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Osibodu Harps on Risk Based Auditing

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Mrs. Funke Osibodu, group managing director/Chief Executive of Union Bank of Nigeria Plc, has called on auditors/bank inspectors nationwide to embrace risk based auditing as a way of abating the spate of high corporate failures witnessed in the country in recent times.
In her goodwill message at the yearly conference of the Inspection Department of Union Bank held at its corporate Head Office, Marina Lagos, Osibodu recognized the department as one of the most important in any bank, stressing that inspection as the last mile, should always strive to live up to expectations.
She observed that the banking system had become so porous because the inspectors’ as the last defence line of the institutions had not been as effective as they ought to be, pointing out that the non-performing loan issues and bad debts in the entire banking system accumulated because the inspectors were preoccupied with the traditional auditing rather than risk based auditing system.
She argued that risk based auditing approach would further strengthen the business of banking which was predicated on banking; adding that it would give early warning signals, before any loan becomes bad debt.
Describing inspectors as men in black and tough people, she urged them to also wear their bullet proof vests, by striving to be diligent and exhibit the highest level of integrity in all their investigations even as they pursue any case of infraction to the conclusive end.
The Union Bank boss had postulated that the hallmark of good inspections do not lie in how many frauds they expose; but on how many of such cases are nipped in the bud; emphasizing that data integrity of any audit is the litmus test of it.
The conference observed that in the pursuit of traditional auditing, risk mitigants such as sectoral exposure limits, single obligor limits, loan approval limits, perfection of titles of securities for loan before disbursement, limits of insider lending and effective loan monitoring were not strictly investigated and monitored by inspectors
It also agreed that internal auditors should move from the traditional auditing with all its drawbacks to risk based auditing in the current dispensation.

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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General News

NIMASA Embraces Technology to Strengthen Regulatory Mandate

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The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced its commitment to leveraging technology to enhance its regulatory functions, improve efficiency, and boost revenue generation for the Federal Government.

According to a statement by the agency’s Head of Public Relations, Osagie Edward, on Sunday, the move follows a comprehensive internal review of NIMASA’s operational systems aimed at closing gaps in monitoring and compliance.

A key component of the technological transformation is the deployment of the Maritime Enhanced Monitoring System (MEMS), which brings digital traceability to the core of Nigeria’s maritime operations.

“MEMS provides real-time visibility into vessel movements, operational logs, and regulatory interactions,” Osagie explained.

“With automated alerts, smart invoicing, and centralized data integration, NIMASA can now detect, document, and respond to maritime activities with greater precision and efficiency—eliminating unnecessary bottlenecks while strengthening compliance.”

He noted that one of the major targets for improvement is waste reception services—routine for both domestic and international vessels—which have historically lacked proper tracking.

This has resulted in unmonitored activities and substantial revenue losses. Through MEMS, each waste offload can now be logged, time-stamped, and automatically billed, ensuring environmental standards are upheld while generating consistent revenue.

Marine pollution control, another critical area under NIMASA’s mandate, has also suffered in the past from limited digital oversight.

“Without satellite tracking and automated reporting, pollution events often went unnoticed or were reported too late to mitigate environmental damage,” he said.

“Now, with modern surveillance systems, digital logbooks, and real-time alerts, NIMASA can respond swiftly to pollution incidents, recover environmental damages, and hold polluters accountable both legally and financially.”

Osagie further explained that past revenue shortfalls experienced by the agency were largely due to outdated manual processes, fragmented data systems, and inadequate digital enforcement tools—factors that external actors exploited for personal gain.

“The ongoing reforms at NIMASA are designed to overcome these systemic weaknesses. By investing in digital infrastructure and streamlining monitoring systems, the agency is positioning itself to fulfill its statutory obligations with greater transparency, efficiency, and accountability,” he added.

Responding to recent reports claiming the agency had commenced a concession of its operations, Osagie dismissed the allegations as false and misleading.

“There is no iota of truth in the reports suggesting that NIMASA has embarked on any form of concession. These are the handiwork of both internal and external elements attempting to exploit the existing system for personal benefit,” he stated.

“We urge the public to disregard these baseless claims and instead support NIMASA’s transformation journey, which aligns with the national objectives of the Ministry of Marine and Blue Economy under the Renewed Hope Agenda of President Bola Ahmed Tinubu.”

He reaffirmed NIMASA’s commitment to enhancing maritime governance, environmental protection, and revenue optimization for national development.


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Nigerian Tech Prodigy sets World Record with Smallest GPS Tracker

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Young Nigerian tech genius, Oluwatobi Oyinlola, has developed the world’s smallest GPS tracking device, a prototype measuring just 22.93 x 11.92 mm.

Recognised by the Guinness World Records, the device was created at the prestigious Massachusetts Institute of Technology (MIT), USA, on April 27, where he is employed as a researcher.

It has been hailed for its potential across industries, from logistics and personal safety to medical devices and wildlife monitoring.

Nigeria’s President Bola Ahmed Tinubu celebrated the feat in a post on X, praising Oyinlola for showcasing the ingenuity of the West African country’s youth. “You have just shown the world that Nigerian youth can!” he wrote.

Adding to the accolades, Minister of Communications, Innovation and Digital Economy, Bosun Tijani, lauded the innovation as a symbol of national pride and technological potential.

He commended Oyinlola’s journey, noting his early support for the young inventor’s IoT startup. “Long before this global recognition, I had the privilege of backing Oluwatobi. His journey, now continuing at MIT, is a powerful reminder of the extraordinary potential of our people,” Tijani said.

The prototype not only marks a leap in miniaturised technology but also highlights Nigeria’s growing footprint in global innovation. Bosun added that as Nigeria intensifies efforts to nurture homegrown tech talent, Oyinlola’s success is a beacon for the next generation of innovators.

“The world is only beginning to see what you’re capable of,” said the Minister.

 

 


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Africa Looks to Solar Amid Electricity Challenges

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Africa is becoming a global hub for solar energy development. The commercial and industrial sectors are driving this trend, with photovoltaic systems being installed on-site at businesses, educational institutions, and government facilities to meet energy demands.

This is according to CBi-electric: low voltage, which manufactures and supplies low voltage electrical distribution, protection, and control equipment.

2.5 gigawatts-peak (GWp) of solar capacity was built across Africa in 2024, with 194.34 GWp expected in 2025, according to the company.

Dr. Andrew Dickson, engineering executive of CBi-electric: low voltage, outlines how several reasons are hastening the continent’s transition to solar. “Energy poverty remains a major issue across Africa, with reliable grid electricity reaching only 14% of Zimbabweans, for example.”

He goes on to say that inconsistent power supply is another significant contributor, stating that “Persistent nationwide blackouts are affecting countries like Botswana, disrupting day-to-day operations. And in hydro-electric dependent countries such as Zambia, climate change is reducing water levels, leading to lower electricity generation and higher prices.”

Dickson believes that strategic system design and management are critical to realising the full potential of solar energy on the continent.

He said: “As Africa’s solar energy market continues to expand in 2025, organisations have an opportunity to capitalise on its long-term benefits. With the right technologies and safeguards in place, solar is not only a clean energy solution it’s a strategic asset that pays off.

“By combining surge protection, DC breakers, and monitoring tools, businesses can reduce unexpected costs, minimise downtime, and extend the life of their investment.”


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