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The Association of Corporate Trustees (ACT) has reaffirmed its commitment to embracing technological innovations that will strengthen fiduciary responsibility and uphold integrity within Nigeria’s capital market.
This was the focal point at the association’s Annual Business Luncheon (ABL) held in Lagos, themed: “Innovating Trust: The Role of Corporate Trustees in a Digital Financial Ecosystem.” The event brought together stakeholders to explore the role of Corporate Trustees in a rapidly evolving financial landscape.
ACT President, Omolola Iyinolakan, said the luncheon was organised to spark dialogue on how digital solutions can address persistent challenges in Nigeria’s financial sector and lay a sustainable foundation for its future.
“As Trustees, we understand our role as gatekeepers of the capital market. We work closely with regulators to maintain market integrity and boost economic growth,” Iyinolakan said. She noted that the rise of financial technology means Corporate Trustees must evolve, stressing that the recent Investment and Securities Act (ISA) 2025 reflects a commitment toward a digitalised market.
She urged Trustees to build capacity and adapt to technological trends to remain relevant and effective in the digital ecosystem.
Emomotimi Agama, director general of the Securities and Exchange Commission (SEC), commended ACT for its consistent engagement on fiduciary responsibilities and digital finance. He encouraged the association to prioritise member training in digital finance, risk management, and data governance to maintain leadership in market intelligence.
Delivering the keynote, Stanley Jacob, CEO of Zest Payment Limited, praised Nigeria’s resilient digital financial landscape. He revealed that 28% of Africa’s fintech firms operate in Nigeria, and 47% of fintech transactions on the continent take place within the country.
However, he warned of rising digital threats, citing a staggering 468% surge in fraud cases between 2023 and the first nine months of 2024, which resulted in losses exceeding N50 billion. He urged a collective effort to strengthen cybersecurity and build trust through seamless digital experiences.
Jacob also pointed to cross-border financial restrictions, sluggish adoption of central bank digital currencies, and the underuse of artificial intelligence (AI) as ongoing challenges.
“We need to fully adopt AI and other emerging technologies to enhance customer experience. Onboarding, investing, and withdrawals must be seamless for trust to thrive in a digital environment,” he stated.
