Abuja, Nigeria – The Central Bank of Nigeria (CBN) has announced that terrorism financing supervision has been elevated to one of its key supervisory priorities as part of ongoing efforts to safeguard the integrity and stability of Nigeria’s financial system.
In a statement issued by the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi-Ali, the apex bank said the enhanced supervisory focus is aimed at preventing the financial system from being exploited by terrorists and other illicit actors.
According to the CBN, the initiative will strengthen oversight of financial institutions in several critical areas, including terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions, and the reporting of suspicious transactions linked to terrorism financing.
The Bank stated that it will continue to deploy a risk-based supervisory framework, combining both on-site examinations and off-site monitoring to assess compliance with Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) requirements. The approach is designed to ensure that financial institutions maintain effective internal controls and comply with existing legal and regulatory obligations.
The CBN noted that the strengthened supervisory measures also support Nigeria’s broader domestic and international commitments to combating terrorism financing, countering proliferation financing, promoting financial integrity, and protecting the nation’s financial system from abuse.
The regulator added that further supervisory engagements with regulated institutions will be conducted where necessary to reinforce compliance and address emerging risks.
The latest directive reflects the Central Bank’s continued commitment to aligning Nigeria’s financial regulatory framework with international standards while enhancing the resilience of the country’s banking and financial services sector against financial crimes.
Source: Central Bank of Nigeria (CBN)
