BREAKING: CBN TIGHTENS NOOSE ON TERROR FINANCING, ELEVATES SUPERVISION

Banks, Financial Institutions Face Heightened Scrutiny Over Suspicious Transactions, Sanctions Compliance

By Okwo Romeon 

ABUJA — The Central Bank of Nigeria (CBN) has elevated terrorism financing risk to a current supervisory priority, signalling tougher regulatory scrutiny of financial institutions as the apex bank moves to prevent Nigeria’s financial system from being exploited by illicit actors.

The CBN, in a press release, said its strengthened supervisory focus would cover terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and the reporting of suspicious transactions linked to terrorism financing.


The apex bank said it would deploy a risk-based supervisory approach, including on-site and off-site engagements, to assess and strengthen Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) controls across the financial sector.

The move comes as Nigeria deepens domestic and international cooperation on counter-terrorism financing, counter-proliferation financing and financial integrity.

According to the CBN, further supervisory engagements will be undertaken where necessary to ensure that financial institutions comply effectively with existing legal and regulatory obligations.

The statement was signed by Sidi-Ali, Hakama (Mrs), Acting Director, Corporate Communications and Investor Relations Department.

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