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# Central Bank of Nigeria sets up compliance department covering financial crime, conduct, cyber risk and ESG
- URL: https://www.theglobalbanker.com/central-bank-of-nigeria-sets-up-compliance-department-covering-financial-crime-conduct-cyb/
- Published: 2025-09-05T08:00:00.000Z
- Updated: 2026-10-01T19:08:51.000Z
- Description: The CBN told banks and other financial institutions that a new Compliance Department now supervises non-prudential risks, from AML and sanctions to market conduct, cybersecurity and governance.
- Author: TGB Editorial Team
- Tags: Regulations, Africa, #archive

The Central Bank of Nigeria (CBN) has notified banks, payment service banks and other financial institutions that a new Compliance Department now supervises non-prudential risk areas across the financial sector, in a letter dated 4 September 2025 and reported on 5 September.

According to the letter, the department was established in the first quarter of 2025 and began operations in the second quarter, when supervisory responsibility for non-prudential risks was formally reassigned to it. The letter, addressed to institutions defined as financial institutions under the Banks and Other Financial Institutions Act (BOFIA) 2020, was signed by Olubunmi Ayodele-Oni of the Compliance Department.

#### FOUR AREAS OF SUPERVISION

The department has taken over financial crime supervision, covering anti-money laundering, countering the financing of terrorism, counter-proliferation financing and sanctions compliance. It is also responsible for market conduct supervision, including disclosure practices, complaints management frameworks and advertising standards.

Its remit further includes enterprise security supervision, covering cybersecurity, data protection and third-party risk management, as well as corporate governance and ESG supervision, including board effectiveness and environmental, social and governance oversight.

#### REPORTING CHANGES

The CBN said the creation of the department forms part of broader structural reforms aimed at consolidating regulatory effectiveness, clarifying institutional responsibilities and strengthening oversight of non-prudential and emerging risks in the financial system.

The department is intended to serve as a single point for coordinating compliance and supervisory matters across commercial banks, payment service banks and other financial institutions. The CBN directed that all regulatory reports, correspondence and inquiries relating to these areas should now be addressed to the Director of the Compliance Department. Institutions will receive further details from the department on specific contact points and submission procedures.