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Banks (Finance)

Central Bank of Nigeria Establishes New Compliance Department

Strategic Insights

— 1 min read

The Central Bank of Nigeria (CBN) has recently set up a new Compliance Department to oversee various aspects of financial regulations, aiming to strengthen the banking sector and enhance supervisory capabilities. The department, led by Director Olubunmi Ayodele-Oni, began operations in the second quarter of 2025 and will handle areas previously managed by different CBN units. This move is part of the CBN's efforts to create clearer, more effective regulations that focus on new risks affecting the financial system. The Compliance Department will address various key areas, including financial crimes, market conduct, enterprise security, and corporate governance.

Key Takeaways:

  • The new Compliance Department will oversee financial crimes such as money laundering, terrorism financing, and sanctions violations.
  • The department will also manage market conduct, including how banks disclose information, manage customer complaints, and advertise services.
  • Enterprise security will be overseen by the new department, including cybersecurity, data protection, and risks from third-party service providers.
  • Corporate governance and ESG (Environmental, Social, and Governance) issues will be addressed by the department, including the performance of bank boards and compliance with ESG standards.
  • The Compliance Department will serve as a single point for coordinating compliance and supervisory issues across commercial banks, payment service banks, and other financial institutions.
  • The department will receive all regulatory reports and inquiries related to the areas under its jurisdiction.
  • Financial institutions will be given details of new contact persons and submission procedures.
  • The CBN assured Nigerians that the change will be smooth and will help uphold the highest standards of compliance in the country's financial system.

Statistics:

  • The new Compliance Department began operations in the second quarter of 2025.
  • The department will oversee various areas of financial regulations, including financial crimes, market conduct, and enterprise security.
  • The CBN will direct all regulatory reports and inquiries to the Compliance Department.
  • Financial institutions will receive new contact person and submission procedure details.

Sources:

  • "Central Bank of Nigeria Establishes New Compliance Department"
  • "CBN Sets Up Compliance Department to Enhance Supervision"

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