Sanwo-Olu calls for practical solutions to tackling fraud

The governor of Lagos State, Babajide Sanwo-Olu, has called for practical and actionable solutions to tackle the issue of fraud in the country’s financial system.

Sanwo-Olu made this call on Wednesday at the 2025 Annual General Meeting and Fraud Conference of the Association of Chief Audit Executives of Banks in Nigeria, themed ‘Fraud and Governance: Strengthening Institutional Frameworks in Nigeria.’

This is as the association also called for collaboration and an innovative approach to tackle the issue of evolving fraud in the financial system.

According to the Nigeria Inter-Bank Settlement System Recent Fraud Trends released in late February, about N52.26bn was lost by the financial industry to fraud in 2024, which is 195 per cent higher than N17.70bn in the previous year. The report blamed the jump on system weaknesses in some of the financial institutions.

Sanwo-Olu, who was represented by Special Adviser to the Governor, Office of Internal Audits, Lagos State, Dr. Oyeyemi Ayoola, said, “The theme for this year’s conference, ‘Fraud and Governance: Strengthening Institutional Frameworks in Nigeria,’ could not be more relevant. As we all know, financial fraud is not just a banking problem; it is an economic threat, a governance challenge, and a risk to national development. Every time fraud occurs, businesses suffer, investors lose confidence, and public trust in the financial system is weakened.

“Let me be clear—this fight is not for regulators and auditors alone. It is a collective responsibility that requires action from banks and financial institutions to build a culture of ethics and accountability, corporate leaders to enforce internal controls and ensure compliance, and everyday citizens to stay informed and vigilant against financial scams.”

The governor also highlighted the role of chief audit executives as the gatekeepers of financial integrity.

“Your work ensures that fraudulent activities are detected and prevented before they escalate. Your vigilance protects not just your institutions, but the entire financial system. That is why this gathering is so important—because the knowledge, strategies, and insights you share here will shape the future of financial governance in Nigeria. As we engage in meaningful discussions over the next two days, I urge you to think beyond policies and frameworks.”

Let us focus on practical, actionable solutions that will make a real difference. Let us commit to strengthening compliance structures, enhancing oversight, and fostering a culture of ethical leadership in the financial sector,” the governor asserted.

In her welcome address, the Chairperson of ACAEBIN, Mrs. Aina Amah, noted the urgent need to “enhance governance structures, strengthen risk management practices, and fortify the mechanisms that protect our financial system. The evolving nature of fraud, fuelled by technological advancements and complex financial transactions, demands that we remain vigilant, innovative, and collaborative in our approach to combating financial malpractices.

“This conference is not just a platform for discussions but a call to action—a call to reinforce ethical leadership, embrace technological innovations in fraud detection, and ensure compliance with global standards.”

ACAEBIN is a subcommittee of the Bankers’ Committee of the Central Bank of Nigeria and a non-profit organisation established primarily to foster cooperation among chief audit executives of banks and promote competence, ethical standards, and professional behaviour among member organisations.