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By Olakunle Olafioye
The Managing Director and Chief Executive Officer of FirstBank of Nigeria, Dr Olusegun Alebiosu, has called for stronger compliance and regulatory frameworks to sustain growth in Nigeria’s financial sector amid the rapid pace of technological innovation.
Alebiosu, who spoke during a panel session at the 18th Annual Banking and Finance Conference in Abuja on Wednesday, stressed that while innovation is transforming the industry, banks must not lose sight of governance, ethics and global regulatory standards.
The conference with the theme, “Adapting to Global Compliance and Regulatory Practices for Sustainable Growth”, examined how the sector can balance opportunities in digital banking, fintech integration, and emerging technologies with compliance expectations.
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According to the FirstBank CEO, the credibility and stability of Nigeria’s banking system depend on maintaining strong compliance structures even as the industry embraces innovation. “Technology is opening new opportunities for service delivery and financial inclusion, but compliance remains the foundation of trust in banking. For us to drive growth, especially in an interconnected financial system, we must strengthen governance, risk management, and ethical practices,” Alebiosu said.
He further noted that compliance is not just a regulatory requirement but a strategic tool for competitiveness in global markets, urging banks to invest in training, compliance systems, and cybersecurity.
Earlier, a key speaker at the event, Chair, Board of Directors, Guaranty Trust Bank Ltd, Dr Agnes Olatokunbo underscored the centrality of compliance in economic governance.
She argued that aligning with international best practices would not only improve investor confidence but also help Nigeria’s financial institutions withstand shocks from global economic uncertainties.
On his part, the Director of Risk Management at the Central Bank of Nigeria (CBN), Mr Blaise Ijebor, stressed that regulators are paying closer attention to emerging risks in digital banking. He explained that the CBN is working to deepen supervisory tools that ensure innovation does not outpace regulation, warning that weak compliance structures could expose banks to systemic risks.
The conference, which brought together policymakers, regulators, and banking executives, also featured discussions on recapitalisation, credit penetration, and the macroeconomic environment. Stakeholders agreed that sustainable growth requires innovation to be matched with resilience, compliance, and consumer protection.
