As cyber-enabled fraud escalates and corporate risks mount, Nigeria cannot afford to lag behind in adopting artificial intelligence (AI) to combat financial crimes, finance expert Kolade Ogunsola has cautioned.

Speaking at a Corporate Finance Symposium in Lagos, Ogunsola argued that traditional fraud prevention measures are no longer adequate in today’s digital economy. He noted that businesses lose an estimated five percent of annual revenues to fraud and stressed that AI-powered tools represent the future of corporate risk management.

“The future of risk management lies in AI solutions that can predict and prevent fraud before it occurs,” said Ogunsola, a chartered accountant and MBA holder.

Butressing his point, he highlighted global case studies, including Amazon’s AI systems, which blocked more than 700,000 fraudulent seller accounts in 2023, and JPMorgan Chase’s Contract Intelligence program, which processes 12,000 documents per second and saved the bank $150 million in its first year.

Drawing on his past experience as an auditor in two of the big four accounting firms and his current role as a finance manager in the tech sector, Ogunsola unveiled a Strategic Fraud Mitigation Framework centered on AI-driven risk identification, real-time assessment, automated prevention, and continuous monitoring. Beyond preventing losses, he said, the framework can reposition risk management as a driver of growth rather than a cost center.

His presentation resonated strongly with attendees. “The framework presented today offers a practical roadmap for Nigerian companies to modernize their risk management approach,” remarked Adebisi Oderinde, Founder of AOC Tax Management Solution.

Ogunsola also emphasized that AI-driven tools are no longer limited to multinational corporations. With the rise of cloud-based platforms, he said, even mid-sized Nigerian firms can deploy scalable and cost-effective systems.

The symposium, which drew over 200 financial executives and risk managers, also explored issues around regulatory compliance and cross-border transactions. However, Ogunsola’s session drew particular attention for its relevance to Nigeria’s evolving business climate.

During a post-event briefing, Ogunsola said the country has a unique opportunity to “leapfrog outdated models” by bypassing costly legacy systems. His remarks prompted at least two Nigerian banks to confirm exploratory talks with AI vendors, while a senior official from the Nigerian Financial Intelligence Unit suggested that the framework could shape national anti-fraud strategies.

For many executives in attendance, AI-driven fraud prevention was no longer a futuristic idea but an immediate priority. The question remains, would Nigerian firms embrace this opportunity?