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Anthony Ufoh
The Central Bank of Nigeria (CBN) has announced that it has opened a new department that is dedicated to enhancing effectiveness.
Olubunmi Ayodele-Oni in a signed circular stayed that the new department was created in the first quarter of the year with full operational responsibilities commencing in the second quarter of 2025.
The move is part of a broader structural reform aimed at consolidating oversight functions, clarifying institutional roles, and ensuring focused supervision of non-prudential and emerging risks.
The CBN has directed all regulated financial institutions to channel future reports, correspondence, and inquiries related to these areas to the Director of the Compliance Department via established communication protocols.
Institutions will receive further guidance on designated points of contact and submission procedures directly from the Department.
He said, “The establishment of the Compliance Department is a strategic move to embed regulatory discipline and ensure robust oversight of non-prudential risks,” the circular stated.
The CBN reaffirmed its commitment to working collaboratively with financial institutions to ensure a smooth transition and uphold the highest standards of regulatory compliance.
In July, the CBN raised the alarm over a significant rise in financial fraud cases in the country, revealing that fraud surged by 45% within one year, with 70% of the resulting losses traced to digital channels, particularly unregulated virtual asset platforms.
This was disclosed by the CBN Governor, Olayemi Cardoso, in a speech delivered on his behalf by Muhammad Sani Abdullahi, Deputy Governor for Economic Policy, at a public lecture organized by the Economic and Financial Crimes Commission (EFCC).
He added that findings from the CBN’s Financial Stability Report 2024 reveal a sharp increase in fraud
Cardoso noted that while digital innovation has enabled broader financial inclusion, it has also introduced complex regulatory and security challenges.