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The President of the Chartered Institute of Directors Nigeria (CIoD), Otunba Adetunji Oyebanji, F.CIoD, has called on Nigerian businesses to strengthen their understanding and governance of artificial intelligence (AI) to maximise its benefits while managing associated risks.
Oyebanji made the call during an interview with News Central TV at the institute’s 2026 Annual Directors Conference, held under the theme “Reimagining the Boardroom for Inclusive and Sustainable National Prosperity in the New Economy.”
Speaking after the third plenary session on Day Two, themed “Board Accountability in the Age of Artificial Intelligence,” he said organisations across Nigeria were adopting AI at different levels, with some integrating the technology into their operations while others were still at the early stages of adoption.
He stressed the need for continuous learning and capacity development, regardless of an organisation’s level of technological advancement.
“What I believe everybody needs to do, including those who are advanced and those who are just learning, is to improve their knowledge of artificial intelligence,” he said.
According to him, CIoD is responding to the growing importance of AI through training programmes for its members and council members, as well as the development of guidelines to help organisations maximise the benefits of the technology.
However, Oyebanji cautioned that businesses must pay attention to data security and access control when deploying AI systems.
“As we heard today at the plenary session, we also have to be cautious because we need to be careful about how we use our information and how much we will feed into artificial intelligence,” he said.
He identified governance frameworks defining who can use AI systems, what information they can access and how the technology is deployed as important considerations for organisations.
Reflecting on the impact of the institute’s annual conference and its advocacy efforts, Oyebanji said CIoD’s contributions to corporate governance in Nigeria could be seen in the development of regulatory frameworks and improvements in directors’ professional capacity.
He cited the establishment of corporate governance codes by various regulatory institutions, including the Central Bank of Nigeria, the Nigerian Communications Commission and the Financial Reporting Council of Nigeria.
According to him, these frameworks have helped shape how boards operate and how organisations conduct their business.
He attributed some of the progress to sustained advocacy by professional bodies such as CIoD, which engage policymakers and regulators on the need for laws and regulations that support effective business operations.
Oyebanji also highlighted the institute’s director development programmes, saying they had contributed to improving the knowledge, capabilities and standards of corporate boards.
“When you have very good boards that know what they are doing, they add value to the companies that they operate,” he said.
He further linked improvements in corporate governance and board effectiveness to developments in the Nigerian capital market, noting the growth recorded by the Nigerian Exchange in recent years.
Describing corporate governance as an ongoing process, the CIoD president said the institute would continue working to improve boardroom standards rather than regard its achievements as a final destination.
“We will not get to the point where we say we have arrived finally, but we continue to raise the bar,” he said.
