Financial experts have said internal audit functions in Nigeria's banking sector must evolve from retrospective assurance to forward-looking, technology-enabled roles to secure the future of banking amid Artificial Intelligence disruption. This was the consensus at the 65th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Lagos. Stakeholders warned that AI-enabled fraud, deepfakes, cyberattacks, and digital vulnerabilities now pose tangible risks to trust in the financial system. The managing director/CEO of Wema Bank Plc, Moruf Oseni, called on internal audit functions to evolve to meet the demands of intelligent banking, noting that the role of internal audit has become more critical as banks navigate risks brought by AI, advanced analytics, and digital platforms.
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