Lagos, Nigeria – Nigeria is giving its capital market operators wider access to global risk and governance certification programmes built on the COSO framework, in a move aimed at strengthening internal controls, enterprise risk management and investor confidence.
Okay News reports that the Association of International Certified Professional Accountants and the Nigerian Capital Market Institute, the training arm of the Securities and Exchange Commission, have partnered to roll out COSO Internal Control and Enterprise Risk Management certificate programmes to firms across the market, aligning local practice more closely with international standards.
AICPA country director Ijeoma Anadozie said the collaboration will help Nigerian companies tighten internal controls, improve the accuracy and transparency of financial reporting and build greater investor trust, describing these upgrades as vital for business resilience, profitability and wider economic and financial stability.
Nigerian Capital Market Institute managing director Tunde Kamali said expanding access to globally recognised COSO training will deepen knowledge of internal control and risk management, allowing businesses to operate with more integrity, accountability and strategic foresight and supporting Nigeria’s long term growth and competitiveness.
Stakeholders say stronger internal control systems should lower the risk of financial misstatements and fraud, while more robust enterprise risk management frameworks can raise operational efficiency, improve disclosure and oversight and make the overall capital market more resilient and attractive to both domestic and foreign investors.
Regulators view the initiative as part of broader reforms to align Nigeria’s capital market with global best practice in governance, compliance and risk management, alongside efforts to tighten supervision, raise minimum capital for intermediaries and improve transparency and accountability across financial markets.
Officials add that building professional capacity around accepted global frameworks is essential if the market is to mobilise long term capital at scale and support sustainable business growth in Africa’s largest economy.
