The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has asked governance practitioners and capital market operators to embrace Artificial Intelligence (AI).
Mrs. Abiola Laseinde, Chairman of the Corporate Members and Training Committee at ICSAN, highlighted this imperative during a press conference held last week in Lagos.
The occasion served as a precursor to the institute’s upcoming 2024 Company Secretaries and Registrars Forum, slated for April 4, 2024, with the theme “The Implications of Cybersecurity and Artificial Intelligence for Capital Market Operators.”
Laseinde emphasised that integrating AI into capital market operations could address challenges like unclaimed dividends in Nigeria’s capital market. She likened AI to the “new oil” for Nigeria, stressing the potential of the technology to drive operational success across various sectors.
However, she cautioned that while leveraging AI could yield significant benefits, it is also necessary to implement robust cybersecurity measures to mitigate associated risks. She highlighted the importance of collaboration with regulatory bodies such as the Securities and Exchange Commission (SEC) and the Financial Reporting Council to ensure responsible AI adoption.
Mrs. Laide Adeyemo, another member of the Corporate Members and Training Committee at ICSAN, stressed the need for adherence to data privacy laws in all operations. Compliance with Nigeria’s data privacy laws, she said, codified within the corporate governance code of conduct, was vital for fostering governance standards throughout the economy.
Mrs. Solape Adesuyi, also a committee member, anticipated increased investments in AI technology as Nigeria’s economy expanded. She described the forum as a platform to address contemporary governance practices and national issues of significance, particularly for company secretaries and registrars.
The keynote speaker for the upcoming forum will be Mr. Simon Aranonu, Executive Director of the Large Enterprises Directorate at the Bank of Industry (BOI). Other speakers include Mr. Moses Ikotun, Managing Director of Unity Registrars Ltd., and Mr. Francis Olawale, Managing Director of Frank Nominees Ltd.
The event aims to enhance the capacity of governance professionals and provide insights into the evolving landscape of governance practices and technologies.
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