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Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider has called on internal auditors of banks to adopt the various digital technologies to prevent fraud and annul the adverse impact of Covid-19 on the financial ecosystem.

Speaking at the just concluded 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), the MD/CEO of Heritage Bank, Ifie Sekibo disclosed that for improved banking operations and safer financial system for stakeholders, internal auditors must be dynamic and quick to adopt various digital measures.

Raising the alarming impact of fraudulent activities in the banking sector, Sekibo quoted PricewaterhouseCoopers’ (PWC’s) Global Economic Crime and Fraud Survey 2020, revealing that that the total cost of cybercrimes is worth an eye-watering $42 billion, which was cash taken straight off companies’ bottom line, whilst 13% of those who had experienced  fraud said they had lost $50 million-plus.

Sekibo, who spoke on the theme, “Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities” organised virtually and hosted by the Heritage Bank, urged, “While it was sufficient for yesterday’s auditor to understand regular and routine banking practices such as credit, treasury, etc in his traditional assurance role, for him to be relevant in harnessing the opportunities in today’s business world, he must become versed in cybersecurity, artificial intelligence, data analytics, fraud management, regulatory pronouncements, forensics etc and having equipped himself, present balanced, objective audit reports to Executive Management while striking the right balance between the assurance and consulting responsibilities.”

In her keynote address, titled, “Elevating Internal Audit Role In The Face Of Emerging Risks and Opportunities,” Ibukun Beecroft, Partner Risk Advisory at Deloitte, noted that the banking industry in Nigeria today has adopted various digital measures to keep the business running and delivering services to the customers but there was need for Internal Audit (IA) positioned to provide the required assurance and consulting services in the face of the changes and attendant risk, particularly increased cyber-risks.

Quoting 2018 Financial Stability Report by the Central Bank of Nigeria, she stated that Banks recorded 25,029 confirmed cases of fraud and this resulted in a loss of N2.21 billion. More than 90% of fraud cases in 2018 were perpetrated via technologically driven channels.

“As Internal Auditors, the knowledge of technology would enable us identify gaps in our core banking applications and other applications and provide relevant recommendations to eliminating loopholes that may serve as an avenue for potential fraud.

She, however, advised auditors on the need to focus on advanced technologies and risk management operations as reflected around the Three Lines of Defense (3LOD) churned out by the Institute of Internal Auditors, which create opportunities for IA and its future role.

Beecroft warned that the ever-changing landscape and evolving risks in the banking industry could render the current internal audit plan obsolete.

According to her, internal auditors should reprioritise the audit plan as soon as possible to provide assurance over the most consequential risks while being cognisant of the impact on operations.

“To take advantage of these changes and disruptions, auditors need to rethink their role by adapting to and embracing change, enabling the IA function to become more agile, nimble, and forward-looking, thus driving change through the 3LOD,” Beecroft stated.

Yetunde Oladeji, Director Internal Audit Services at PricewaterhouseCoopers Limited (PWC), who spoke on the theme, “Elevating IA’s role to meet today’s emerging risks,” advised that the banking sector should be dynamic, prioritse digitization and flexibible workforce strategies as these would determine its ability to adapt to rapidly changing circumstances to survive and thrive.

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has reiterated that Ecobank remains the gateway financial institution for African regional trade. Akinwuntan who was speaking at the Ecobank Digital Series virtual Africa Trade Conference 2020 titled: ‘Facilitating Regional Trade in the emerging AfCFTA Era’ maintained that Ecobank, the pan – African bank was set up to be the leader in intra-Africa trade, adding that leveraging on its knowledge, footprint and digital payment platforms, the bank is set to lead the financial services support for the new Africa Continental Free Trade Area. 

