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April 14, 2024
You are currently viewing ICSAN advocates adoption of artificial intelligence by capital market operators
L-R: Member, Corporate Members and Training Committee, Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Mrs Laide Adeyemo, Registrar, ICSAN, Mr Babatunde Okuneye, Chairman of the Committee, Mrs Abiola Laseinde, and another member of the Committee, Mrs Solape Adesuyi, during a news briefing in Lagos on Tuesday

ICSAN advocates adoption of artificial intelligence by capital market operators

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By Rukayat Moisemhe

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has emphasised the need for governance practitioners and capital market operators to fully embrace the adoption of Artificial Intelligence (AI) in their operations.

Mrs Abiola Laseinde, Chairman, Corporate Members and Training Committee, ICSAN, gave the advice at a news conference on Tuesday in Lagos.

The conference was to unveil the institute’s forthcoming 2024 company secretaries and registrars forum.

The News Agency of Nigeria NAN reports that the event scheduled for April 4 has the theme: “The Implications of Cybersecurity and Artificial Intelligence for Capital Market Operators.”

Laseinde said the need to embrace AI by capital market operators would tackle issues of unclaimed dividends in the nation’s capital market.

She described AI as the new oil the country needed to leverage to drive majority of its operations to great success.

Laseinde, however, noted that leveraging technologies such as AI with its attendant cybersecurity risks required digital protection measures.

“It is very important to embrace AI particularly seeing as data is the new oil hence the need for operators to leverage investing heavily in technology.

“Companies must however have strategies in place to help minimise the risks that comes with technology adoption to help prevent cyber attacks.

“ICSAN is big on collaborations and we are engaging the Securities and Exchange Commission, the Financial Reporting Council l, and other international stakeholders on AI adoption by companies.

“We are also committed to ensuring that participants at the conference benefit maximally from the discussions on embracing technology so as not to fall off the radar and miss value propositions that would enhance operations,” she said.

Mrs Laide Adeyemo, Member, Corporate Members and Training Committee, ICSAN, admonished that while data was the new oil, company secretaries must continue to adhere to the country’s data privacy law in all operations.

Adeyemo noted that everything pertaining to data privacy law in Nigeria was codified under the corporate governance code of conduct to instill governance through the length and breadth of the Nigerian economy.

Mrs Solape Adesuyi, another member of the committee, projected that as Nigeria begins to record several expansions in the economy, the country would likewise begin to see lots of investments in AI technology.

She noted that the forum was a platform to acquaint participants with contemporary practices and pertinent governance issues of national significance.

“It is a capacity boosting governance for professionals in governance field especially the company secretaries and registrars.

“The keynote speaker is Mr Simon Aranonu, Executive Director, Large Enterprises Directorate, Bank of Industry, while other speakers are Mr Moses Ikotun, Managing Director, Unity Registrars Ltd., and Mr Francis Olawale, Managing Director, Frank Nominees Ltd.,” she said. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

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