Veteran financial journalist urges SEC, NGX and market institutions to prioritise media capacity building, safeguard editorial independence and strengthen market integrity
Veteran financial journalist and capital market professional, Sola Oni, has urged Nigeria’s financial market regulators, government and market institutions to make specialised training for financial journalists a strategic priority, warning that the quality of financial reporting can significantly influence investor confidence, corporate reputation and market integrity.
Oni, who turns 66 said Nigeria’s ambition to build a stronger, more credible and investor-friendly capital market must extend beyond regulatory reforms, technological innovation and rising market capitalisation to include the professional development of journalists responsible for interpreting and communicating financial information to the public.
He called on the Securities and Exchange Commission (SEC), Nigerian Exchange Limited (NGX), securities exchanges, professional bodies and other market institutions to establish and strengthen structured capacity-building programmes for journalists covering financial services, corporate governance and the capital market.
According to him, a financially literate and professionally equipped media is essential to effective investor protection because inaccurate reporting, inadequate understanding of complex transactions and the misinterpretation of corporate disclosures can distort public perception and weaken confidence in market institutions.
“After more than three decades of observing Nigeria’s financial market, I remain convinced that investor protection, productive capital mobilisation and professional capacity building must be central to our market-development agenda. The media must be part of that effort because financial journalism shapes how investors understand opportunities, assess risks and respond to corporate developments,” he said.
Oni, a chartered stockbroker, commodities broker and capital market registrar, argued that journalists covering the financial market require more than general reporting skills. They need a sound understanding of financial statements, securities regulation, corporate governance, investment products, market operations and the implications of corporate decisions for shareholders and the wider economy.
He said sustained professional development would equip reporters to scrutinise financial disclosures more rigorously, distinguish material developments from routine corporate announcements and translate complex market transactions into clear, accurate and accessible information for investors.
The Publisher of The Kernel Online Newspaper and Chief Executive Officer of Sofunix Investment and Communications, however, cautioned that media capacity building must not become a subtle instrument of editorial influence or a means of securing favourable publicity for sponsoring institutions.
“The objective is not to control the media, suppress criticism or secure favourable coverage. It is to equipand journalists with the knowledge to report the market accurately, independently and responsibly. A better-informed financial press ultimately serves investors, strengthens accountability, and benefits the market itself,’s he said.
“ Beyond professional development for journalists, there is a need to foster a more constructive, transparent and evidence-based relationship between corporate organisations and the media, particularly as digital platforms and social media accelerate the spread of information and create situations that demand timely, fact-based responses.
“I believe that companies and financial institutions have legitimate interests in correcting factual inaccuracies, protecting confidential information and defending their reputations. However, such interests must be pursued through transparent engagement, verifiable evidence and lawful channels without compromising the media’s responsibility to scrutinise corporate conduct. Engagement is not the same as control, and criticism is not necessarily a crisis,” he said.
Oni urged corporate leaders to distinguish between demonstrably false reports, legitimate criticism and difficult questions that require substantive answers. He noted that an organisation’s response to scrutiny can be as consequential for its reputation as the issue that initially attracted public attention.
He also reminded journalists that editorial independence must be accompanied by professional accountability, including rigorous verification, fair representation of affected parties, compliance with applicable laws and prompt correction of established material errors.
The challenge, he added, has become more pronounced with the growing influence of social media and artificial intelligence, which can facilitate the rapid spread of fabricated recordings, manipulated documents and misleading quotations.
To address these risks, he advocated a three-pronged approach built around verification, constructive engagementn’t and accountability.
“Under this approach, organisations should establish the facts before making public allegations, support their claims with credible evidence and communicate their positions transparently. Journalists, in turn, should independently test information, seek responses from affected parties and correct substantiated errors without delay. The approach would help minimise avoidable reputational damage while preserving the media’s capacity to hold institutions accountable and report matters of legitimate public interest.
“I advise the government and market regulators to assess the success of Nigeria’s capital market not merely by increases in market capitalisation and trading volumes, but also by its contribution to productive investment, enterprise development, employment and national prosperity. The fundamental responsibility of the capital market is to mobilise long-term capital and channel it towards productive enterprises, infrastructure and investments that support economic growth, create jobs and advance national development. Transparent disclosure, credible enforcement, sound corporate governance and effective investor protection are indispensable to achieving these objectives,” he said.
He stressed that market expansion would have limited developmental impact if ordinary Nigerians lacked the financial knowledge to5 understand investment opportunities, evaluate associated risks and make informed decisions.
Consequently, he called for stronger financial literacy initiatives that bring together regulators, market operators, professional bodies, educational institutions and the media to improve public understanding of investments and discourage susceptibility to misleading financial claims.
According to him, the credibility of the capital by market depends not only on the strength of its rules and institutions but also on the competence of its professionals, the quality of information available to investors and the confidence with which the public can participate in the market.
“As Nigeria seeks to deepen its capital market and mobilise more domestic and international investment, we must strengthen the connection between effective regulation, professional competence, responsible corporate communication and public understanding of investment. These are not separate priorities; they are mutually reinforcing pillars of a credible and productive market,” he said.
Oni maintained that sustained investment in financial journalism, professional ethics and public financial literacy would help create a more transparent market, better-informed investors and stronger accountability among listed companies and other market participants.
“The next phase of capital market development must therefore recognise that protecting investors requires not only sound regulation and responsible corporate conduct, but also a knowledgeable, independent and accountable financial press”, he added.
Moshood Isamotu is a marketing and communication strategist with over 30 years cognate experience in journalism, banking, IMC consulting, educational services, product development and government relations.
Oni at 66: Investor protection begins with a knowledgeable financial press