Obinna Chima Urges Journalists to Deepen Scrutiny as Nigeria’s Financial System Undergoes Transformation

Nume Ekeghe and James Emejo in Abuja

The Saturday Editor of THISDAY, Dr. Obinna Chima, has called for a shift in financial journalism from simply reporting financial figures and institutional statements to providing deeper interpretation of the forces shaping Nigeria’s rapidly changing financial system.

Chima made the call yesterday while presenting a paper titled, “The Role of the Media in Building a Future-Ready Financial System” at the Central Bank of Nigeria (CBN) organised 38th Seminar for Finance Correspondents and Business Editors in Abuja yesterday.

He said developments including banking recapitalisation, tax reform and the fintech revolution had fundamentally changed the financial system compared with what financial journalists covered a decade ago, raising the question of whether financial journalism was evolving at the same pace.

He argued that the changing financial landscape required journalists to do more than reproduce numbers or statements from financial institutions.

“Reporting must move beyond figures to interpretation,” Chima said, stressing that journalists must “uncover what drives financial performance.”

He added: “The focus must shift from what institutions say to what the numbers reveal.”

Chima said the financial journalist of the future must therefore combine the roles of an interpreter, investigator, educator and watchdog, particularly as digital banking, fintech and mobile payments continue to blur traditional boundaries within the financial services industry.

He also stressed the relationship between credible financial reporting and trust, noting that the quality of information available to the public, investors, depositors, businesses and policymakers directly affects confidence in the financial system.

According to him, “Nigeria cannot build a genuinely future-ready financial system without a future-ready financial media.”

He described journalists as a bridge between highly technical financial institutions and the wider public, which often does not understand the language of banking, monetary policy and financial markets.

Chima further cautioned financial journalists against sacrificing accuracy for speed, declaring that “credibility is more valuable than being first.”

He also identified financial literacy as an important responsibility of the media, particularly in explaining financial reforms, connecting policy to citizens and promoting financial education.

He maintained that technology alone would not determine the future of Nigeria’s financial system, arguing that a credible media would remain essential to building trust, promoting accountability and helping citizens understand the rapidly changing financial landscape.

“The future of Nigeria’s financial system depends not only on technological innovation, but on a credible media that builds trust, promotes accountability and helps citizens understand a rapidly changing financial landscape,” he added.