Yemisi Izuora
The Central Bank of Nigeria (CBN) has set up a dedicated Compliance Department to strengthen oversight on financial crimes, cybersecurity, corporate governance, and ESG risks.
In a circular signed by Olubunmi Ayodele-Oni, the CBN said the department, created in Q1 and fully operational from Q2 2025, will consolidate supervisory functions and streamline reporting across the financial sector.
The new unit will cover four critical areas – financial crimes supervision, market conduct supervision, enterprise security, corporate governance & ESG.
All regulated financial institutions are now required to route related reports and inquiries directly to the Director of Compliance. Further details on designated contact channels will be provided soon.
The move follows growing concerns about rising fraud in Nigeria’s financial system.
In July, CBN Governor Olayemi Cardoso revealed that fraud cases surged 45% in just one year, with 70 per cent of losses traced to digital channels, particularly unregulated virtual asset platforms.
While Cardoso acknowledged that digital innovation has boosted financial inclusion, he warned that it has also introduced complex regulatory and security challenges that demand tighter oversight.