessments of the technology’s effects on customers, employees and business performance.
They also highlighted the difficulties organisations face in moving AI projects beyond pilot stages, the shortage of relevant staff skills, concerns over the protection of Nigerian data and the risks of excessive dependence on foreign-developed systems.
The panellists maintained that AI should improve productivity and decision-making rather than simply replace workers.
A fireside chat, titled “From Digital to Intelligence Enterprise: What AI Governance Really Demands of Boards,” further examined the responsibilities of corporate boards as businesses move from conventional digital tools to more advanced AI-driven systems.
The session featured Alwin Magimay, Global Head of AI at PA Consulting, United States, and Dr. Jania Okwechime, Partner and African Leader at Deloitte.
A highlight of the conference was the launch of two publications: *Corporate Governance and Sustainability Reporting in Nigeria*, which examines governance and sustainability practices among the 30 most capitalised companies on the Nigerian Exchange, and the 30th edition of the Journal of Corporate Governance.
The journal features research on banking performance, corporate conduct, emerging technologies, cybersecurity, data governance and responsible leadership.
