The Central Bank of Nigeria (CBN) has directed all financial institutions to submit regulatory reports, correspondence, and related inquiries to the Director of its Compliance Department through the established communication channels.

The directive, contained in a letter addressed to banks, Payment Service Banks, and other financial institutions, was signed by the Director of the Compliance Department, Olubunmi Ayodele-Oni.

According to the letter, the Compliance Department was formally established in the first quarter of 2025, with operations commencing in the second quarter. The Department now oversees non-prudential risk areas as part of CBN’s broader strategy to enhance regulatory effectiveness, clarify institutional responsibilities, and strengthen oversight of emerging risks.

The letter outlined the scope of the Compliance Department, including:

  • Financial Crime Supervision, covering anti-money laundering (AML), combating the financing of terrorism (CFT), combating proliferation financing (CPF), and sanctions compliance.
  • Market Conduct Supervision, including disclosure practices, complaints management, and advertising standards.
  • Enterprise Security Supervision, focusing on cybersecurity, data protection, and third-party risk management.
  • Corporate Governance and ESG Supervision, covering board effectiveness and ESG oversight.

The CBN emphasized that all matters related to these areas must henceforth be directed to the Director of the Compliance Department. Institutions will receive further communication specifying points of contact and submission procedures.

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