Speaking at the 63rd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in Lagos, Oni—represented by the bank’s Chief Brand and Marketing Officer and Head of Customer Experience, Mrs. Olufunmilola Aluko—warned that the cybersecurity threat landscape has “fundamentally changed.”
She revealed that Nigeria recorded over N100 billion in cybercrime-related losses in 2023, noting that the scale, sophistication, and frequency of attacks now place the country among top cybercrime-origin points globally.
“Cybersecurity is no longer just an IT concern; it is an enterprise-wide resilience issue,” Oni said. “Internal audit must take the lead in evaluating, challenging, and strengthening internal controls.”
She noted that banks are currently facing multiple disruptions, including economic instability, exchange rate volatility, expanding digital ecosystems, heightened regulatory demands, and growing expectations for transparency and sustainability.
“Chief Audit Executives now play a significantly expanded role in safeguarding the financial system,” she added.
Union Bank’s Chief Audit Executive, Mr. Isiaka Arowolo, also addressed participants, stressing the importance of collaboration among audit leaders to strengthen the sector.
“It is an honour for Union Bank to host ACAEBIN and industry regulators. This forum reinforces our commitment to financial integrity and strong governance,” he said.
Earlier, ACAEBIN Chairperson, Mrs. Aina Amah, highlighted the increasing speed of global changes, saying it is testing institutional agility and demanding greater professional courage from audit executives.
