CBN strengthens Regulatory Oversight to Safeguard Nigeria’s Financial System

By Oluwakemi Kindness

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to strengthening regulatory oversight to protect the country’s financial ecosystem and align it with global best practices.

Shola Phillips, Special Adviser to the CBN Governor on Compliance, emphasized the need for strict adherence to international banking standards to sustain confidence in Nigeria’s financial sector.

He made this known at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop in Lagos.

“Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programs that respond to the evolving financial landscape. Proactive engagement with regulatory developments and the integration of innovative compliance solutions are essential for meeting these expectations effectively,” Phillips stated.

According to a statement released by the CBN on Sunday, the workshop aligns with Governor Olayemi Cardoso’s vision to uphold regulatory excellence and fortify Nigeria’s financial system.

With a focus on reinforcing compliance culture and risk management frameworks, the CBN aims to enhance the resilience and credibility of Nigeria’s financial sector, both locally and globally.

The training brought together compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions. Participants gained insights into global regulatory trends, emerging financial risks, and strategies to maintain correspondent banking relationships.