Nigeria’s growing compliance crisis and the pressing need for more robust oversight in public institutions are highlighted by the Auditor General’s report, which found over ₦3.4 trillion in financial infractions across federal Ministries, Departments, and Agencies (MDAs) in 2021.
To address the underlying reasons for inadequate supervision and institutional weaknesses, the Senate Committee on Legislative Compliance is holding a high-level workshop. With the topic “Consolidating Strategies for Strengthening Legislative Compliance by MDAs,” the two-day event will be held at NAF Suites in Abuja on April 15 and 16, 2025. It will bring together more than two hundred delegates from federal MDAs, regulators, and politicians.
As part of its dedication to promoting responsible innovation, governance, and regulatory alignment in Nigeria’s financial ecosystem, Kuda Microfinance Bank is co-sponsoring the event.
On the second day of the event, Kuda’s Head of Compliance, Rasaq Kadri, will give a keynote talk in which he will highlight the initiatives taken by Nigerian fintechs to advance financial literacy and inclusion while maintaining compliance best practices.
He went on to say: “When public funds go unaccounted for, it doesn’t just damage government credibility, it affects the entire financial ecosystem, including fintechs.
“We can’t build trust-driven products in a trust-deficient environment. Every time compliance is treated as a box-ticking exercise, we miss the chance to build something that lasts. Fintechs have the tools and perspective to support better governance, but more importantly, we have a responsibility to be part of the solution,” Kadri added.
BrandSpur banking and finance news desk reports that Kuda, the workshop’s sponsor, will use it as an opportunity to interact with important players in Nigeria’s public service and regulatory landscape.
The Honourable Minister of Finance, Wale Edun, and the Honourable Attorney General of the Federation, Lateef Fagbemi SAN, will preside over plenary sessions. Closed compliance gaps, increased institutional transparency, and cross-sector cooperation will be the main topics of discussion.
However, the Senate Committee on Legislative Compliance Workshop offers a special forum for discussion, information exchange, and cooperative action.
