The Central Bank of Nigeria (CBN) has instructed all banks, Payment Service Banks, and other financial institutions to forward their regulatory reports, official correspondence, and related inquiries directly to the CBN’s Compliance Department through the proper channels.
The directive was communicated in a letter signed by Olubunmi Ayodele-Oni, Director of the Compliance Department. According to the CBN, the department was officially set up in the first quarter of 2025, with operations beginning in the second quarter.
With the establishment of this department, the oversight of non-prudential risks has been centralized. This move aims to enhance regulatory efficiency, clarify roles within the banking system, and maintain dedicated monitoring of emerging financial risks.
The Compliance Department now oversees several key areas, including:
- Financial Crime Supervision: Covering anti-money laundering, counter-terrorism financing, counter-proliferation financing, and sanctions compliance.
- Market Conduct Supervision: Managing disclosure practices, handling customer complaints, and monitoring advertising standards.
- Enterprise Security Supervision: Overseeing cybersecurity, data protection, and third-party risk management.
- Corporate Governance and ESG Supervision: Ensuring board effectiveness and monitoring environmental, social, and governance (ESG) compliance.
The CBN has emphasized that all communications, reports, and queries regarding these responsibilities must now go through the Director of the Compliance Department. Financial institutions will receive detailed guidance on points of contact and submission procedures directly from the department.