CBN Enhances Oversight with New Compliance Department

The Central Bank of Nigeria (CBN) announced the establishment of a dedicated Compliance Department to strengthen regulatory oversight and streamline supervisory responsibilities. The new department, created in the first quarter of 2025, will be fully operational in the second quarter.

It aims to enhance regulatory effectiveness by overseeing areas such as Financial Crime Supervision, Market Conduct Supervision, Enterprise Security Supervision, and Corporate Governance ESG Supervision. The Compliance Department will focus on combating money laundering, terrorism financing, market conduct, cybersecurity, data protection, and more.

CBN directed regulated financial institutions to report to the Compliance Department on corresponding issues.