AICPA partners NCMI to deepen risk management, governance 

The American Institute of CPAs (AICPA) has partnered with the Nigerian Capital Market Institute (NCMI) to expand access to global risk management and internal control certification programmes for operators in Nigeria’s capital market.

The collaboration will give Capital Market Operators (CMOs) access to certification programmes developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), a global framework-setting body focused on enterprise risk management, internal controls, and fraud deterrence.

Ijeoma Anadozie, country director in Nigeria at the Association of International Certified Professional Accountants, said the partnership marks a step toward strengthening corporate governance standards in Nigeria.

“By leveraging these resources, companies in Nigeria will be better equipped to tighten internal controls, enhance the accuracy and transparency of financial reporting, and foster greater investor confidence,” she said.

The move comes as regulators and market participants face rising pressure to strengthen governance frameworks amid growing cyber risks, financial complexity, and investor scrutiny.

Under the partnership, Nigerian professionals will be able to enrol in COSO’s Internal Control and Enterprise Risk Management (ERM) certificate programmes. The courses are designed to equip finance professionals with the skills to design, implement, and monitor internal control systems, as well as embed risk management into corporate strategy.

Analysts have opined that weak internal controls and poor risk oversight have remained recurring vulnerabilities across emerging markets, often leading to financial misstatements, fraud, and operational disruptions. Expanding access to globally recognised frameworks is expected to help close these gaps.

COSO, backed by five major accounting and finance bodies including AICPA, has become a global reference point for governance and risk practices. Its frameworks are widely adopted by corporates and regulators seeking to improve transparency and accountability.

According to Anadozie, stronger governance practices will not only improve firm-level resilience and profitability but also support broader financial stability.

Tunde Kamali, managing director of NCMI, said the initiative aligns with efforts to build capacity across Nigeria’s capital market ecosystem.

“The collaboration reflects our commitment to equipping market participants with the tools needed to navigate an increasingly complex and risky landscape,” Kamali said.

He added that deepening knowledge in internal control and enterprise risk management would enable firms to operate with greater accountability and strategic foresight, while reinforcing Nigeria’s long-term competitiveness.

The partnership could have wider implications for market development, particularly as Nigeria seeks to attract foreign investment and improve confidence in its financial markets.

Stronger internal control systems reduce the likelihood of earnings manipulation and operational failures, while robust risk management frameworks help firms anticipate shocks and respond more effectively. Together, both are seen as critical pillars for sustainable capital market growth.

For regulators, improved adoption of global standards could also ease supervisory burdens, as firms align more closely with best practices.

Stakeholders say the latest partnership signals a growing push to institutionalise global standards in Nigeria’s financial system, at a time when governance failures and risk management lapses remain key concerns for investors.

NCMI, the training arm of the Securities and Exchange Commission (SEC), has in recent years expanded collaborations aimed at improving professional capacity and market integrity.

The AICPA, one of the world’s largest accounting bodies, is part of the Association of International Certified Professional Accountants, a global alliance representing hundreds of thousands of finance professionals.

With the introduction of COSO-based training, operators are expected to strengthen internal processes, reduce exposure to fraud and errors, and improve decision-making, deepening Nigeria’s capital market and sustaining long-term economic growth.