CBN directs financial institutions to submit regulatory reports to compliance dept

On the previous day, the Central Bank of Nigeria (CBN) instructed financial institutions to send all regulatory documents, communications, and relevant inquiries to the Director of its Compliance Department using the designated communication methods.

This instruction was outlined in a letter sent to banks, Payment Service Banks, and other Financial Institutions (OFIs).

The letter was signed by Olubunmi Ayodele-Oni, the Director of the Compliance Department at CBN, and stated: “We formally inform all regulated entities that the Compliance Department began its operations in the first quarter of 2025.

“Following the start of operations in the second quarter of 2025, oversight of non-prudential risk areas was officially transferred to this Department.

“This organizational change is part of the Bank’s larger plan to strengthen regulatory effectiveness within current supervisory structures, clarify roles, and ensure diligent oversight of non-prudential and emerging risks.

“The Department is now responsible for several key areas: Financial Crime Supervision (such as AML/CFT/CPF and sanctions compliance),

Market Conduct Supervision (which includes disclosure practices, handling complaints, and advertising standards),

“Enterprise Security Supervision (covering cybersecurity, data privacy, and management of third-party risks),

“Corporate Governance and ESG Supervision (which looks at board effectiveness and ESG oversight).

“All future regulatory documents, communications, and inquiries related to these areas should be sent to the Director of the Compliance Department using the established communication methods.

“Financial institutions will receive direct updates from the Department on specific contact points and submission guidelines.

“The CBN anticipates ongoing collaboration from all institutions to ensure a seamless transition and to uphold the highest levels of compliance with relevant regulatory requirements.”