A Board Advisor and Senior Lecturer at the Lagos Business School, Nkem Iheanachor, has advised regulators to ‘stop seeing the world as it should be, but to see it as it is’.

Iheanachor gave this advice, during his presentation at the 2025 ICE Summit Regulators’ Masterclass, with the theme ‘Balancing The Scales: The Regulator’s Role in Advancing Innovation’, to educate regulators on how to apply regulation bye-laws using Artificial Intelligence, AI.

The Masterclass, organised by Udo Udoma & Belo-Osagie, in partnership with NGX Regulation Limited, was attended by the Nigerian Customs Service, Lagos State Traffic Management Authority, LASTMA, corporate regulation experts and agents, and other stakeholders.

Iheanachor spoke on striking the right balance for Nigeria’s regulatory system and the tools for smarter regulations “as it affects our locality, applying collaborative regulation, adaptive oversight, capacity building and regional integration.”

In his own presentation, a Senior Academic Visitor at the African Studies Centre, University of Oxford, Mr. Sonny Iroche, said children of the 21st Century are AI compliant, “except for those who cannot learn, unlearn and re-learn.”

Iroche said AI has come to stay and cited a company in China where it sits on the board and is actively applied to combat fraud. He assures that the the benefits of AI far outweighs the risks.

However, Founder of CWG Plc. and Entrepreneur in Residence, Ausso Leadership Academy, in his lecture, titled ‘Re imagining Regulation in a New World Era’, said Artificial Intelligence is pure hallucination – a false sensory experience, like seeing, hearing, or feeling things that aren’t real, but which feel completely real.

He posits that AI cannot replace the jobs that require human reasoning, negotiation skills, emotional intelligence, and creative thinking, along with jobs related to information technology.

In supporting his view that AI is at more than 25 per cent disadvantage to humanity, he specifically asked the LASTMA officials ‘how they could stop a driverless car controlled by AI?’

However, Elon Musk assures that “Artificial Intelligence is likely to be either the best or worst thing to happen to humanity.”