At a recent high-level workshop organized by the Senate Committee on Legislative Compliance which brought together lawmakers, regulators, and leaders from Ministries, Departments, and Agencies (MDAs) to address Nigeria’s persistent challenges in regulatory adherence and governance, stakeholders have highlighted the urgent need for digital innovation to tackle deep-rooted compliance gaps and foster a culture of accountability across public institutions.

The two-day event, which held at the NAF Conference Centre in Abuja, themed “Consolidating Strategies for Strengthening Legislative Compliance by MDAs,” featured leading industry experts from EFCC, NBA, Ministry of Finance and key players in Nigeria’s financial sector, including fintech firms, championed the deployment of digital tools as essential for improving transparency and enforcing legislative resolutions.

In his opening remarks, the Senate President, represented by Senator Osita Izunaso emphasized that compliance is “fundamental to democratic governance, adding that it was not optional,” underscoring the Senate’s renewed commitment to robust enforcement and institutional reform.

Furthermore, he cited the constitutional provisions that granted legislative powers for lawmaking generally and to make laws for “peace, order and good government”. The workshop also highlighted, with a wide array of statistics, the high cost of non-compliance; root causes of non-compliance while attempting to proffer solutions.

Amidst calls for systemic reforms, Okechukwu Eke, General Counsel at Moniepoint Inc., delivered a keynote presentation focused on the responsibilities of fintechs in consumer protection and financial literacy.

Eke highlighted Moniepoint’s commitment to building a compliance culture that goes beyond mere formalities to drive genuine impact. “At Moniepoint, we believe innovation in financial services must go hand-in-hand with strong consumer protection and legal responsibility,” Eke stated.

He stressed the unique position of fintechs, which often serve vulnerable populations with low financial literacy, making robust consumer protection paramount. “Misuse or misunderstanding of products can cause significant financial harm,” Eke noted, adding that “legal compliance builds essential trust in digital financial services.”

The presentation outlined key legal responsibilities for fintechs, including transparency, data privacy, fair marketing, effective grievance handling, and responsible lending.

Other contributions advocated for leveraging technology to embed compliance more effectively. Suggestions arising from the workshop, supported by Moniepoint’s perspective, included empowering legislative oversight committees with real-time monitoring dashboards linked to MDAs and implementing Digital Compliance Tracking Systems.

These tools, it was argued, would allow for continuous monitoring and reporting, moving away from periodic checks towards a more dynamic and effective compliance regime.

The push for digital solutions aligns with Moniepoint’s drive to ensure that the rapid innovation characteristic of the fintech sector is matched by equally advanced methods for ensuring regulatory adherence and protecting consumers.

The call for enhanced digital oversight complements other recommendations from the workshop, such as regular reviews of legal frameworks to match innovation and strengthened collaboration between regulators like the CBN, FCCPC, NDPC, EFCC, and the National Assembly.

The workshop concluded with a reinforced commitment from legislative leaders, including Committee Chairman, Senator Garba M. Maidoki and Vice-Chairman, Senator Ede Dafinone, to pursue collaborative and innovative solutions for Nigeria’s compliance challenges.

They both averred that leveraging technology and cross-sector collaboration is vital for closing compliance gaps, enhancing oversight, and ensuring that resolutions passed by the National Assembly are fully implemented for the benefit of all Nigerians.

This year’s Africa’s Beacon of ICT Merit and Leadership lecture will focus on Governance, Standardization and cybersecurity in artificial intelligence era.

The lecture which will herald Africa’s Beacon of ICT Merit and Leadership Awards (ABoICT Lecture 2025) hold on May 24, 2025 at Four Points by Sheraton and will be delivered by Prof. Adewale Obadare, Chief Visionary Officer, Digital Encode – Cybersecurity and GRC Expert.

The sixteenth edition of the award ceremony according Ken Nwogbo, editor-in-chief of Nigeria CommunicationsWeek the organizers of the event, “is a special edition to recognise and celebrate organizations and individuals in the ICT industry that have contributed to the growth of the sector.

“Most of these organizations and individuals have consistently being voted by our readers as leaders in their areas of operations and we have decided to reward them in this special edition, tag: ‘ICT Growth Edition 2025’ he said,”.

He added that, an AI governance framework outlines policies, principles, and practices to guide the ethical and responsible development and deployment of AI technologies, ensuring transparency, accountability, and fairness.

“In the AI era, cybersecurity faces both new threats and opportunities, as AI’s capabilities are used by both defenders and attackers to launch sophisticated attacks and defenses.

“This requires a proactive approach, including AI-powered security tools, robust data security, and ethical AI development, emphasizing real-time monitoring, threat intelligence, and collaboration among cybersecurity professionals and AI researchers.

“Artificial intelligence transforms cybersecurity by automating responses to risks, detecting unusual activity, and even foreseeing possible dangers before they occur.

“While AI has various perks, such as better efficiency and faster risk identification, it also has challenges. Without proper oversight, these systems can be misused or make errors. Strong governance and ethical frameworks ensure AI technologies are used responsibly and effectively.,” he said.

The Africa’s Beacon of ICT Merit and Leadership Distinguished (ABoICT Lecture 2024) is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.

The lecture series however is reserved for distinguished achievers in the ICT sector.

Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Oluseyi Akindeinde, founder, Hyperspace & NeuraL AI and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; among others.

Aliko Dangote, Africa’s richest man and president of Dangote Refinery, has insisted that the ‘cabal’ in Nigeria’s oil and gas sector is still fighting against the success of his 650,000 barrels per day plant.

Aliko Dangote

Dangote disclosed this, according to Semafor, a global news platform, at an investor forum in Lagos at the weekend.

He said, “For a very, very long time, those that have made a lot of money from government-subsidised oil imports into Nigeria were the ones trying to sabotage the $20 billion worth of refinery situated in Lekki, Lagos.”

He further stressed that “those groups have funded resistance to the Bola Tinubu government’s removal of petrol subsidies and are opposed to the refinery operating easily in the country.”

However, Dangote was confident that the battle between him and the groups would be won, priding himself on being a long-time fighter.

“We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 percent sure I will win at the end of the day,” he was quoted.

Recall that Dangote Refinery kicked off the sale of petrol in September 2024, which had led to a significant drop in fuel imports into Nigeria.

In May 2023, President Bola Ahmed Tinubu announced the removal of the fuel subsidy during his inauguration speech.