What is Union Bank's stance on cybercrime?

Union Bank emphasizes that cybersecurity is an enterprise-wide resilience issue and internal audit must play a leading role in strengthening controls against significant cybercrime exposure.

How are sustainability demands affecting Nigerian banks?

Sustainability (ESG) is now central to credibility, with investors and regulators requiring transparent disclosures. Nigerian banks' audit functions must validate sustainability data and climate risks.

What skills will future Chief Audit Executives in Nigeria need?

Future Chief Audit Executives in Nigeria will need to be part technologist, strategist, risk philosopher, and culture builder to navigate evolving challenges.

Home / Business and Economy / Audit Chiefs Face Evolving Cyber & ESG Threats

Audit Chiefs Face Evolving Cyber & ESG Threats

11 Dec, 2025

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Summary

Cybercrime losses in Nigeria exceeded N100bn in 2023.
Internal audit must validate sustainability data and climate exposures.
Future auditors need technologist, strategist, and culture builder skills.

Audit Chiefs Face Evolving Cyber & ESG Threats

The responsibilities of internal auditors in Nigeria's banking sector are being reshaped by escalating cybercrime and sustainability demands. Union Bank's Managing Director, Yetunde Oni, highlighted that Nigeria faces significant cybercrime exposure, with losses exceeding N100 billion in 2023 and a high ranking in global cyberattacks.

This has transformed cybersecurity into an enterprise-wide resilience issue, urging internal audit to validate and enhance controls. Simultaneously, environmental and governance (ESG) accountability is crucial for institutional credibility, requiring auditors to scrutinize sustainability disclosures and climate-related risks.

Looking ahead, Chief Audit Executives must embody multiple roles: technologist, strategist, risk philosopher, and culture builder. Internal audit is transitioning from a watchdog to an active shaper of institutional resilience, embedding transparency and ethical conduct across organizations.