Experts at the 2025 ICE Summit Regulators’ Masterclass have shed light on the growing role of Artificial Intelligence (AI) in shaping regulatory frameworks, emphasizing both its transformative potential and inherent risks. Nkem Iheanachor, Board Advisor and Senior Lecturer at Lagos Business School, urged regulators to “stop seeing the world as it should be, but to see it as it is,” highlighting the need for practical approaches to AI integration in governance.
The masterclass, held under the theme “Balancing The Scales: The Regulator’s Role in Advancing Innovation”, was organized by Udo Udoma & Belo-Osagie in partnership with NGX Regulation Limited. It brought together stakeholders from the Nigerian Customs Service, Lagos State Traffic Management Authority (LASTMA), corporate regulation experts, and other key agencies to explore AI-driven solutions for smarter, more adaptive regulatory systems.
Iheanachor emphasized striking a balance in Nigeria’s regulatory approach, focusing on tools such as collaborative regulation, adaptive oversight, capacity building, and regional integration. He noted that AI could significantly enhance efficiency if applied thoughtfully, helping regulators address local challenges while keeping pace with global technological trends.
Adding to the discussion, Mr. Sonny Iroche, Senior Academic Visitor at the African Studies Centre, University of Oxford, highlighted that children of the 21st century are naturally AI-compliant. He cited a Chinese company where AI actively participates on the board to combat fraud, asserting that the benefits of AI outweigh the risks. Conversely, industry veteran and CWG Plc Founder, Ausso Leadership Academy Entrepreneur-in-Residence, cautioned that AI remains limited, describing it as a “pure hallucination” incapable of replacing human reasoning, creativity, negotiation, and emotional intelligence. He questioned the practical limits of AI, asking officials how they could stop a driverless AI-controlled car.
The debate reflects a global conversation echoed by tech entrepreneur Elon Musk, who warns that AI could become either the best or worst development for humanity. As regulators, academics, and industry leaders continue to navigate this complex landscape, the consensus underscores the need for a cautious yet innovative approach to integrating AI into governance.
source: vanguard