Collaboration among chief audit executives is ensuring that Nigeria’s banking sector remains resilient, transparent, and trustworthy to stakeholders and regulators.

Speaking at the 63rd Quarterly General Meeting (QGM) of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Lagos, hosted by Union Bank, Chief Audit Executive of Union Bank, Mr. Isiaka Arowolo, highlighted the strategic role of internal audit as sentinels safeguarding public confidence and institutional resilience.

Themed “Navigating the Next Wave: Audit Resilience Amid Emerging Risks and Regulatory Complexity,” the meeting examined evolving challenges such as macroeconomic pressures, exchange rate volatility, digital ecosystems expansion, cybersecurity threats, rising regulatory expectations, and sustainability demands.

Representing Union Bank’s Managing Director, Olufunmilola Aluko, Chief Brand & Marketing Officer, stressed that internal audit must lead enterprise-wide efforts to validate controls, particularly amid cybersecurity risks, noting that Nigeria ranked among the top global sources of cyberattacks in 2023 with losses exceeding hundreds of billions of naira.

Mrs. Aina Amah, Chairperson of ACAEBIN, noted that audit functions are evolving beyond compliance, highlighting emerging regulatory expectations in AML/CFT, cybersecurity, data privacy, sustainability, and consumer protection. She also emphasised the sector’s exposure to banking consolidation, FX volatility, geopolitical tensions, and inflation as interconnected risks reshaping internal audit.

Amah outlined ACAEBIN’s achievements over the past quarter, including cybersecurity and risk-based auditing training in Mauritius, capacity-building programmes with Phillips Consulting Limited and Intermarc Consulting Limited, and the launch of the ACAEBIN Training Academy, which is developing next-generation audit leaders and planning study tours to Singapore and the UK focusing on Open Banking in 2026.

Looking ahead, ACAEBIN is developing a Universal Audit Programme to harmonise audit methodologies across the Nigerian banking sector. Amah concluded by urging collaboration, proactive strategies, and foresight: “Audit resilience must go beyond reacting to disruptions; it must anticipate them.”

The meeting reinforced the role of strategic internal audit in strengthening Nigeria’s evolving financial ecosystem.