…Orders Financial Institutions To Submit Regulatory Reports
The Central Bank of Nigeria (CBN) has established a dedicated Compliance Department, representing a significant step in its ongoing efforts to enhance regulatory oversight in the financial system and contribution to the nation’s economic growth.
A circular signed by the apex bank’s Director Compliance Department, Olubunmi Ayodele-Oni, indicated that the new department was created in Q1 2025 with full operational responsibilities commencing in Q2 2025.
It stated that the move remained part of the CBN’s broader structural reform aimed at consolidating oversight functions, clarifying institutional roles, and ensuring focused supervision of non-prudential and emerging risks.
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The circular partly reads: “The establishment of the Compliance Department is a strategic move to embed regulatory discipline and ensure robust oversight of non-prudential risks.”
The Compliance Department now oversees key areas, including Financial Crime Supervision — including Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), Counter-Proliferation Financing (CPF), and sanctions compliance; and Market Conduct Supervision — covering disclosure practices, complaints management, and advertising standards
Others are Enterprise Security Supervision — including cybersecurity, data protection, and third-party risk management; and Corporate Governance and ESG Supervision — focusing on board effectiveness and environmental, social, and governance oversight.
The CBN has directed all regulated financial institutions to channel future reports, correspondence, and inquiries related to these areas to the Director of the Compliance Department via established communication protocols.
It added that the affected institutions would receive further guidance on designated points of contact and submission procedures directly from the Department.
The CBN’s management reaffirmed its commitment to working collaboratively with financial institutions to ensure a smooth transition and uphold the highest standards of regulatory compliance.
