The Central Bank of Nigeria issued a circular to all banks, payment service banks and other financial institutions, confirming that it established a Compliance Department in Q1 2025 and reassigned oversight of specified non-prudential risk areas to the Department when it began operations in Q2 2025. The remit transferred to the Compliance Department covers financial crime supervision (including AML/CFT/CPF and sanctions compliance), market conduct supervision (including disclosure practices, complaints management frameworks and advertising standards), enterprise security supervision (including cybersecurity, data protection and third-party risk management), and corporate governance and ESG supervision (including board effectiveness and ESG oversight). All regulatory reports, correspondence and related inquiries on these matters are to be directed to the Director, Compliance Department through established communication channels. Financial institutions will receive direct communication from the Department on points of contact and submission procedures.
Central Bank of Nigeria 2025-09-04
Central Bank of Nigeria establishes Compliance Department and reassigns non-prudential supervisory oversight
The Central Bank of Nigeria announced the establishment of a Compliance Department in Q1 2025, with oversight of non-prudential risk areas transferred to it in Q2 2025. The department's remit includes financial crime, market conduct, enterprise security, and corporate governance and ESG supervision. Financial institutions will receive guidance on communication and submission procedures from the department.