E-Financial
ACAEBIN Trains Internal Auditors on Cyber Defence
Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has held its first stream of 2019 capacity building for Internal Auditors on Cyber Defence.
The three-day training held recently in Lagos in conjunction with the Financial Institutions Training Centre (FITC) was hands-on based and focused on review of networks, applications, databases and IT infrastructures.
As part of the association’s policy of continuous capacity development, ACAEBIN organises at least two trainings every year for internal audit staff at no cost to member banks and at least one for Chief Audit Executives who by virtue of their position, are direct members representing their various banks.
In his opening address at the commencement of the exercise, a statement quoted the Yinka Tiamiyu, chairman of ACAEBIN, who also is the chief audit executive of Access Bank Plc, to have urged the participants to make the best use of the opportunity describing the topic as a very vital and critical area that needs special attention. Noting that content is very enriching and would deliver the desired result if taken serious by the participants.
He said: “The cyber space is continuously evolving, so also the associated threats. As Auditors, it our duty to ensure proactive approach to mitigate these threats and provide assurance to our organisation in order to prevent loss of valuable assets and corporate image.”
Speaking in the same vein, Felix Igbinosa, second vice chairman and head of the Emerging Issues Committee of the Association, in his speech informed the participants that, “given the ever changing cyber threat landscape and the continuing unending battle in the cyberspace, there is the need for a 24/7 monitoring and response on technological platforms of organisations.
“As such, organisations need to invest more in implementing additional security infrastructure and training of its personnel in cyber security.”
Felix, further informed the participants that another training would be held before the end of the year. He assured the participants that his Committee would evaluate the report of the training to determine the need for another stream, urging them to ensure they derive value for the huge investment the Association is making towards harnessing their skill set for better service delivery in the banking industry.
At the end of the training, participants would have developed competencies in managing key aspects of cyber security threat, understand the impact of cyber-attacks on the various IT tools and platforms, analyse threats and risks within the context of the Cyber security architecture, among other things.
The high point of the three-day training was the presentation of certificates to the participants.
ACAEBIN, a sub-committee of the Bankers’ Committee of the Central Bank of Nigeria (CBN) is a 34-member not-for-profit organization, established primarily to foster corporation among Chief Audit Executives (CAEs), promote competence, ethical standards and professional behaviour among member organizations. Membership cuts across Deposit Money Banks (DMBs), Development Banks, the Central Bank of Nigeria as well as three Honourary members (NDIC, FITC and NIBSS).
Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise.
This represents approximately 12% of the bank’s workforce, underscoring its management’s deep appreciation for the pivotal role played by staff in recoding the highest growth by percentage volumes in the banking industry with 210% increase in its Profit Before Tax (PBT) which grew from N124.3 billion in 2023 to N385.2 billion in 2024.
The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. It is worth noting that this follows a similar salary adjustment carried out in November 2024.
Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth of 116% in the industry following the completion of its Public Offer which was over subscribed by 238% .
In recognition of the banks stellar performance, global rating agency, Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’ in a further endorsement of the bank’s financial strength and prudent management. The upgraded ratings reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.
Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
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