The Chief Risk Officer of Union Bank of Nigeria, Eyitayo Quadri, has described integrity as the most valuable asset any financial institution can possess, warning that failures of character among those in positions of authority often pose greater risks than market or credit challenges.
In an article titled “The Asset No Creditor Can Seize,” Quadri argued that the greatest threats to financial institutions are frequently rooted in human behaviour rather than financial models or market conditions.
Drawing from a biblical account involving the prophet Elisha and a widow whose late husband’s reputation helped save his family from debt, Quadri said integrity remains an asset that cannot be confiscated or diminished by creditors.
According to him, character plays a critical role in building trust, which ultimately underpins the financial services industry.
The risk management expert noted that global and local evidence continues to show that integrity failures often originate at senior levels of organisations, where individuals have the authority to bypass internal controls.
Citing a 2024 study by the Association of Certified Fraud Examiners (ACFE), he said fraud cases involving senior executives typically result in larger losses, while nearly half of reported fraud incidents are linked to weak controls or management override of existing safeguards.
Quadri also pointed to the financial consequences of reputational damage, referencing estimates by the Boston Consulting Group that global banks paid more than $320 billion in fines between 2008 and 2016 for offences including money laundering, benchmark manipulation and the sale of unsuitable financial products.
Closer to home, he noted that Nigerian banks lost about ₦52 billion to fraud in 2024, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
He added that insider-related fraud remains a significant concern despite accounting for a relatively small share of total fraud cases, because employees possess authorised access that can be exploited to inflict substantial losses.
Quadri said staff-linked fraud cost Nigerian banks ₦3.3 billion in the first quarter of 2025 alone, underscoring the importance of strong governance and ethical leadership across the industry.
While acknowledging the risks, he maintained that trust in financial services has improved globally. He referenced findings from the 2026 Edelman Trust Barometer, which showed growing public confidence in the sector over the past five years.
According to him, rebuilding trust requires more than compliance measures. It demands the creation of institutional cultures where ethical behaviour is reinforced through leadership, strong controls and accountability mechanisms.
Quadri concluded that risk management must go beyond identifying financial threats to embedding integrity into organisational systems, ensuring that ethical standards endure beyond individual leaders and continue to safeguard institutions over the long term.