The Chartered Institute of Bankers of Nigeria (CIBN) has charged financial journalists to play a critical role in sustaining the gains of banking sector recapitalisation, tax reforms and the fintech revolution, saying the success of economic reforms depends largely on accurate, timely and responsible reporting.
The Institute said effective public communication remained essential to the success of economic reforms, urging the financial press to explain complex policies to Nigerians and promote informed public discourse on their implications.
The Registrar/Chief Executive of CIBN, Mr Akin Morakinyo, made the remarks in a goodwill message at the 36th annual conference of the Finance Correspondents Association of Nigeria (FICAN), held in Lagos at the weekend under the theme “Building on the Gains of Recapitalisation, Tax Reforms & the Fintech Revolution.” The conference brought together financial journalists, banking professionals, regulators and other stakeholders to examine developments shaping Nigeria’s financial and economic landscape.
Morakinyo said the conference’s objectives could only be achieved if the media continued to provide clear, accurate information on reforms across the economy, noting that such reforms would have limited impact if the public was not adequately informed about their purpose, implementation and expected outcomes.
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“Whatever you have and you do not use is of no use. When you talk about reforms, the topic of this conference will be worthless without your role,” he said.
Describing the media as the Fourth Estate of the Realm, Morakinyo stressed that its significance goes beyond reporting events to shaping public understanding and societal discourse. “We refer to the press, the media, as the Fourth Estate of the Realm — not for saying’s sake, but because of the power the press has. So my admonition on this auspicious occasion is to encourage us to keep that agenda flying,” he said.
He referenced the Agenda-Setting Theory of communication, which he said underscores the media’s ability to determine which issues receive public attention and to influence the direction of societal discourse — urging FICAN members to deploy their professional influence responsibly in support of national development, particularly as Nigeria implements far-reaching reforms in banking, taxation and technology.
Financial journalists, he said, have an important responsibility to bridge the information gap between policymakers, financial institutions, businesses and the public by providing objective, accessible reporting on economic policy — reporting that would help Nigerians better understand the implications of reforms, while giving policymakers and industry stakeholders feedback from citizens and the business community.
“My appeal to us is that as Nigerians, we have nowhere else to fall back on. No place is like home. As we travel outside this country, after spending two or three weeks, what are you eager to do? To go back home,” he added.
Morakinyo also congratulated FICAN on its 36th anniversary, describing 36 years of continuous activity as a significant milestone demonstrating the association’s resilience, continuity and relevance in Nigeria’s financial journalism landscape. “Thirty-six years is no mean feat. A child born in 1990 is already a parent,” he remarked.
He said CIBN was pleased to identify with FICAN because of the influence wielded by its members and their enduring contribution to professional financial reporting and national development, adding that his decision to attend personally reflected the Institute’s support for the association as it transitions to new leadership. He encouraged the incoming leadership to build on the achievements of their predecessors while maintaining high standards of professionalism, accuracy and responsible journalism.
The Institute maintained that sustained collaboration among financial institutions, regulators, policymakers and the media would be essential to ensuring reform initiatives translate into greater economic understanding, confidence and inclusive development.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.