By Tina Amanda
In a renewed push against corruption within Nigeria’s financial sector, investigative journalists and coalition members have been urged to intensify scrutiny of financial policies and regulations.
This call came during a two-day training session in Port Harcourt, organized by the Civil Society Legislative Advocacy Center (CISLAC) for Fair Finance Nigeria (FFng) and funded by OXFAM Nigeria, aimed at bolstering participants’ understanding of Nigeria’s financial policies and their impact on economic stability and transparency.
The training emphasized the essential role that financial institutions play in economic development, while also highlighting their vulnerability to misuse in activities like money laundering and terrorist financing.
It aimed to equip journalists and coalition members with knowledge of the policies these institutions must adhere to, thus strengthening their ability to identify and report on any irregularities.
Ibanga Isine, a speaker at the event, presented “Techniques for Investigating Nigeria’s Financial Sector” underscoring the critical role of investigative journalism in promoting transparency and accountability within the sector.
“Section 22 of the 1999 Constitution explicitly mandates the press, radio, television, and other agencies of the mass media to uphold the responsibility and accountability of the government to the people.
“Although Section 22 does not give specific rights, it underscores the duty and function of the media, validating journalists’ roles in investigating, informing, and holding the government accountable.
“This is the basis upon which Journalists serve as crucial watchdogs, holding powerful institutions to account and helping to build a fairer society.”
He added that exposing mismanagement in the financial sector helps ensure public funds are directed towards essential services and development projects.
“Preventing corruption and mismanagement; the financial sector, including banks, insurance companies, and regulatory bodies, handles vast amounts of public and private funds. Without oversight, these funds are vulnerable to embezzlement, fraud, and budget mismanagement.
“Transparency in financial activities is essential for building trust in the economy. Investigations provide insights into how public funds are spent, whether policies are being followed, and if financial entities adhere to ethical standards.”
Another speaker, Dr. Abdulazeez Abdulmalik Hussaini, addressed the importance of financial regulations and effective oversight, asserting that although Nigeria has strong financial regulations, they are often compromised by neglect and collusion.
“Nigeria has a lot of beautiful and rich regulations around management of finances, which if well implemented would yield positive changes in our societies and country as a whole.
“These financial regulations despite their richness, while we can say they’ve been effective to some extent, they have also been rendered ineffective due to many reasons which include neglect, abuse, by-passing in collusion with senior management of financial institutions and government.
“Oversight by citizens especially investigative journalists can come to the rescue.”
The training concluded with a communique highlighting key findings: the need for stronger financial oversight, the importance of public awareness of financial policies, and the vital role of data privacy. Calls to action included enhancing policy enforcement mechanisms, promoting public financial literacy, strengthening data protection, and supporting investigative journalism as a tool for accountability.
