News Agency of Nigeria
Experts urge trustees to embrace technology for market integrity

Experts urge trustees to embrace technology for market integrity

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By Rukayat Moisemhe

 

Economic experts have called on professional trustees to adopt modern technological innovations, including Artificial Intelligence (AI), to strengthen market integrity within Nigeria’s financial ecosystem.

 

The advice was stated in a communiqué issued on Wednesday following the Annual Business Luncheon (ABL) of the Association of Corporate Trustees (ACT), held in Lagos.

 

The event, which had its theme, “Innovating Trust: The Role of Corporate Trustees in a Digital Financial Ecosystem”, brought together stakeholders to explore how digital transformation can reshape trust and governance in finance.

 

Chief Executive Officer of Zest Payment Ltd., Dr Stanley Jacob, noted that Nigeria’s digital financial ecosystem had shown remarkable resilience and continued growth in spite of global investment headwinds.

 

He, however, identified several challenges impeding payments and investment flows in the country.

 

These include cross-border financial barriers, the stalled development of the Central Bank’s databank currency initiative, and limited adoption of AI-driven technologies.

 

Jacob stressed the importance of embracing AI and its auxiliary solutions to improve customer experience and drive efficiency across financial markets.

 

“We have seen over 47 per cent of transactions from payment across Africa here in Nigeria and we have also seen enhanced regulatory frameworks, most recent being the Investment and Security Act of 2025.

 

“That is one of the prizes that comes with the huge success that we are preparing to get into as fraud has gone over 468 per cent between 2023 and first 9 months of 2024 resulting in losses of over 50 billion Naira.

 

“It is important to build industry capacity in this area and look at how we can adopt AI solution fully in terms of customer experience because that is the only way that we can build trust in the ecosystem.

 

“As we continue the journey of digitisation workstreams, we are super proud and excited that people are now coming onboard, especially trust practitioners, and even board members”, he said.

 

President of ACT, Mrs Omolola Iyinolakan, said the event was designed to explore technological solutions capable of addressing the challenges hindering Nigeria’s economic growth and to help set a forward-looking tone for the country’s financial sector.

 

She noted that a key objective of the luncheon was to broaden the scope of trusteeship by encouraging the adoption of innovative digital tools to tackle persistent issues within the financial ecosystem.

 

Iyinolakan reaffirmed ACT’s commitment to supporting professional trustees in embracing modern technologies, including AI, as a means of enhancing efficiency, transparency, and trust in financial operations.

 

“As trustees in the Nigerian capital market, we operate with the firm understanding that we are gatekeepers in the capital market, assiduously working with regulators to uphold the integrity of the market and boost the economy at large.

 

“The recent amendments to the Investment and Security Act (ISA) 2025 have proven that steps are being taken in the right direction for a digitalised financial ecosystem.

 

“Current digital revolution; presently the emergence of financial technology, has shown that it is no more business as usual for corporate trustees and the Nigerian capital market,” she said.

 

Director General, Security Exchange Commission, Dr Emomotimi Agama, lauded the association’s consistent efforts at convening critical dialogues on fiduciary responsibility, market integrity, and financial innovation.

 

He noted that the focused topic spoke to the shifting paradigm in Nigeria’s financial market.

 

“We encourage the association to prioritise digitisation training, in digital finance, risk management and data governance to ensure its members remain in the forefront of market intelligence,” he said.(NAN)(www.nannews.ng)

 

Edited by Kevin Okunzuwa

Digital skills: FG trains 200,000 Nigerians on artificial intelligence

Digital skills: FG trains 200,000 Nigerians on artificial intelligence

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By Emmanuel Afonne

The Federal Government says it has trained no fewer than 200,000 Nigerians on Artificial Intelligence (AI) and emerging technologies in order to build a digitally skilled workforce for the country.

Chief Uche Nnaji, the Minister of Innovation, Science and Technology, disclosed this on Tuesday in Abuja at the 10th Annual Symposium and Awards of the American Chemical Society (ACS), Nigeria International Chemical Sciences Chapter.

The event was hosted by the National Open University of Nigeria (NOUN) with the theme “Advancing Sustainability through AI-Driven Chemistry”.

According to Nnaji, the ministry is spearheading the formulation of a National Artificial Intelligence Strategy, designed to provide a unified roadmap for ethical and inclusive AI adoption across the country.

Nnaji, who was represented by Dr Patricks Oghuma, Special Assistant to the Minister and Team Lead Technical & Administration, Minister’s Project Delivery, Monitoring and Evaluation (PROD-ME), said that the training would position Nigeria as a continental leader in responsible AI innovation.

“Today, we find ourselves at the crossroads of a revolution where artificial intelligence and chemistry converge to create new frontiers; this powerful synergy offers a vision of the future in which innovation and sustainability work hand in hand.

“This gathering is a remarkable milestone that exemplifies our collective commitment to innovation and academic excellence.

“As we explore the theme of sustainability through AI-driven chemistry, let us remember that the future is not predetermined – it is shaped by our actions today.

“Chemists have a vital role to play in achieving the Sustainable Development Goals (SDGs); however, many brilliant scientific contributions remain buried in journals or academic shelves, never reaching the industries or policymakers that could bring them to life.

“The disconnect between research, application and policy is a critical issue; we must bridge this gap through transformational research that embraces AI, and is designed to solve real-world problems.

“Let me reiterate, chemistry is at the heart of the SDGs; no meaningful progress can be made without the contribution of this field, and this symposium provides a valuable opportunity to generate ideas that will strengthen our nation,” Nnaji said.

(Left to Right) Prof. Chiedu Mafiana, NOUN Deputy Vice-Chancellor receiving an award from Prof. Joshua Obaleye, immediate past Chair, ACS, Nigeria

Vice-Chancellor of NOUN, Prof. Olufemi Peters, said that the role of chemistry as a foundational science had never been more critical as the world grapples with complex global challenges like insecurity, banditry, climate change and so on.

Peters, was represented by Prof. Chiedu Mafiana, NOUN Deputy Vice-Chancellor.

“It is the infusion of AI, with its power to model, predict, and optimise, that now opens new frontiers in reducing waste and energy consumption; optimising chemical processes and improving the development of more sustainable technologies and solutions.

“At NOUN, we are deeply committed to the ideals of accessible, Technology-Enhanced education and cutting-edger research that addresses national development and global goals.

“This symposium aligns perfectly with our institutional vision of fostering innovation that is both scientifically rigorous and socially responsible. Thus, as a practicing chemist, I am elated, albeit excited to be hosting this epoch-making event.

“The conversations during this symposium from AI-enhanced green chemistry to sustainable materials and smart manufacturing, should not just be seen as mere academic pursuit, but in addition, as essentials to building a resilient, knowledge-driven economy in Nigeria and across Africa,” Peters said.

Prof. Edu Inam, Chair, ACS Nigeria, said the society had sustained efforts at organising campus events and outreach programmes to participate in research and mentorship activities.

Awards were given to deserving members of the society including Peters and the immediate past Chair, ACS Nigeria, Prof. Joshua Obaleye. (NAN)(www.nannews.ng)

Edited by Chijioke Okoronkwo

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