The Central Bank of Nigeria, CBN, has announced the establishment of a department to oversee regulatory compliance in the banking and financial sector of the economy.
The apex bank made the announcement in a circular to banks and other financial institutions, OFI, on Thursday, saying the department was established in the first quarter of the year, but only began work in the second quarter of 2025.
In the circular dated September 4, with reference number /DIR/PUB/CIR/001/002, the apex bank said is necessary to effectively control issues relating to financial regulations in the sector in line with its power under the BOFIA Act.
The department, according to the circular, will focus on four key areas, the CBN said.
They include, “Financial crime supervision, covering anti-money laundering (AML), counter-terrorism financing (CFT), counter-proliferation financing (CPF), and sanctions compliance,” CBN said.
“Market conduct supervision, including disclosure practices, complaints management, and advertising standards;
“Enterprise security supervision covering cybersecurity, data protection, and third-party risk management; and corporate governance and ESG supervision focusing on board effectiveness and oversight of environmental, social and governance (ESG) oversight.”
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