The Central Bank of Nigeria (CBN) has issued a directive instructing banks, Payment Service Banks, and Other Financial Institutions (OFIs) to submit all regulatory reports, correspondence, and related inquiries through its newly established Compliance Department.
According to Vanguard News, the directive was communicated in a letter signed by the Director of Compliance, Olubunmi Ayodele-Oni.
The letter stated that the department, which was set up in the first quarter of 2025 and began operations in the second quarter, has been tasked with overseeing non-prudential risk areas.
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The CBN emphasized that this restructuring is part of broader reforms aimed at strengthening regulatory effectiveness, streamlining supervisory responsibilities, and enhancing oversight of emerging risks.
The Compliance Department now oversees four key areas:
- Financial Crime Supervision – covering anti-money laundering, counter-terrorist financing, counter-proliferation financing, and sanctions compliance.
- Market Conduct Supervision – including disclosure practices, complaint management, and advertising standards.
- Enterprise Security Supervision – focusing on cybersecurity, data protection, and third-party risk management.
- Corporate Governance and ESG Supervision – ensuring board effectiveness and environmental, social, and governance oversight.
The apex bank further noted that financial institutions will be contacted directly regarding submission procedures and designated points of communication.
It urged continued cooperation from all regulated entities to ensure a seamless transition and compliance with regulatory requirements.
Image Credit: Vanguard News
