How Ibrahim Osinowo’s innovation reduced fraud rates from 60% to 5% in Nigeria’s banking industry

Nigeria’s banking industry has long been grappling with persistent challenges such as high non-performing loans, systemic risks, and financial instability. For decades, these issues have impacted the nation’s institutions, making risk management more crucial than ever.

In this complex environment, innovative solutions have become essential to safeguard investments and ensure stability. Ibrahim Osinowo, a prominent figure in the industry, has emerged as a key driver of change, with innovative solutions that have reshaped financial practices and protected billions of naira.

One of his most significant contributions is the development of the RISKASSESSOR PAD, a tool designed to combat financial fraud. This tool has played a pivotal role in preventing losses exceeding ₦2.2 billion, significantly improving the security of payment settlements and credit card transactions across Nigeria. Osinowo’s strategic approach not only addressed the issue of fraud but also restored trust among millions of customers, particularly pensioners who were previously vulnerable to fraudulent activities in Nigeria in 2008.

Reflecting on the tool’s success, Osinowo shared, “The RISKASSESSOR PAD was born out of necessity and his passion to invent new solution in business and banking sector in Nigeria, while facing declining revenues and rampant fraud at Skye Bank. The solution had to be both immediate and sustainable.”

A Rising Star in Banking and Governance
Osinowo’s achievements in risk management have been widely recognized. In 2009, he was named Best Staff of Skye Bank, an accolade that underscored his commitment to excellence. His leadership was further acknowledged when, at the age of 30, he became the youngest Special Adviser to the Ogun State Governor in 2011. This role marked a shift from the financial sector to governance, where Osinowo applied his expertise in risk management to broader societal challenges.

As Special Adviser, he was tasked with overseeing environmental risk assessments, ensuring that development projects in the state prioritized sustainability. His impact extended beyond banking, as he led numerous committees and worked with national agencies to shape policies that promoted both economic growth and social responsibility.

“Leadership is about serving the community,” Osinowo said in an interview, adding that his focus has always been on fostering collaboration to achieve sustainable outcomes. His dedication to both finance and governance has positioned him as a transformative leader, with a clear vision for the future.

Impacting Nigeria’s Banking industry
Osinowo’s journey as an innovator in Nigeria’s banking sector began in the early 2000s, a time when the industry was marred by inadequate risk management practices. Banks were collapsing under the weight of poor financial oversight, and the need for change was urgent. It was during this time, in 2004, that Osinowo took decisive action following the merger that created Skye Bank.

He introduced the RISKASSESSOR PAD, which transformed the bank’s risk assessment process. The tool streamlined loan disbursements and drastically reduced incidents of credit card fraud and identity theft. Under Osinowo’s leadership, the tool was deployed across 300 Skye Bank branches, improving operations and boosting customer confidence.
“The impact was immediate,” Osinowo noted. “By addressing the root causes of fraud, we were able to secure the financial futures of our customers.”

National Recognition and the Fight Against Financial Fraud
Before the implementation of the RISKASSESSOR PAD, Skye Bank faced a fraud rate of 60% in offshore transfers—a figure that threatened the institution’s stability. However, with the introduction of the tool, fraud rates reduced to just 5%, saving the bank over ₦2 billion.

The success of the RISKASSESSOR PAD was not just a technical victory; it was a triumph of trust. Osinowo’s efforts protected pensioners, small business owners, and everyday Nigerians from financial losses that could have devastated their livelihoods.

Awards and Accolades
Ibrahim Osinowo’s career is marked by a series of prestigious awards and accolades, reflecting his expertise and commitment to advancing risk management in Nigeria and beyond.

As a senior member of both the Chartered Institute of Risk Management of Nigeria and the British Institute of Risk Management, Osinowo has been recognized locally and internationally for his innovative contributions and leadership in the field. His dedication to the craft has earned him a place among the top professionals in risk management across Africa.

One of his early accolades was the title of “Best Staff of the Year” at Skye Bank, an honor awarded among 5,000 employees. This recognition propelled him into senior management and laid the foundation for his rise as a thought leader in risk management.

Speaking about his journey, Osinowo noted, “Each award is a reminder of the impact we can create when we bring innovative thinking to risk management. It’s not just about receiving a title, but about making tangible changes that improve the way businesses operate and safeguard their assets.”

Among his many recognitions, Osinowo holds the Honorary Doctoral Fellowship from the Institute of Entrepreneurs and Advocates of Nigeria, which celebrates his dedication to promoting entrepreneurship and community advocacy. “This fellowship is more than just an award,” he explained. “It symbolizes my commitment to fostering entrepreneurship and ensuring that businesses have the right risk frameworks to succeed.”

Another accolade is the AIICO Insurance Excellence Award, given for his outstanding performance in risk management and claims investigation. This award was in recognition of his ability to guide organizations through complex risk landscapes and protect their interests. “The AIICO Award means a lot to me because it validates the hard work we have put into ensuring organizations can navigate risks efficiently,” Osinowo stated.

Further highlighting his influence, the Lagos Chamber of Commerce and Industry (LCCI) commended Osinowo for his role as a panelist, where he shared critical insights on risk management and fraud prevention. “Being acknowledged by such a reputable body reinforces my belief in the importance of risk management for the sustainability of businesses in Nigeria,” he said.

Internationally, his efforts caught the attention of Western Union, where he was shortlisted among over 60,000 agents and officers globally for the prestigious CLUB 500 Outstanding and Excellence Award. This recognition, coupled with a Certificate of Excellence from Mr. Hikmet Ersek, the Vice President and Managing Director of Western Union, highlighted his contributions to mitigating fraud and safeguarding customer trust. Reflecting on this achievement, Osinowo said, “Receiving the certificate was an emotional moment—it reminded me that dedication and innovation can truly make a difference in protecting people’s livelihoods.”

A Vision for the Future
Ibrahim Osinowo remains committed to driving change in Nigeria’s banking and governance sectors. He is focused on expanding his efforts in renewable energy through Tesla Power Africa, aiming to provide sustainable energy solutions to underserved communities across the country. By leveraging cutting-edge technologies, Osinowo hopes to bridge the gap between innovation and accessibility, ensuring that financial services and energy resources reach every corner of Nigeria.

Moreover, Osinowo is passionate about mentoring the next generation of risk management professionals. His goal is to establish training programs that equip young minds with the skills needed to tackle the challenges of modern finance. “Education is key to sustaining innovation,” Osinowo emphasized, highlighting his desire to inspire ethical and forward-thinking leaders.

Creating a Safer Financial Future
Osinowo founded QPROJECTS ASSET MANAGEMENT LTD to enhance financial security in Nigeria through effective risk management. “Our focus is on assessing and managing risks in investment and capital markets, ensuring our clients feel safe,” he noted. “We use advanced risk models to identify threats and develop strategies to mitigate them, aiming to create a safer financial environment for everyone,” Osinowo adds.
He also displaying his special skill in Nigeria power sector by attracting solution and investment to tackle energy deficit in Nigeria, the most populated country in sub-Shara Africa.

Through his pioneering work, Ibrahim Osinowo has not only reshaped the landscape of Nigeria’s banking sector but has also laid the groundwork for future innovations that will continue to protect and empower the nation’s financial system, businesses and mitigating financial risk.