The 37th Edition of the Finance Correspondents and Business Editors Seminar (FICAN), held on November 20–21, 2025 at Providence Hotel, Ikeja, delivered one of the most engaging and introspective conversations yet on Nigeria’s economic direction. Anchored by Tolu Ogunjobi of TVC Business News, the panel session titled “Compliance as a Catalyst: Strengthening Institutions for Economic Resilience” became a defining moment for journalists, policymakers and financial system stakeholders.
The session brought together key voices shaping Nigeria’s financial communication and policy enforcement ecosystem, including Dr. Joseph Ojo Tawose, Director, Research Department, Central Bank of Nigeria (CBN); Mr. Sunday Michael, Editor, Pinnacle Newspapers; and Mr. Olamilekan Ajayi, Head of Media, CBN.
“We Rise or Fall Together on the Back of This Economy” – Tolu Ogunjobi Sets the Tone
Opening the dialogue, moderator Tolu Ogunjobi framed the discussion with a compelling reflection on the shared responsibility between the media, policymakers, and citizens.
“At the end of the day, we are all part of a system designed to foster development and improve people’s lives,” he said. “If the economy does well, the media will do well. Journalists will earn better, families will live better. But that means we must help citizens understand and take ownership of monetary and fiscal decisions—no matter how complex.”
Ogunjobi emphasized that compliance begins with clarity: citizens must understand what policies seek to achieve, why they exist, and how cooperation ensures better outcomes.
Compliance Starts with Actionable Plans — Dr. Tawose
In his remarks, Dr. Joseph Ojo Tawose simplified compliance in the most practical terms:
“Every reform has a target. To achieve it, there are actionable plans. The question is simple: Are we doing what we’re supposed to do to get the results we expect?”
He stressed that non-compliance—from institutions or individuals—derails reforms and strains the entire financial ecosystem.
Tawose offered several measurable indicators of improving compliance:
- staff and executive behavior metrics,
- audit findings and transparency efforts,
- time required to detect and correct irregularities,
- dedicated budgets for compliance structures,
- and strong governance frameworks that leave no room for ambiguity.
The Traffic Light Analogy — Why Compliance Determines National Outcomes
In a vivid reflection, Tawose recalled a personal experience where a reckless driver beat the traffic light but still honked aggressively at others obeying the rules.
“If we all comply, things move smoothly. That is the message. Where people disregard rules, the entire system suffers.”
This, he said, is exactly why the CBN insists on tighter supervision, data transparency, and stronger communication around financial reforms.
CBN’s Expanded Compliance Mandate — Ajayi
CBN Head of Media, Mr. Olamilekan Ajayi, explained why the apex bank’s communication strategy is now more deliberate, multi-layered, and people-centered.
He highlighted the creation of the CBN Compliance Department—announced via circular on September 4—which signaled “the end of business as usual.”
Ajayi stressed that compliance is no longer limited to financial issues; it now covers cyber-security, governance, financial crimes, internal controls, and customer protection.
“Our communication strategy is simple: educate, enlighten, and engage. When leadership demonstrates commitment, compliance becomes a culture across the institution.”
He noted that the CBN now uses real-time data analytics to measure public engagement with policy information, assess trust levels, and evaluate alignment between banks and regulatory directives.
Media as the Bridge Between Policy and Public Trust — Sunday Michael
Pinnacle Newspapers Editor, Mr. Sunday Michael, argued that journalists must treat compliance as a public service responsibility.
“When the CBN gives directives—for instance, automatic reversal of failed transactions—our job is to ensure citizens know this and demand compliance. That is how trust is built.”
He added that transparency in FX reserves reporting, harmonization efforts, and policy execution has significantly reduced market speculation. The media’s role, he stressed, is both informational and watchdog in nature.
Data as the Backbone of Internal Controls — Tawose Returns to the Core
Tawose later expanded on the importance of data:
“Better data systems automate monitoring, reduce fraud, enable real-time detection of irregularities, and ensure faster corrective actions.”
He highlighted how automation enhances audit accuracy, centralizes data management, restricts unauthorized access, and ensures end-to-end traceability in financial operations.
A Shared Mission for Stability
In his closing reflections, moderator Tolu Ogunjobi reiterated that journalists must be active participants in economic reforms—not spectators.
“Our job is not only to report policy; it is to help people understand and act on it. Compliance is not punishment—it is a strategy for national progress.”
The FICAN Seminar, themed “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” reinforced one clear truth:
Nigeria’s economic stability depends on a collective commitment to understanding, executing and communicating policy decisions with clarity, integrity and shared purpose.
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At the 37th FICAN Seminar in Lagos, TVC Business News’ Tolu Ogunjobi led a powerful discussion on compliance, trust, and policy alignment, featuring CBN experts and media leaders. The session explored how communication, data systems, and leadership commitment can strengthen Nigeria’s financial stability.
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