The Association of Corporate Trustees (ACT) has reaffirmed its deliberate strides to ensure that professional Trustees embrace the adoption of modern technological innovations to uphold market integrity in Nigeria’s financial ecosystem.
This was the crux of the conversation of industry experts at the association’s Annual Business Luncheon (ABL), which was held in Lagos.
This year’s theme, “Innovating Trust: The Role of Corporate Trustees in a Digital Financial Ecosystem” aimed at widening the scope of Trusteeship service to adopt more innovative digital solutions.
Speaking at the event, the President of ACT, Mrs. Omolola Iyinolakan, noted that the business luncheon was organized for the purpose of exploring technological solutions to tackle key challenges delimiting the growth of Nigeria’s economy and possibly set the right tone for the Nigerian financial sector in the future.
“As Trustees in the Nigerian capital market, we operate with the firm understanding that we are gatekeepers in the capital market, assiduously working with our regulators to continually uphold the integrity of the market and boost the economy at large.”
She noted that the recent digital revolution and the emergence of financial technology have shown that it is no more business as usual for Corporate Trustees and the Nigerian capital market, being a crucial part of the financial services infrastructure.
She noted that “the recent amendments to the Investment and Security Act (ISA) 2025 have proven that steps are being taken in the right direction for a digitalized financial ecosystem” and Corporate Trustees as well as other capital market operators have to join the train and build capacity for the inevitable digital innovations, she noted.
During the event, the Director General, Securities & Exchange Commission, Dr. Emomotimi Agama, commended the consistent efforts of the association in convening critical dialogues on fiduciary responsibility, market integrity, and financial innovation.
He noted that the focused topic speaks to the shifting paradigm in Nigeria’s financial market, hence, he advised: “We encourage the association to prioritize digitization training, in digital finance, risk management and data governance to ensure its members remain in the forefront of market intelligence”.
The discourse, which was a strong handshake between Corporate Trustees and stakeholders in the Fintech sector, covered issues around the multidimensional regulatory system of Nigeria, cyber security, block chain technologies, financial literacy, smart contracts, and safety of virtual assets, and how tech can work effectively to uphold key components of Trusteeship.
In his keynote address, Dr. Stanley Jacob, CEO of Zest Payment Limited, lauded the resilience of Nigeria’s digital financial ecosystem, emphasizing that stakeholders have continued to drive expansion despite global investment headwinds.
“28% of all Fintech Companies in Africa are doing their business in Nigeria and over 47% of transactions across Africa are consummated in Nigeria, and we have also seen enhanced regulatory frameworks, most recent being the Investment and Securities Act of 2025.”
However, he also cautioned against the rising threats to the ecosystem, noting “Fraud incidents increased by over 468% between 2023 and the first nine months of 2024, resulting in financial losses of over N50 billion.”
He stressed that cybersecurity remains a pressing challenge that must be addressed through industry-wide capacity building.
Dr. Jacob mentioned that other challenges affecting payments and investments in Nigeria include cross-border financial barriers; stalled growth of CBN databank currency, stable coin, and cryptocurrency, and low drive in application of Artificial Intelligence.
“We need to look at how we can adopt AI and all the auxiliary solutions around it to drive customer experience. We need to get people onboarded easily, get people to be able to invest, and when they invest, we need to make it easy for them to withdraw when they want to, so that we don’t digitize just one leg.”
“We need to ensure that this solution is full in terms of customer experience because that is the only way that we can build Trust in the ecosystem.
“As we continue the journey of digitization workstreams, we are super proud and excited that people are now coming onboard especially Trust practitioners and even board members”, he enthused.
During the panel session, a fine selection of experts from the capital market, legal, tech, and regulatory communities provoked the next line of action for the Trustee space.
The Business Luncheon is part of the association’s efforts aimed at encouraging discussions and initiatives that would enhance the robust Trust structure while educating investors and stakeholders on the benefits of effective Trust structures in Nigeria.