According to him, “while intra Africa trade provides opportunity for the growth of our economy in Africa, Ecobank is ‘the go to bank’ for Africa regional trade”. He stressed that the Ecobank Regional Trade conference was designed to “primarily explore the massive trade opportunity before us in Africa, particularly after the pandemic. Ecobank decided to set the agenda for Africa to take its place in global trade. The opportunity is massive: withmarket size of 1.2 billion, estimated GDP of $2.5 billion, Africa free trade area is the largest since the formation of the World Trade Organization (WTO); more than 65 member states across the African union, population to reach 2.5 billion by 2050”.

lso speaking, Segun Awolowo, Executive Director/ Chief Executive, Nigeria Export Promotion Council (NEPC), said with a market of 1.2 billion people and combined GDP of $3 trillion, there is huge potential for Nigeria to increase its export to Africa. According to him, most exports had been informal exports but with platforms, like Ecobank, it is going to be official and add real value to the economy.  He said in 2018, the export value of Nigeria to Africa totaled around $6.99 billion but its export to the rest of the world totaled $45.92 billion. However, Nigeria export is majorly crude oil and natural gas which constitute 91%.

Speaking on “International trade, the pan African perspective”, Tei Konzi, Commissioner, Trade, customs and free movement, ECOWAS, represented by Kolawale Sofola, Acting Director, Trade ECOWAS said  85 % of our products go outside the continent and this must be changed. “We can bring these trade back to Africa and increase activity in the continent in agriculture, mining amongst others.  We are yet to conclude our tariffs, but at the moment, ECOWAS trade more with outside countries than it does with African countries and this is why we are bent on making sure the AfCFTA succeeds”.

 He noted that the AfCFTA is a comprehensive trade agreement that seeks to create a single market for goods and services and free movement of persons through the progressive liberation  of the market  for goods and services and also contribute to the movement of capital to facilitate investment. He said it is meant to be the foundation of  continental customs union at a later stage.

The Ecobank Nigeria ‘Africa Trade Conference 2020’  which is part of the Ecobank Digital Series is to showcase Ecobank’s unique intra-Africa trade solutions that enable settlements of international transactions and mitigation of payment risk while providing regional solutions to exporters. Ecobank trade products and solutions are designed around two broad areas; trade finance and trade services. Trade Finance enables customers benefit from adequate and well mitigated credit facilitation in the area of Import finance, export finance, bill discounting, trade loans, distributor finance, payables and receivables finance, structured trade and commodity finance amongst others while trade services, offer our customers the advantage of speedy turn around and error free processing of their import letter of credits, import collections, avalised bills, Customs bonds, export collections as well as their local purchase orders and payment invoices, via our electronic trade platforms OMNI e-Trade and OMNI eFSC (electronic financial supply chain. 

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, today announced the appointment of Mrs. Oluwande Muoyo as a Non-Executive Director. Mrs. Muoyo joined the board of FirstBank from FBN Holdings Plc., the parent company of First Bank of Nigeria Limited.

Speaking on her appointment, Dr. Adesola Adeduntan, CEO, FirstBank said, “We are excited to welcome Mrs. Oluwande Muoyo to the FirstBank Board. She brings to the Board her depth of experience which spans over three decades in various leadership and strategic positions across the private and public sectors. I am assured that these rich experiences will have an immediate impact in the board which will transcend the activities of the Bank as a whole.”

“On behalf of the board, management and staff of FirstBank, I congratulate Mrs Muoyo and look forward to working with her,” he concluded.

Oluwande Muoyo was appointed to the Board of First Bank of Nigeria Limited in 2020.  She is a Chartered Accountant, Banker and former Honourable Commissioner for Budget and Planning in Ogun State.

Prior to being appointed an Honourable Commissioner, Oluwande worked with Stanbic IBTC Bank for over 22 years in various parts of the bank, including Financial Control, Treasury and Financial Services, Trade Finance and Corporate Banking. She holds a BSc degree in Accounting from the University of Lagos. She started her professional career with the international firm Price Waterhouse (now PriceWaterhouseCoopers). A Fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria, Oluwande has, over the years, acquired competencies and skills in public financial management, policy formulation, business development, banking, budgeting, planning, auditing and taxation.

Her past Directorships include the Governing Board of the International Crop Research Institute for the Semi-Arid Tropics and FBN Holdings Plc. Oluwande has attended many training programmes including Strategic Marketing Management at Harvard Business School, Advanced Strategy at INSEAD and Advanced Management Programme at the Lagos Business School. Oluwande is married with children and enjoys reading and swimming.