•Financial fraud cost banks N52.26 billion in 2024, says Credit Registry MD 

•Ugwuoke, others advocate sound risk governance framework

James Emejo in Abuja

Amid recent advances in global ethical finance as well as rise of Al, blockchain, mobile banking, and decentralised finance (DeFi), risk managers in the country’s ecosystem, yesterday, highlighted the need for deeper reflection on the role of finance in addressing pressing challenges, from inequality and climate change to digital inclusion and data ethics.

That was as Managing Director/Chief Executive, Credit Registry, Dr. Jameelah Sharrieff-Ayedun, said the country witnessed a 195 per cent increase in financial fraud losses, which peaked at N52.26 billion in 2024.

President, Chartered Risk Management Institute (CRMI), Mr. Kelvin Ugwuoke, said the role of risk governance had become paramount in the emerging dispensation.

Both spoke in Abuja at the quarterly risk roundtable, with the theme, “Ethical Finance and Risk Governance,” organised by CRMI, in partnership with TajBank Limited.

Ugwuoke said the theme of the meeting was particularly relevant in an era where ethical considerations were redefining the fabric of financial systems and governance structures were being tested in a digital-first world.

The CRMI president stated that ethical finance represented more than a financial trend, embodying a fundamental shift in “how we define value and purpose in finance”, adding that it emphasises transparency, accountability, and sustainability,

prioritising investments that create positive social and environmental impact.

Amid the transformation, Ugwuoke stressed the need for a sound risk governance framework that served as an anchor.

He said, “It doesn’t constrain growth but rather enables sustainable and responsible growth.”

Represented by the institute’s Second Vice President, Mr. Sherif Gubio, Ugwuoke said risk governance “ensures that decisions are made with full visibility of both risk and opportunity, fostering accountability, transparency, and alignment across leadership and management.

“As we often remind ourselves: ‘Risk governance is not about avoiding risk – it’s about mastering it to drive sustainable growth.’”

He called for actionable insights that would enhance both individual and collective contributions to the profession.

In her keynote speech, Jameelah Sharrieff-Ayedun disclosed that the continent’s fintech revenues were estimated at $23 billion in 2025, with an expected growth to $65 billion by 2030.

She said ethical finance and risk governance remained crucial for achieving a stable, just, and sustainable global economy.

Sharrieff-Ayedun said the two principles were not only essential for the integrity of financial institutions but also for the trust that bound markets, societies, and people together.

She urged ethical bankers to see gaps as an opportunity, and adapt to survive.

She said, “By creating a digital footprint for the customer, they see beyond traditional numbers to understand behaviour. Loyalty isn’t about gimmicks; it’s built through convenience.

To survive, we must adapt by giving the customer what they need.”

Managing Director/Chief Executive, TajBank Limited, Mr. Hamid Joda, emphasised the need to build trust.

Joda said though finance could power and shape the world, lift people out of poverty, and fund innovation, these came with responsibility.

He said, “Ethical finance ensures that we use that power wisely. Risk governance ensures that we use it safely. Together, they form the foundation of a financial system that is not only efficient, but just; not only profitable, but sustainable.

“Let us strive, then, to build a financial world guided not by fear or greed, but by integrity, transparency, and care for the common good. Because in the end, the most valuable currency we can ever hold is trust.”

According to him, the essence of ethical finance is value creation, not just for shareholders, but for society, as well as a mechanism that channels resources, supports innovation, and enables development.

Joda said, “When ethics are neglected, finance can easily drift from being a force for good to a source of inequality, instability, and crisis.

“Ethical finance means more than compliance with rules. It is the commitment to act with honesty, fairness, and responsibility in every financial decision. It calls on institutions and individuals alike to ask not just ‘Can we do this?’ but ‘Should we do this?’

“Ethical finance demands that we balance profit with the purpose that we consider the environmental, social, and governance (ESG) implications of every investment, financing, or transaction. It recognises that true prosperity is not measured by quarterly earnings alone, but by the long-term well-being of people and the planet.”

Further emphasising the role of ethics, Joda said, “The global financial crisis of 2008, and many scandals since then, revealed a painful truth that when ethics are ignored, risk multiplies.

“The reckless pursuit of profit without accountability leads not only to economic losses but also to a loss of public trust. Trust is the foundation of every financial system. Without it, markets cannot function. When people believe that financial institutions act only in their own interest, confidence erodes, investment declines, and growth suffers.

“Therefore, ethical finance is not simply a moral preference, it is a strategic necessity. Institutions that operate ethically are more resilient, attract loyal investors, and maintain stronger reputations even in times of crisis.”

​