AI to disrupt corporate governance —NGX CEO

AT the second Annual Corporate Governance Triangle Colloquium held recently, the Chief Executive Officer of Nigerian Exchange Limited (NGX), Mr. Jude Chiemeka, underscored the pivotal role of artificial intelligence (AI) in reshaping corporate governance.

The colloquium themed “Artificial Intelligence and Corporate Governance: Prospects and Pitfalls in the Era of Digital Transformation,” highlighted the intersection of technology and governance.

In his keynote address, Chiemeka emphasised the importance of aligning governance practices with technological advancements to promote sustainable business operations.

The colloquium, organized in collaboration with the Nigerian Bar Association Section on Business Law (NBA-SBL), NGX, and the Chartered Institute of Directors (CIoD) Nigeria, provided a platform for industry stakeholders to explore the implications of AI on governance frameworks.

“Technology is not just a tool for innovation; it’s a critical enabler of enhanced productivity and governance practices,” Chiemeka stated. He reinforced NGX’s commitment to adopting governance structures that evolve with technological trends and address the future needs of stakeholders.

Chiemeka highlighted NGX Invest, the Exchange’s electronic public offering platform, as an example of innovation in governance. This platform broadens access to investment opportunities, particularly for retail investors and the young generation, promoting financial inclusion and fostering broader market participation.

Reflecting on the rapid growth of AI, particularly since the advent of OpenAI’s ChatGPT in December 2022, Chiemeka urged stakeholders to examine both the opportunities and challenges posed by AI, particularly in the areas of data privacy and ethics. He stressed the need for ongoing dialogue on how AI can enhance corporate governance while addressing its potential pitfalls.

Participants engaged in discussions on how to integrate AI into governance structures sustainably with Chiemeka expressing optimism that the insights gained would help set standards for robust, AI-adapted governance practices.

Chiemeka also acknowledged the collaborative efforts of NBA-SBL and CIoD in driving discussions on critical issues, calling for continued cooperation in addressing the challenges raised during the event.

The colloquium attracted thought leaders, regulators, and policymakers, fostering an essential dialogue on the future of corporate governance in Nigeria’s evolving digital era.

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