Banks’ auditors tasked to reduce cybercrime exposure

The Managing Director of Union Bank of Nigeria, Yetunde Oni, has charged internal auditors in the banking sector to take a more proactive role in combating cybercrime and driving sustainability. She spoke during the 63rd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN). Represented by the bank’s Chief […]

The Managing Director of Union Bank of Nigeria, Yetunde Oni, has charged internal auditors in the banking sector to take a more proactive role in combating cybercrime and driving sustainability.

She spoke during the 63rd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN).

Represented by the bank’s Chief Brand & Marketing Officer and Head of Customer Experience, Olufunmilola Aluko, Oni stated that cyber threats and environmental, social, and governance (ESG) expectations are reshaping the responsibilities of internal audit functions across the industry.

“Nigeria’s cybercrime exposure remains significant. With reported losses exceeding N100 billion in 2023 alone, and with the country ranked among the top global sources of cyberattacks, the risk landscape has fundamentally changed.

“Cybersecurity is no longer an IT issue; it is an enterprise-wide resilience issue. Internal audit must play a leading role in validating, challenging, and strengthening our controls,” she said.

Oni emphasised that sustainability and governance accountability have become central pillars of corporate credibility in the financial sector.

“ESG has become central to institutional credibility. Investors, regulators, and counterparties now require transparent sustainability disclosures.

“Even where regulation is still evolving, expectations have already matured,” she said.

 

 

 

She added that this growing scrutiny places new expectations on auditors, who must now validate sustainability data, stress-test climate-related exposures, and ensure ethical and responsible business practices across their organisations.

 

 

 

Earlier, the ACAEBIN Chairperson, Amah Aina, said the world is moving faster than ever, demanding greater agility, foresight, and professional courage from auditors.

 

 

 

“Across the industry, heightened regulatory expectations around anti-money laundering, cybersecurity, data privacy, sustainability, and consumer protection are reshaping the boundaries of accountability.

 

 

 

“The ongoing banking consolidation, geopolitical tensions, inflationary pressures, and FX volatility have created a new framework of interconnected risks,” she said.

 

 

 

She noted that the internal audit function must now go beyond compliance assurance to deliver strategic value and resilience across enterprises.

 

 

 

Aina highlighted ACAEBIN’s initiatives aimed at strengthening members’ capacity, urging them to take advantage of ongoing capacity-building opportunities.

 

 

 

“We have taken bold steps to equip our members to meet the future with confidence,” she said.