This re-commitment was announced during ACAEBIN’s 59th Quarterly General Meeting (QGM) held in Lagos, with the theme: “Building and Sustaining Trust in the Nigerian Banking Industry: The Role of Internal Auditors.”
The Chairman of ACAEBIN, Prince Akamadu, emphasised the growing importance of internal auditors in ensuring transparency, accountability, and good corporate governance amid the evolving banking landscape.
“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,” Akamadu stated.
He underscored that internal auditing is critical to managing risks and upholding the highest standards of governance, which are vital to maintaining public trust in the sector.
Akamadu said as part of its efforts to enhance the capacity of internal auditors, ACAEBIN has been actively engaged in upskilling initiatives, with training on internal control over financial reporting aimed to equip auditors with the skills necessary to evaluate internal controls and ensure accurate reporting.
Akamadu also revealed that ACAEBIN is working on harmonising an Internal Audit Framework to serve as a comprehensive resource for both new and experienced Chief Audit Executives, strengthening the role of internal auditors across the banking industry.
He said this recommitment by ACAEBIN signified a proactive 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.
The Managing Director of Sterling Bank Limited, Abubakar Suleiman, represented by the Executive Director of Operations, Raheem Owodeyi, underscored the banking sector’s significant contribution to Nigeria’s economy, noting that the sector contributed approximately N3.8 trillion to the national Gross Domestic Product (GDP) in 2023, a 26.5 per cent increase from the previous year.
Suleiman stressed the importance of public confidence in the integrity of financial institutions and the safety of funds, noting that trust is essential for the sector’s continued growth and stability.
The Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Dr Rabiu Onaolapo Olowo, represented by Titus Osawe, further underscored the role of internal auditors in maintaining robust governance structures in the banking sector.
He noted that internal auditors are pivotal in ensuring robust governance structures, which are necessary to maintain public confidence in financial institutions.
