Integrity Is the Asset No Creditor Can Seize- Eyitayo Quadri

Integrity Is the Asset No Creditor Can Seize- Eyitayo Quadri

The Chief Risk Officer of Union Bank of Nigeria, Eyitayo Quadri, has described integrity as the most valuable and enduring asset of any financial institution, warning that the greatest risks facing banks often originate from the abuse of power and the failure of senior officials to uphold internal controls.

Quadri made the assertion in a thought-leadership article titled “The Asset No Creditor Can Seize,” in which he examined the relationship between integrity, risk management, corporate governance and public trust in the financial sector.

According to him, while financial institutions routinely focus on market, credit and operational risks, the most damaging threats can arise from the character and conduct of individuals entrusted with institutional power.

He argued that integrity should be treated as a form of institutional capital capable of protecting an organisation's reputation, strengthening stakeholder confidence and preserving its long-term sustainability.

Drawing from the biblical account of a widow whose late husband's reputation for integrity helped secure assistance from the prophet Elisha, Quadri noted that character can function as an asset even when conventional financial resources have been exhausted.

“Character is an asset. It sits on a balance sheet no auditor can see, and it pays,” he stated.

Quadri said the lesson has significant implications for modern financial institutions, particularly because the consequences of integrity failures can be considerably greater when they involve senior officials with access to sensitive systems and decision-making authority.

Citing the 2024 global study by the Association of Certified Fraud Examiners (ACFE), he noted that the organisation examined 1,921 fraud cases across 138 countries and found that fraud losses generally increased with the seniority of perpetrators.

He also pointed to the prevalence of weak internal controls and management override as major contributors to occupational fraud.

According to him, the problem is particularly serious in financial institutions because senior employees possess authorised access that can make fraudulent activities more damaging than those perpetrated by outsiders.

Quadri cited industry data showing that Nigerian banks lost approximately ₦52 billion to fraud in 2024, stressing that the figure should not be viewed merely as a financial loss but as an indication of the wider threat posed by insider abuse and weaknesses in control systems.

He further referenced data from the Nigeria Deposit Insurance Corporation indicating an increase in fraud committed by bank employees between 2021 and 2024.

Quadri said industry figures for 2025 showed that fewer than 100 bank employees were implicated in fraud compared with more than 10,000 outsiders, but noted that the financial impact of insider-related incidents was disproportionately significant because of the level of access available to employees.

He added that staff-linked fraud reportedly cost Nigerian banks ₦3.3 billion in the first quarter of 2025, representing an increase of more than 130 per cent from the preceding quarter, despite a decline in the number of reported cases.

“For a bank, the true cost runs higher because the losses you can count are never the whole bill. The reputation you forfeit is the part that never fits in a ledger,” he said.

The Union Bank executive also highlighted the long-term economic value of rebuilding public confidence after periods of institutional misconduct.

He referenced the 2026 Edelman Trust Barometer, which placed trust in financial services at 63 per cent globally, representing a 10-point increase over five years.

According to him, the improvement demonstrates that trust can be rebuilt when financial institutions consistently demonstrate responsible conduct and strengthen their governance structures.

Quadri maintained that the responsibility for protecting institutional integrity cannot be left to individual morality alone.

He called for organisations to institutionalise ethical behaviour through strong governance, effective controls, independent oversight and workplace cultures that encourage employees to report misconduct.

He cited the Financial Stability Board's emphasis on “tone from the top” as a key indicator of a healthy risk culture and highlighted the importance of the three-lines-of-defence model in ensuring that no individual, regardless of seniority, operates beyond effective challenge and oversight.

The Chief Risk Officer also stressed the importance of whistleblowing mechanisms, noting that ACFE data showed that tips account for about 43 per cent of fraud detections, making them a more significant detection channel than internal audit and management review combined.

“Controls without character are only paperwork; character without controls is only luck,” Quadri said, arguing that effective risk management requires both strong systems and an organisational culture anchored on integrity.

He urged professionals working in the financial sector to regard their reputation as a personal balance sheet that is built or diminished through everyday decisions, including those made when no one is watching.

Addressing women in the banking industry, Quadri encouraged them to draw strength from the biblical account of the widow, describing her as a symbol of resilience, dignity and the value of an honest reputation despite limited social and financial power.

He also advised young professionals entering the financial services industry not to accept the notion that career advancement requires compromising ethical standards.

According to him, integrity may appear difficult to maintain in environments where shortcuts and unethical practices are normalised, but it remains essential to building sustainable careers and institutions.

“We are not guarding balances, we are guarding lives,” he said, emphasising the wider human consequences of decisions made within the corridors of financial power.

Quadri concluded that institutions and professionals would ultimately be remembered less for the transactions they completed or returns they generated than for whether their words and decisions remained trustworthy when doing the right thing came at a cost.

He described integrity as an asset that cannot be seized by creditors, erased by market volatility or destroyed by the passage of time, urging financial institutions to build systems and cultures capable of preserving that asset across generations.

About Eyitayo Quadri

Eyitayo Quadri is the Chief Risk Officer of Union Bank of Nigeria, where he oversees credit, operational and market risk, as well as internal control and regulatory alignment.

Before joining Union Bank, he worked in risk management, business strategy and sales roles at Keystone Bank, Ecobank, Citibank Nigeria and United Bank for Africa (UBA).

He holds a BSc in Mathematics from Lagos State University and an MBA in International Finance and Strategy from Bayes Business School, formerly Cass Business School, City, University of London. He also completed the Emerging Leader Development Programme at Columbia Business School.

Quadri is a Chartered Risk Manager of the Chartered Risk Management Institute of Nigeria and a Chartered Banker of the Chartered Institute of Bankers of Nigeria.