MSCI Says it Needs More Time to Assess Nigeria's Forex Reforms

MSCI Inc. said it needs more time to assess the impact of foreign exchange reforms in Nigeria, suggesting the global index provider is not yet ready to restore the West African's country's frontier-market status.
Operational modifications in Nigeria's foreign exchange market have improved liquidity, but 'more time is needed to assess the impact of these changes,' MSCI said in its annual market accessibility review.

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The AI era is here. Are you ready to lead?

Artificial intelligence (AI) is no longer a fringe experiment or a future-facing buzzword. It's a here-and-now force that's rapidly reshaping the modern business landscape. AI is already transforming how organizations operate—from how they close their books to how they engage with customers—and the pace is only accelerating. Are we ready for it? For too many leadership teams, the honest answer remains: not yet. AI's potential to improve back-office efficiency is well documented, particularly in finance functions that are often stretched thin. Intelligent automation can significantly reduce the time spent on tasks like transaction matching, reconciliations, and journal entries, freeing up teams to focus on higher-value activities like forecasting and strategic planning. Companies implementing intelligent process automation are seeing measurable impact in areas such as cash flow forecasting, anomaly detection, and real-time variance analysis. By drawing on clean, well-structured data, AI can surface patterns that eliminate risk and unlock opportunity, turning raw numbers into actionable insights. This evolution comes at a crucial time. Many finance departments are contending with a shrinking workforce and increasing expectations. Nearly 300,000 accountants and auditors have left the profession in the last two years, and the majority of CFOs now say they are responsible for enterprise-wide data and analytics. AI can help fill the gap if implemented thoughtfully. WHY RUSHING CAN LEAD TO FAILURE Obvious benefits aside, AI is not a silver bullet. Organizations that rush implementation without the right foundations risk doing more harm than good. Inaccurate data, poor governance, and a lack of human oversight can lead to flawed outputs, audit issues, and regulatory exposure. AI models trained on inconsistent or incomplete data can replicate human mistakes at scale, producing errors with more speed, not more accuracy. That's why clean, auditable data must be a non-negotiable starting point. Gartner predicted that 30% of generative AI projects will be abandoned after proof of concept by the end of 2025, in large part due to poor quality data. In other words: garbage in, garbage out. GOVERNANCE BEFORE GROWTH Before deploying AI at scale, leaders must build the proper guardrails. That starts with a robust data governance strategy that defines how data is collected, maintained, and used across the organization. Assigning data stewardship responsibilities, establishing quality standards, and ensuring alignment with regulatory frameworks are essential. Just as important is keeping human judgment in the loop. Especially in the Office of Finance, where compliance and auditability are paramount, AI tools should be explainable and traceable. The goal is not to replace decision makers, but to empower them with better information. Cross-functional collaboration between finance, IT, compliance, and legal teams is critical to achieving this balance. AI readiness is about people as much as it is about technology. Implementing AI effectively means helping employees evolve alongside it. That includes upskilling employees to become data-literate advisors, building comfort with new tools, and fostering a culture of experimentation balanced by accountability. Many of the skills teams already possess, such as data analysis, pattern recognition, and variance identification, map directly to AI-adjacent competencies. With the proper training and support, these professionals can become critical players in an AI-enabled function. LEADERS MUST GUIDE AI STRATEGY As AI becomes foundational to business success, it's no longer sufficient for executives to delegate its implementation to IT. CEOs and their leadership teams must play an active role in shaping AI strategy, from identifying high-impact use cases to defining clear KPIs. That includes assessing where AI can truly improve and where human judgment remains irreplaceable. It also means investing in the right tools—not necessarily the most complex or expensive ones, but those that simplify workflows and integrate well with existing systems. Ultimately, responsible AI leadership is about setting direction, removing friction, and creating a culture where teams feel both empowered and accountable. BUILD NOW OR SCRAMBLE LATER There's no doubt that AI will reshape how businesses operate. The only question is whether your organization will lead the way or struggle to catch up. 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Yahoo

an hour ago

• Yahoo

Nigerian communities set to have oil pollution High Court claims tried in 2027

Residents of two Nigerian communities who are taking legal action against Shell over oil pollution are set to take their cases to trial at the High Court in 2027. Members of the Bille and Ogale communities in the Niger Delta, which have a combined population of around 50,000, are suing Shell plc and a Nigerian-based subsidiary of the company, the Shell Petroleum Development Company of Nigeria, which is now the Renaissance Africa Energy Company. The two communities began legal action in 2015, claiming they have suffered systemic and ongoing oil pollution for years due to the companies' operations in the African country, including pollution of drinking water. They are seeking compensation and asking for the companies to clean up the damage caused by the spills. The companies are defending the claims, saying that the majority of spills are caused by criminal acts of third parties or illegal oil refining, for which they are not liable. On Friday, Mrs Justice May ruled on more than 20 preliminary issues in the claims, following a hearing held in London over four weeks in February and March. She said that 'some 85 spills have, so far, been identified', but added that the case was 'still at a very early stage'. Her findings included that Shell could be sued for damage from pipeline spills caused by third parties, such as vandals, in efforts to steal oil, a process known as bunkering. She also said that while there was a five-year limitation period on bringing legal claims, a 'new cause of action will arise each day that oil remains' on land affected by the spills. The cases are due to be tried over four months, starting in March 2027. Reacting to the ruling, the leader of the Ogale community, King Bebe Okpabi, said: 'It has been 10 years now since we started this case, we hope that now Shell will stop these shenanigans and sit down with us to sort this out. 'People in Ogale are dying; Shell need to bring a remedy. 'We thank the judicial system of the UK for this judgment.' Matthew Renishaw, international development partner at law firm Leigh Day, which represents the claimants, said: 'This outcome opens the door to Shell being held responsible for their legacy pollution as well as their negligence in failing to take reasonable steps to prevent pollution from oil theft or local refining.' He continued: 'Our clients reiterate, as they have repeatedly for 10 years, that they simply want Shell to clean up their pollution and compensate them for their loss of livelihood. 'It is high time that Shell stop their legal filibuster and do the right thing.' A Shell spokesperson said that the company welcomed the judgment. They said: 'For many years, the vast majority of spills in the Niger Delta have been caused by third parties acting unlawfully, such as oil thieves who drill holes in pipelines, or saboteurs. 'This criminality is the cause of the majority of spills in the Bille and Ogale claims, and we maintain that Shell is not liable for the criminal acts of third parties or illegal refining. 'These challenges are managed by a joint venture which Shell's former subsidiary operated, using its expertise in spill response and clean-up. 'The spills referenced in this litigation were cleaned up by the joint venture regardless of the cause, as required by Nigerian law, working closely with government-owned partner NNPC Ltd, Nigerian government agencies and local communities. 'Clean-up certificates were issued by the Nigerian regulator NOSDRA.' The High Court and the Court of Appeal ruled in 2017 and 2018, respectively, that there was no arguable case that Shell owed the claimants a duty of care, but the Supreme Court ruled in 2021 that there was a 'real issue to be tried'.

Yahoo

2 hours ago

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