The Central Bank of Nigeria (CBN) has assigned new roles to the newly inaugurated Compliance Department of the apex bank.
In a letter to all banks, Payment Service Banks and Other Financial Institutions, the apex bank notified the institutions that Compliance Department was established in Q1 2025.
CBN director, Compliance Department, Olubunmi Ayodele-Oni, stated that unit will now have oversight responsibility for 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).
“When operations commenced in Q2 2025, responsibility for the oversight of non-prudential risk areas was formally reassigned to the Department. This structural reform forms part of the Bank’s broader efforts to consolidate and embed regulatory effectiveness within existing supervisory frameworks, clarify institutional responsibilities, and maintain focused oversight of non-prudential and emerging risks,” it said.
The apex bank explained that henceforth, all regulatory reports, correspondence, and related enquiries concerning these matters should be directed to the Director, Compliance Department through the established communication channels.
“Financial institutions will receive direct communication from the Department regarding specific points of contact and submission procedures. The CBN looks forward to continued cooperation from all institutions in ensuring a smooth transition and in upholding the highest standards of compliance with applicable regulatory requirements,” it stated.
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