In an era where fraud, financial mismanagement, and weak governance continue to erode public confidence in institutions, the conversation around corporate compliance has never been more urgent. For Nigeria to build resilient economic structures that attract capital and inspire investor trust, compliance must evolve from a check-the-box exercise to a strategic leadership priority.
In this exclusive conversation, finance expert Adekunle Adedeji, a seasoned professional with deep experience in risk, internal control, and regulatory compliance at institutions like GTBank and Access Bank shares why a culture of compliance is foundational to Nigeria’s financial future. He also discusses how transparency, ethical leadership, and sound governance are not just best practices, but non-negotiable pillars of sustainable growth.
Let’s start with the big picture. Why is compliance so central to Nigeria’s economic stability?
Compliance is the engine room of credibility. If investors, both local and foreign do not believe in the integrity of a system, they will withhold capital, regardless of the market potential. We have seen this play out repeatedly. What compliance does is build guardrails. It ensures that businesses operate transparently, report accurately, and manage risk proactively.
In Nigeria, where regulatory enforcement has often been inconsistent and some sectors operate in opacity, the trust gap between institutions and stakeholders is wide. For us to close that gap, compliance must move from the back office to the boardroom. It must be owned by leadership.
You’ve spent time in treasury and control functions at some of Nigeria’s top banks. What lessons did that period teach you about compliance leadership?
My time at GTBank and later at Access Bank gave me firsthand exposure to what institutional discipline really looks like. At GTBank, internal control was not just about ticking boxes. It was embedded into every operational process. And at Access Bank, where I worked closely on treasury and balance sheet oversight, we understood that compliance was strategy.
What I learned is that when senior executives treat compliance as a culture and not just a function, everything else aligns. Processes improve. Risk is minimized. Confidence grows. That mindset shift is what more institutions in Nigeria need to embrace.
Many people still see compliance as a bottleneck — something that slows down business. How would you respond to that?
That perception is part of the problem. Compliance is not a roadblock; it is a catalyst for sustainable business. When you have clearly defined processes, effective reporting systems, and real-time oversight, you reduce financial leakages, prevent fraud, and build stakeholder confidence.
Let me give a simple example: if you’re a company looking to raise funds through debt or equity, one of the first things investors will examine is your risk framework and control systems. If you cannot demonstrate integrity in your numbers or your operations, the deal will stall, or worse, never happen. So I’d argue that compliance doesn’t slow business down. It helps you move faster by building credibility.
Nigeria continues to struggle with fraud cases, both in the private and public sectors. Is this a compliance issue or a cultural one?
It is both. You can have the best compliance manual in the world, but if the people at the top are not committed to it, it will not work. Culture eats process for breakfast, as they say.
We need to build institutions where accountability is the norm, not the exception. That starts with leadership. When CEOs and CFOs make compliance a visible priority, when they personally support audits, accept recommendations, and reward ethical conduct; the ripple effect across the organization is powerful.
In Nigeria, we have the laws. We have the regulators. But we also need the will. Institutions must stop seeing fraud as a PR crisis to manage and start treating it as a symptom of poor governance to fix.
What are some practical steps businesses can take to institutionalize compliance?
There are several. First, embed compliance into strategy. Do not wait until there is an audit before you start reviewing processes. From the planning stage, your financial, operational, and risk frameworks should align with regulations.
Second, invest in training. Your compliance officer is only as effective as the awareness of your wider staff. Everyone in the organization, from junior analysts to senior managers should understand their role in upholding internal control.
Third, use technology smartly. Many compliance failures occur because reporting is manual, oversight is delayed, or red flags are missed. Automation, analytics, and real-time dashboards can help institutions detect issues before they escalate.
Lastly, encourage whistleblowing and protect whistleblowers. A culture of silence is a breeding ground for misconduct.
Do you think Nigeria’s financial institutions are doing enough to build a culture of compliance?
There’s progress, but we are not where we need to be. The top-tier institutions especially in banking, have made significant strides. But the mid-size firms, fintechs, and non-banking corporates still have a lot of work to do.
One area that needs more attention is compliance independence. The compliance function must report directly to the board or a committee, not sit under finance or operations. That’s the only way to maintain objectivity and ensure issues are escalated when necessary. Also, beyond just responding to regulations, institutions should be proactive. Anticipate changes.
Benchmark against international best practices. That is how you stay ahead.
Looking beyond Nigeria, how can African compliance insights contribute to global finance systems?
That is a great question. Most global compliance frameworks, whether it’s AML, KYC, or Basel standards have Western origins. But African markets operate differently. We have unique informal sectors, different data availability, and more fluid regulatory enforcement.
This creates opportunities for African compliance experts to contribute fresh perspectives. For instance, how do you design effective risk monitoring for a largely cash-based economy? How do you build trust in communities where formal banking is still viewed with suspicion?
These are not just African problems. As global finance continues to evolve, and as more multinationals enter developing markets, our experience will become increasingly valuable. I believe African professionals have a lot to offer in shaping the future of global compliance.
Final thoughts?
Compliance is not a department. It’s a way of thinking. For Nigeria to reach its full economic potential, we must build systems that people, citizens, investors, partners can trust.
That starts with leadership, with governance, and with a renewed commitment to doing things right, not just doing things fast. If we can shift the conversation from “What’s the minimum we need to comply?” to “What’s the culture we want to build?”, then we’ve already begun the transformation.
