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CBN establishes new unit to tackle financial crime
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The Central Bank of Nigeria has announced the creation of a dedicated Compliance Department aimed at enhancing oversight of non-prudential risks across the country’s financial system.
This new unit reflects the apex bank’s commitment to strengthening regulatory frameworks in response to evolving threats and compliance challenges.
In a circular issued to regulated financial institutions on Thursday, the CBN stated that the department was established in the first quarter of 2025 and became fully operational in the second quarter.
The move is part of broader structural reforms designed to improve regulatory efficiency, define institutional roles more clearly, and ensure focused supervision of emerging and non-traditional risks.
In recent years, the Nigerian financial sector has faced increasing pressure from global regulatory standards, technological threats, and evolving financial crimes.
Non-prudential risks—such as money laundering, cyberattacks, poor market conduct, and weak corporate governance—pose significant threats to financial stability and investor confidence.
“This structural reform forms part of the Bank’s broader efforts to consolidate and embed regulatory effectiveness within existing supervisory frameworks, clarify institutional responsibilities, and maintain focused oversight of non-prudential and emerging risks,” CBN said.
With its creation, the apex bank said the compliance department has taken over responsibilities in four key areas.
“Financial crime supervision, covering anti-money laundering, counter-terrorism financing, counter-proliferation financing, and sanctions compliance,” CBN said.
“Market conduct supervision, including disclosure practices, complaints management, and advertising standards;
“Enterprise security supervision covering cybersecurity, data protection, and third-party risk management; and corporate governance and ESG supervision focusing on board effectiveness and oversight of environmental, social, and governance oversight,” it added.
The financial regulator further said all regulatory reports, correspondence, and related inquiries concerning the matters should be directed to the director of, compliance department, through the established communication channels.
The apex bank added that institutions will receive direct guidance on specific points of contact and submission procedures.
CBN said it looks forward to continued cooperation from all institutions to ensure a smooth transition and to uphold the highest standards of compliance with applicable regulatory requirements.
The PUNCH Online reports that the apex bank is clamping down on PoS fraud with geo-tagging and global payment standards, aiming to make every digital transaction traceable and trustworthy.
The Nigerian National Petroleum Company Limited, NNPCL, has slashed its fuel pump price for the second time within four days.
A market survey on Saturday by DAILY POST showed that NNPCL retail outlets around Airport Junction and Wuse Zone 6 (Berger) in Abuja have reduced their petrol price to N1210 per litre, down from N1260.
This means that the state-owned oil firm slashed the petrol price by N50 per litre.
This comes barely two days after Dangote Refinery reduced its petrol gantry price by N50 to N1,125 per litre.
Recall that four days ago, NNPCL had adjusted its fuel price pump by N75 per litre to N1260.
With the latest drop by NNPCL retail outlets, petrol prices stand between N1210 per litre and N1305 per litre in Abuja and its environs.
The reduction in domestic fuel comes amid falling crude oil prices, which stand at $69 per barrel and $71 per barrel for West Texas Intermediate and Brent crude, respectively, following the easing of the conflict in the Middle East.
Recall that President Bola Tinubu has kept mum amid the clamour by Nigerians for a commensurate drop in domestic fuel pump prices due to the significant reduction in crude oil prices.
The Independent National Electoral Commission, INEC, has said it is yet to receive the Certified True Copy, CTC, of the Federal High Court judgment that set aside an earlier order directing it to register the Nigeria Democratic Congress, NDC, as a political party.
INEC revealed this in a statement issued on Saturday by its Chief Press Secretary and Media Adviser to the Chairman, Adedayo Oketola.
According to the commission, although it is aware of media reports on the judgment delivered by the Federal High Court sitting in Lokoja on June 26, it cannot comment on the ruling until it obtains and reviews the certified copy.
The Independent National Electoral Commission, INEC, is aware of reports circulating in the media regarding the judgment delivered on Friday, June 26, 2026, by the Federal High Court sitting in Lokoja, which set aside an earlier order concerning the registration of the Nigeria Democratic Congress.
“However, as of this moment, the Commission has not yet received the Certified True Copy, CTC, of the court’s order,” the statement said.
INEC stated that its legal department would study the judgment upon receipt of the CTC before advising the commission on the next course of action.
“Once the Commission’s legal department receives and thoroughly studies the CTC of the judgment, INEC will take an informed, lawful decision in line with the court’s directives.
“Until then, we cannot comment on the specifics of the ruling, and the public is urged to await the Commission’s formal position on the matter,” Oketola added.
Justice Isah Dashen of the Federal High Court in Lokoja had on Friday set aside the court’s December 10, 2025, judgment directing INEC to register the NDC as a political party.
The court held that the rights of the Peace Movement Party were affected by the earlier judgment because it was not joined in the suit despite claiming ownership of the logo relied upon in securing the registration order.
Justice Dashen consequently ordered that all parties be restored to the positions they occupied before the December 2025 judgment and directed that the substantive suit be heard afresh with all necessary parties joined.
The NDC has rejected the ruling and announced plans to appeal the decision. Its National Chairman, Senator Moses Cleopas, maintained that the party had not been deregistered and argued that the trial court lacked jurisdiction to revisit a matter on which it had already delivered a final judgment.
The ruling has also attracted reactions from opposition figures, including the NDC’s presidential candidate, Peter Obi, the party’s National Leader, Senator Henry Dickson, and other stakeholders, who described the decision as a threat to Nigeria’s multiparty democracy and vowed to challenge it through all available legal channels.
INEC, however, maintained that it would reserve its position on the judgment until it receives and reviews the Certified True Copy.
A joint police operation rescued five victims abducted near Ogbere Forest in Ogun state on Wednesday.
They were rescued within 25 hours by the Lagos and Ogun Police Commands, which were part of a joint operation codenamed KOSAYE, meaning “No Space” in Yoruba.
The woman was among the victims who were shot in the incident. Her daughter and sister were among those rescued by the police on Thursday.
NNPC slashes petrol price twice within four days
Lokoja Court order: INEC speaks on NDC, says it’s yet to receive CTC
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