Banks chief audit executives seek lenders collaboration on cybersecurity

… Re-elects Akamadu as chairman

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has re-elected Prince Akamadu as chairman and emphasized the need for synergy among various departments within banks.

They advocate for the establishment of an assurance community comprising information security, internal audit, internal control/systems control, compliance, and risk management departments. This collaboration aims to facilitate regular sharing of insights and monitoring of cybersecurity-related initiatives.

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This recommendation was highlighted in the communiqué issued at the conclusion of ACAEBIN’s annual general meeting and retreat held in Abuja. Themed “The Role of the Internal Auditor in Promoting Stability in the Financial Services Sector and National Economic Growth,” the week-long event brought together members and stakeholders from the banking industry.

Discussions centred on the challenges and opportunities facing the sector and the broader economy, as well as the Central Bank of Nigeria’s efforts to stimulate economic growth in alignment with the President’s mandate.

During the conference, Prince Akamadu, Chairman of ACAEBIN, underscored the relevance of the chosen theme to the current landscape of the banking industry and the economy. He emphasized the industry’s pivotal role amidst economic challenges and stressed the importance of proactive engagement by members, positioned as the third line of defense (the Internal Audit Function). Their proactive approach aims to support the Central Bank of Nigeria’s initiatives in addressing the prevailing challenges within the financial sector.

For us to continue to play our part as valued stakeholders, it is pertinent that we take a critical look into the future and equip ourselves with those critical skills and resources that would enable us to perform our functions well, not just as gatekeepers but also as valued advisors to our organisations and the industry at large”.

Prince Akamadu further stated that the role of the banking sector was crucial in the Nigerian economy, adding that the retreat was part of the measures by the Association to contribute to the discussion on ways of addressing the foreign exchange challenges in the country. Akamadu further noted that banks are not resting on their oars to curb fraudulent activities and that improving the Know Your Customer mechanism was one of the means of reducing incidences of fraud to the barest minimum.

Prince Akamadu and other Executive Committee members were re-elected for another two-year term to pilot the affairs of the Association. In his acceptance speech, he thanked his colleagues for the confidence reposed on him and other members of the Executive. He pledged to continue to strengthen collaboration with other stakeholders and the regulatory agencies in the collective effort to sanitize the banking system and improve the economy of the nation at large.

Alongside the chairman are Aina Amah, assuming the role of 1st Vice Chairman, and Mogbitse Atsagbede as 2nd Vice Chairman, promising a dynamic leadership team poised to drive meaningful change.

Ugochi Osinigwe takes on the crucial role of Treasurer, ensuring prudent financial management within the organization. Meanwhile, Olusemore Adegbola steps into the position of Internal Auditor, tasked with maintaining transparency and accountability in ACAEBIN’s operations.

The Research & Publication Sub-committee will be led by Olusegun Famoriyo, while Femi Fatobi will spearhead the Payment & Systems Sub-committee, underscoring ACAEBIN’s commitment to staying abreast of industry advancements and fostering innovation.

Completing the Executive Committee are Adeola Awe and Rotimi Omotayo, serving as Ex-officio I and Ex-officio II, respectively, bringing valuable insights and perspectives to the table.