The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), a sub-committee of the Bankers’ Committee of the Central Bank of Nigeria (CBN) has reaffirmed its commitment to strengthening internal audit processes and capacity within banks.
It noted that auditors play the role of preventing financial misinformation in the banking sector therefore, the agency aims to enhance transparency, regulatory compliance, and public trust.
These were revealed during its 59th quarterly General Meeting of ACAEBIN in Lagos themed ‘Building and sustaining trust in the Nigerian banking industry: Role of internal auditors’.
“Auditors have been empowered to detect and prevent wrong financial reporting, monitor adherence to laws and internal policies, strengthen corporate governance, and maintain independence in all auditing practices,” it said.
Prince Akamadu, chairman of ACAEBIN emphasised that the agency aims at fostering trust in the banking sector and is tasked with promoting credibility.
“As chief audit executives, we are at the forefront of fostering and promoting trust. Our role goes beyond executing audits; we ensure transparency, accountability, and compliance within our institutions,” he said.
He highlighted that the internal audit function is vital in managing risks and upholding the highest standards of corporate governance, which are essential for maintaining public trust.
“To support its mission, ACAEBIN has been actively involved in developing the skills and competencies of internal auditors across the industry,” he added.
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Abubakar Sulieman, managing director/CEO of Sterling Bank, represented by the executive director of operations of the bank, Raheem Owodeyi, stated that the banking industry remains the cornerstone of the Nigerian economy.
“A robust banking sector, not only safeguards the interests of stakeholders, but also serves as a catalyst for economic growth and development, therefore, trust is essential for maintaining stability in the banking system, fostering economic growth, and ensuring the efficient functioning of the financial sector,” he said.
He noted that trust is the foundation of the relationship between banks, their customers, and investors. Still, challenges like historical issues, systemic failures, technological risks, and poor corporate governance affect it.
“To build and sustain trust in the Nigerian banking industry, internal auditors must promote ethical practices, adopt advanced audit technologies, invest in continuous professional development, and align with local and international regulatory requirements,” he concluded.
Rabiu Onaolapo Olowo, executive secretary of the Financial Reporting Council of Nigeria (FRCN), represented by Titus Osawe noted that internal auditors are pivotal in ensuring robust governance structures, which are necessary to maintain public confidence in financial institutions.
However, the recommitment by ACAEBIN signifies a step towards strengthening the internal audit functions across banks, ensuring that the sector not only meets regulatory standards but also continues to build and sustain public trust, which is fundamental to its stability and growth.
