The Central Bank of Nigeria (CBN) has directed all financial institutions to channel their regulatory reports, correspondence, and related inquiries to its newly created Compliance Department.
The directive, issued in a circular signed by the Director of the Compliance Department, Olubunmi Ayodele-Oni, was addressed to banks, Payment Service Banks, and Other Financial Institutions (OFIs).
According to the apex bank, the Compliance Department was established in the first quarter of 2025, with full operations commencing in the second quarter. The move is part of a wider structural reform aimed at strengthening regulatory effectiveness, clarifying institutional responsibilities, and providing focused oversight of non-prudential and emerging risks.
The CBN outlined the key supervisory areas under the new department to include:
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Financial Crime Supervision (covering AML/CFT/CPF and sanctions compliance)
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Market Conduct Supervision (disclosure practices, complaints management, and advertising standards)
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Enterprise Security Supervision (cybersecurity, data protection, and third-party risk management)
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Corporate Governance and ESG Supervision (board effectiveness and ESG oversight)
“Henceforth, all regulatory reports, correspondence, and inquiries on these areas should be directed to the Director, Compliance Department, through the established communication channels,” the CBN stated.
The bank further assured that financial institutions will receive direct communication from the department on specific contact points and submission procedures. It also urged full cooperation to ensure a smooth transition while upholding the highest standards of compliance.
