Nigerian corporate boards warned against abdicating responsibility

…says AI cannot take the blame

By Bianca Iboma-Emefu

Nigerian business leaders have been warned against surrendering corporate decision-making to artificial intelligence (AI), with governance experts insisting that boards must remain accountable for the consequences of machine-driven decisions, regardless of how sophisticated the technology becomes.

The warning came at the 2026 Annual Corporate Governance Conference of the Society for Corporate Governance Nigeria (SCGN), held at the Oriental Hotel, Victoria Island, Lagos, where experts challenged corporate boards to establish clear accountability structures, strengthen human oversight and ensure that investments in AI deliver measurable business value.

The conference, themed “Artificial Intelligence, Power and Accountability: The New Architecture of Corporate Governance,” examined the implications of AI for corporate decision-making, risk management and organisational performance, amid growing adoption of intelligent technologies across industries.

Delivering the keynote address, the Founder and Chairman of Digital Africa Global Consult Limited, Evans Woherem, called for greater African participation in the development and control of AI, warning that the technology could deepen existing vulnerabilities if deployed without adequate safeguards.

Woherem acknowledged AI’s potential to address critical challenges in healthcare, education and power, but stressed that organisations must protect their data, maintain human oversight and ensure that AI systems are developed and deployed ethically.

He urged corporate boards to establish dedicated AI oversight structures involving technical experts, lawyers and professionals with relevant business knowledge, while prioritising staff training, responsible data sourcing and continuous monitoring of AI systems.

His position underscored a growing governance challenge for businesses: as AI assumes a greater role in operational and strategic decisions, organisations must determine who controls the technology, who bears responsibility when it fails and how its performance is measured.

Reinforcing this position, the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, argued that AI should be treated as a corporate and public governance issue rather than merely a technology concern.

She maintained that although AI could improve supervision, detect unusual transactions and strengthen risk management, responsibility for consequential decisions must remain with people and the institutions they lead.

Oloworaran identified accountability, transparency, human oversight, data integrity and independent assurance as essential principles for governing AI.

She also highlighted the importance of digitalisation and real-time, risk-based supervision in the pension industry, where effective monitoring and sound risk management are critical to protecting pension assets and maintaining confidence in the system.

Her remarks reinforced the conference’s central message that technological efficiency must not come at the expense of institutional accountability.

At a panel session featuring Amaka Ibeji, AI governance expert and founder of PALS HUB; Dr Kari Toriola, Chief Executive Officer of MTN Nigeria and Vice-President, Francophone Africa, MTN Group, represented by Mrs Uto Ukpanah, FCIS; and Christopher Ogirri, Associate Director, AI and Data Engineering Lead and Chief AI Officer at PwC Nigeria, speakers challenged businesses to move beyond the question of what AI can do to examine who controls it and what measurable value it delivers.

Ukpanah is President and Chairman of the Governing Council of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and Company Secretary of MTN Nigeria Communications Plc.

The panel, moderated by Nkemdilim Uwaje Begho, Chief Executive Officer of Futuresoft and Co-founder of AI CoLab Africa, called on corporate boards to develop responsible AI policies, monitor technology expenditure and evaluate the effects of AI adoption on customers, employees and business outcomes.

The discussions highlighted the need for businesses to approach AI as a strategic investment requiring clear objectives, appropriate controls and measurable returns, rather than an emerging technology to adopt without a defined business case.

Speakers also examined the difficulty of scaling AI beyond pilot projects and experimentation, pointing to employee capacity-building and organisational readiness as important considerations for companies seeking to integrate the technology into their operations.

Another concern was the protection of Nigerian data and the need for businesses to maintain adequate oversight over AI systems developed outside the country.

The discussion raised questions about how Nigerian organisations can retain control over their data, manage the risks associated with foreign-developed systems and ensure that technological decisions reflect their operational needs and governance obligations.

On employment, speakers cautioned against treating AI primarily as a tool for replacing workers, arguing that its deployment should focus on improving productivity and organisational performance.

The emphasis on workforce development reflected the broader challenge facing corporate leaders: balancing the efficiency gains offered by AI with the need to build human capacity and preserve meaningful oversight of automated processes.

The governance implications of AI adoption were further examined during a fireside chat titled “From Digital to Intelligence Enterprise: What AI Governance Really Demands of Boards.”

The session featured Alwin Magimay, Global Head of AI at PA Consulting, USA, and Dr Jania Okwechime, Partner and African Leader at Deloitte, with Begho as moderator.

The discussion examined the responsibilities facing boards as organisations move beyond conventional digital transformation towards increasingly sophisticated AI capabilities.

The sessions collectively placed corporate boards at the centre of decisions about AI deployment, emphasising that technology governance must extend beyond technical teams to encompass risk management, financial oversight, data protection and organisational accountability.

For Nigerian businesses, the challenge is not simply whether to adopt AI, but how to integrate it into corporate strategy without weakening the governance structures responsible for protecting shareholders, customers, employees and other stakeholders.

A major highlight of the conference was the launch of Corporate Governance and Sustainability Reporting in Nigeria* and the 30th edition of the Journal of Corporate Governance.

The first publication assesses corporate governance and sustainability reporting among the 30 most capitalised companies on the Nigerian Exchange, examining their reporting practices, board oversight and sustainability performance.

The report provides a basis for examining how leading listed companies communicate their governance arrangements and sustainability commitments, areas of increasing importance to investors and other stakeholders assessing corporate performance and accountability.

The 30th edition of the *Journal of Corporate Governance* features research covering banking performance, corporate conduct, emerging technologies, cybersecurity, data governance and responsible leadership.

The publications reflect SCGN’s commitment to research and knowledge-sharing as Nigerian businesses navigate changing expectations around transparency, accountability and responsible technology adoption.

The conference’s central message was that as AI becomes more deeply embedded in business operations, corporate governance must evolve alongside it.

For boards and executives, the responsibility extends beyond approving technology investments to ensuring that AI systems operate within clearly defined boundaries, that their risks are monitored and that human decision-makers remain answerable for their consequences.

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