The Managing Director and Chief Executive Officer of FirstBank of Nigeria, Dr. Segun Alebiosu, has called for stronger compliance and regulatory frameworks to sustain growth in Nigeria’s financial sector amid the rapid pace of technological innovation. Alebiosu, who spoke during a panel session at the 18th Annual Banking and Finance Conference in Abuja, stressed that while innovation is transforming the industry, banks must not lose sight of governance, ethics, and global regulatory standards.
The panel, themed “Adapting to Global Compliance and Regulatory Practices for Sustainable Growth,” examined how the sector can balance opportunities in digital banking, fintech integration, and emerging technologies with compliance expectations.
According to the FirstBank CEO, the credibility and stability of Nigeria’s banking system depend on maintaining strong compliance structures even as the industry embraces innovation. “Technology is opening new opportunities for service delivery and financial inclusion, but compliance remains the foundation of trust in banking. For us to drive growth, especially in an interconnected financial system, we must strengthen governance, risk management, and ethical practices,” Alebiosu said.
He further noted that compliance is not just a regulatory requirement but a strategic tool for competitiveness in global markets, urging banks to invest in training, compliance systems, and cybersecurity.
Earlier, President of the Nigerian Economic Society, Dr. Agnes Olatokunbo, underscored the centrality of compliance in economic governance. She argued that aligning with international best practices would not only improve investor confidence but also help Nigeria’s financial institutions withstand shocks from global economic uncertainties.
Underscoring its commitment to robust security, Alebiosu revealed that FirstBank recently clinched additional international award for excellence in cybersecurity leadership & Innovation at The Excellence Prime Awards in Paris, and also cliched the CISO of the Year award at the 17th ISACA Annual Congress in Abuja, where the Bank also won the award in Corporate Excellence.
The conference, which brought together policymakers, regulators, and banking executives, also featured discussions on recapitalisation, credit penetration, and the macroeconomic environment. Stakeholders agreed that sustainable growth requires innovation to be matched with resilience, compliance, and consumer protection.
