The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has urged financial institutions to strengthen their cybersecurity frameworks and adopt Artificial Intelligence (AI) for a more proactive audit practices to combat sophisticated attacks.

Speaking at ACAEBIN’s 64th Quarterly General Meeting held in Lagos, the association’s Chairperson, Aina Amah, stressed the need for financial institutions to reinforce their cybersecurity capabilities by engaging technology experts capable of identifying vulnerabilities.

Addressing the gathering themed “Internal Audit Function in the AI Era,” Amah noted that cyber attackers are constantly evolving their tactics and exploiting vulnerabilities from anywhere in the world.
Amah pointed out that artificial intelligence is transforming banking operations, risk management, fraud detection, customer engagement and decision-making.

She urged the banking community to strengthen governance structure, risk management, internal controls, and organisational resilience within the industry.

“Cybercriminals continue to inflict significant damage on the banking sector despite the deployment of advanced security controls by financial institutions. Institutions must develop practical controls that can significantly reduce the success rate and impact of cyberattack,” she said.

She also urged auditors to be involved from the early stages of technology adoption, particularly in artificial intelligence and automation projects, to assess potential risks and ensure adequate safeguards are embedded in systems.

Amah noted that proactive engagement by auditors would enhance their value to boards and executive management while strengthening institutional controls.

Amah added that many banks have established dedicated fraud monitoring units tasked with continuously scrutinising transactions, networks and databases to identify potential threats and suspicious activities in real time.

She said that the QGM continues to provide a valuable platform for knowledge sharing, peer engagement, professional development, and collective reflection on emerging risks and opportunities shaping the profession.
Amah added that the association has remained focused on strengthening the capacity of its members and enhancing the relevance of the internal audit function in an increasingly complex operating environment.

In his keynote address, the Group Managing Director of UBA, Oliver Alawuba, explained that artificial intelligence is no longer a distant conversation, stressing that it is already reshaping how banks serve customers, detect fraud, underwrite risk, automate operations, monitor transactions, manage data, and compete for relevance.

Alawuba, who was represented at the event by the Executive Director, Finance and Risk Management at UBA, Mr Ugochukwu Nwaghodoh, emphasized that the question now is no longer whether AI will transform banking, but rather whether governance, control, audit, and assurance will transform fast enough to keep banking safe, trusted, and future-ready.

Alawuba, while appreciating the association for its sustained contribution to the Nigerian financial services industry and society at large, added that the theme for the event is very timely and consequential.

According to him, over the years, ACAEBIN has remained a critical pillar in strengthening assurance, promoting ethical standards, deepening professional competence, supporting regulatory alignment, and reinforcing the trust on which banking ultimately rests.