OPINION: Accountability Gains Ground as Reforms, Prosecutions Signal Shift in Nigeria’s Economic Governance

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As Nigeria marks its 46th Workers’ Day anniversary, a growing body of developments across infrastructure, financial regulation, and anti-corruption enforcement is reshaping public conversation about governance and accountability.

For decades, public skepticism has trailed government initiatives, often rooted in a history of abandoned projects, weak institutions, and unresolved corruption cases. However, recent actions by federal authorities are prompting renewed debate about whether a shift toward stronger accountability is underway.

At the center of this discussion is the ongoing construction of the Lagos-Calabar Coastal Highway, a 700-kilometer project linking Lagos to Cross River State through several coastal states. Initially met with widespread criticism over its estimated N15.6 trillion cost and the displacement of residents, the project has nonetheless recorded measurable progress.

By March 2025, the first phase—a 47.47-kilometer stretch from Victoria Island—was nearing completion. Government figures indicate that over N15 billion has been paid in compensation to affected property owners. Portions of the highway were opened to commuters during the 2025 Christmas period, with Lagos State authorities citing early economic benefits.

While concerns over procurement transparency and social impact persist, analysts note that Nigeria’s longstanding infrastructure deficit—estimated to cost the economy billions annually—underscores the need for large-scale projects.

Parallel to infrastructure efforts, reforms in the banking sector have also drawn attention. Under Central Bank Governor Olayemi Cardoso, new capital requirements were introduced in 2024, significantly increasing minimum thresholds for commercial banks.

The recapitalisation programme reportedly raised about N4.65 trillion within two years, with approximately 28 percent sourced from foreign investors. The initiative aims to strengthen financial stability and restore confidence following past banking failures linked to insider abuse and weak corporate governance.

Regulatory tightening has focused on curbing insider lending and improving oversight—issues that contributed to the collapse of institutions such as Skye Bank and Heritage Bank. Authorities say the reforms are designed to prevent a recurrence of such failures and protect depositors.

Meanwhile, anti-corruption enforcement has intensified. The arrest of businessman Tunde Ayeni in April 2026 marks a significant development in ongoing investigations into alleged financial misconduct linked to bank loans and privatisation deals.

According to investigators, funds obtained for specific projects were allegedly diverted toward the acquisition of national telecom assets during the NITEL/MTEL privatisation. Authorities are also examining multiple companies reportedly connected to the transactions.

The case is part of a broader pattern of enforcement actions targeting high-profile individuals. Previous asset recovery efforts, including those involving former Petroleum Minister Diezani Alison-Madueke, have involved international cooperation and resulted in substantial recoveries.

Data from the Economic and Financial Crimes Commission (EFCC) indicates increased activity, including thousands of convictions and significant asset recoveries in recent years. Officials say these efforts are aimed at reinforcing the rule of law and deterring financial crimes.

Observers note that while challenges remain, including concerns about due process, transparency, and institutional capacity, the combination of infrastructure development, financial sector reform, and sustained anti-corruption actions reflects a more assertive approach to governance.

Whether these measures will translate into lasting systemic change remains to be seen, but they have already begun to influence perceptions of accountability within Nigeria’s political and economic landscape.

Chukwuma Daniels is a celebrity lawyer and human rights activist.