In the first months of 2025, the Central Bank of Nigeria, CBN, took a bold step to protect the nation’s financial system.
It created a new Compliance Department, a unit designed to fight financial crimes, monitor terrorism financing, and strengthen trust in banks and financial services.
In the first quarter of 2025, a new chapter quietly began inside the Central Bank of Nigeria (CBN).
The apex bank established a fresh unit called the Compliance Department.
Its purpose was clear: to fight financial crimes, monitor terrorism financing, and make Nigeria’s financial system safer.
This move was not just another policy decision. For years, challenges like money laundering, poor banking practices, and rising cyber threats had tested the strength of the financial sector.
The CBN decided it was time for stronger supervision and a clearer division of responsibilities.
The bank created the new department to answer these challenges and prepare the banking system for future risks.
CBN Important Announcement
On September 4, 2025, the bank made its decision public.
Olubunmi Ayodele-Oni signed a letter on behalf of the Director of Compliance.
They sent that letter to all banks, payment service banks, and financial institutions under the Banks and Other Financial Institutions Act (BOFIA) 2020.
The letter explained that the department had officially started operations in the second quarter of 2025.
It was now responsible for supervising non-prudential risk areas.
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These included anti-money laundering, counter-terrorism financing, sanctions compliance, and counter-proliferation financing.
But the department’s duty went further and was also placed in charge of market conduct.
This meant making sure banks disclosed information properly, handled customer complaints fairly, and kept advertising honest.
Building A Safer Future
The Compliance Department’s reach did not end there.
They also gave it control of enterprise security.
This included cybersecurity, data protection, and the management of third-party risks.
In addition, it took responsibility for corporate governance by ensuring that boards of directors were effective.
And that financial institutions followed environmental, social, and governance (ESG) standards.
To make the transition smooth, the CBN directed all financial institutions to address their reports, inquiries, and correspondence in these areas to the Director of the Compliance Department.
The bank also promised to share further details, including contact points and submission processes, directly with institutions.
Finally, the apex bank expressed gratitude for the cooperation of banks and financial institutions.
It reminded them that their support was vital in building a stronger, safer, and more trustworthy financial system.
The story of this department is more than an internal change.
It signals that Nigeria’s financial regulator is determined to stay ahead of risks, protect citizens, and strengthen confidence in the country’s economy.
