Stakeholders at a recent Senate compliance workshop have called for the adoption of digital tools to bridge Nigeria’s long-standing compliance gaps and foster a culture of accountability across government institutions.
The two-day event, organized by the Senate Committee on Legislative Compliance, was held at the NAF Conference Centre in Abuja under the theme “Consolidating Strategies for Strengthening Legislative Compliance by MDAs.” The workshop brought together lawmakers, regulators, and leaders from Ministries, Departments, and Agencies (MDAs), alongside industry experts from the Economic and Financial Crimes Commission (EFCC), the Nigerian Bar Association (NBA), Ministry of Finance, and the country’s financial and fintech sectors.
In his opening address, the Senate President—represented by Senator Osita Izunaso—described compliance as “fundamental to democratic governance,” stating that it is not optional but a constitutional obligation tied to peace, order, and good government. He reiterated the Senate’s commitment to robust enforcement and institutional reform, noting that the high cost of non-compliance has become unsustainable.
Among the highlights of the workshop was a keynote presentation by Okechukwu Eke, General Counsel at Moniepoint Inc., who emphasized the critical role of fintechs in consumer protection and legal compliance. Eke stated that, “At Moniepoint, we believe innovation in financial services must go hand-in-hand with strong consumer protection and legal responsibility.” He pointed out that fintechs, which often serve financially vulnerable populations, must prioritize transparency, data privacy, fair marketing practices, and responsible lending.
Eke also warned of the potential harm arising from misuse or misunderstanding of digital financial products, noting that legal compliance helps build essential trust in the financial ecosystem. His presentation advocated the integration of compliance into core fintech operations rather than treating it as a regulatory formality.
Throughout the workshop, participants underscored the need to digitize Nigeria’s compliance monitoring systems. Key suggestions included equipping legislative oversight committees with real-time monitoring dashboards linked to MDAs and implementing Digital Compliance Tracking Systems (DCTS) that would enable continuous, rather than periodic, compliance reporting.
The use of technology to track and enforce legislative resolutions was seen as a game-changer in improving transparency and efficiency. According to speakers, such innovations would help close systemic gaps and ensure real-time accountability, in line with global best practices.
Other recommendations included regular updates to Nigeria’s legal frameworks to match the pace of innovation and enhanced collaboration among regulatory agencies such as the Central Bank of Nigeria (CBN), Federal Competition and Consumer Protection Commission (FCCPC), Nigeria Data Protection Commission (NDPC), EFCC, and the National Assembly.
Senator Garba M. Maidoki, Chairman of the Senate Committee on Legislative Compliance, and his Vice-Chairman, Senator Ede Dafinone, reaffirmed the Senate’s commitment to pushing for strategic, cross-sector collaboration. “We must leverage technology and partnership to ensure that laws passed by the National Assembly are not just ceremonial but are enforced for the good of all Nigerians,” they said in a joint statement.
The workshop concluded with a strong consensus that digital transformation is key to enhancing Nigeria’s compliance landscape, with stakeholders optimistic that the steps outlined will lead to a more accountable and transparent public sector.