Oliver Alawuba, the Group Managing Director and CEO of United Bank for Africa, has urged internal auditors in the banking sector to adopt artificial intelligence as the industry evolves. Representing Alawuba at the 64th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria, Executive Director Ugo Nwaghodoh emphasized that while AI enhances fraud detection and risk assessment, it necessitates robust governance and oversight.
Alawuba clarified that technology serves to empower auditors rather than replace them. By automating manual data tasks, AI allows audit teams to prioritize critical thinking and proactive assurance. He stressed that institutions must prioritize capacity building and control modernization to remain competitive in the digital age.
ACAEBIN Chairperson Aina Amah also addressed the event, highlighting the persistent threat of cybercrime. She urged financial institutions to improve security protocols and hire specialists capable of preemptively identifying vulnerabilities. The meeting served as a forum for banking professionals to discuss emerging risks and share strategies for long-term industry resilience.
