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Bank Auditors have been urged to strengthen cybersecurity control, insisting that the concern has gone beyond an IT issue to an enterprise-wide resilience issue. This call was made at the 63rd Quarterly General Meeting (QGM) of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Lagos and organized by Union Bank.
Chief Brand & Marketing Officer, Head, Customer Experience, Union Bank representing the Managing Director, CEO of Union Bank, Olufunmilola Aluko 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. Internal audit must lead in validating and strengthening controls,” she said.
According to her, the meeting, themed “Navigating the Next Wave: Audit Resilience Amid Emerging Risks and Regulatory Complexity,” 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.
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.
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Delivering her keynote address, Chairperson of ACAEBIN, Aina Amah, disclosed 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.
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 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 she said “targeted high-impact vulnerability points across the modern financial ecosystem.”
She announced that the Association had launched a Training Academy, which aims to build a structured pipeline of next-generation audit leaders. According to her, 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. “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.”
On his part, Union Bank’s Chief Audit Executive, Isiaka Arowolo, said the bank was honoured to host the gathering, noting that the forum reinforces Union Bank’s commitment to financial integrity and robust corporate governance. “It is a distinct honour for us at Union Bank to host the esteemed members of ACAEBIN, regulators, and stakeholders. By welcoming this crucial forum, we reaffirm our commitment to fostering financial integrity and robust governance across the industry.”
