Nigeria opens capital market to global COSO risk and governance certification

Nigeria is opening its capital market to global risk and governance certification programmes as part of efforts to strengthen its financial system and align with international standards.

The development was disclosed in a release by the Association of International Certified Professional Accountants (AICPA) on Tuesday, March 24, 2026.

The move follows a collaboration between the American Institute of CPAs (AICPA) and the Nigerian Capital Market Institute (NCMI) to expand access to globally recognised COSO certification programmes for capital market operators.

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The initiative is expected to enhance governance standards, improve market discipline, and equip operators with the tools needed to manage risks and prevent fraud in an increasingly complex financial environment.

**What they are saying **

The collaboration has been described by stakeholders as a major step toward improving transparency, accountability, and investor confidence in Nigeria’s capital market. It also underscores a deliberate shift toward adopting globally recognised frameworks in internal control and enterprise risk management.

• _“By leveraging these resources, companies in Nigeria will be better equipped to tighten internal controls, enhance the accuracy and transparency of financial reporting, and foster greater investor confidence,” said AICPA Country Director, Ijeoma Anadozie. _
• _“These improvements are not only vital for business resilience and profitability, but they also contribute meaningfully to the broader economic development and financial stability of our country,” she added. _
• _“The Nigerian Capital Market Institute is proud to collaborate with the American Institute of CPAs in expanding access to globally recognised COSO programmes for businesses across Nigeria,” said NCMI Managing Director, Tunde Kamali. _
• _“By deepening knowledge in internal control and enterprise risk management, we are empowering businesses to operate with greater integrity, accountability, and strategic foresight,” Kamali stated. _

Both parties emphasised that the initiative would strengthen the overall capital market ecosystem and position Nigeria for long-term economic growth and global competitiveness.

More insights

The introduction of COSO certification programmes is expected to significantly boost investor confidence, particularly in a market where transparency and governance remain critical concerns. It also reflects a growing recognition of the need for robust internal systems in safeguarding financial integrity.

• Stronger internal control systems will help reduce risks associated with financial misstatements and fraud.
• Enhanced enterprise risk management frameworks are expected to improve operational efficiency across firms.
• Adoption of global standards will likely improve disclosure practices and risk oversight in the capital market.
• A more resilient financial ecosystem could support sustainable investment inflows from both local and foreign investors.

As more companies integrate these frameworks, the Nigerian capital market is projected to become more credible, transparent, and attractive to global investors.

What you should know

This initiative forms part of broader efforts by regulators and market institutions to align Nigeria’s capital market with global best practices in governance, compliance, and risk management. It also highlights ongoing reforms aimed at strengthening institutional capacity and market efficiency.

• Authorities are focused on improving transparency and accountability across financial markets.
• The programme is expected to deepen professional capacity among capital market operators.
• Aligning with global standards is seen as key to attracting long-term domestic and foreign investments.
• A well-regulated capital market plays a crucial role in mobilising capital and supporting business growth.

Overall, the collaboration signals Nigeria’s commitment to building a stronger, more transparent financial system capable of supporting sustainable economic development.