The Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current
supervisory priority, as part of its ongoing commitment to protecting the Nigerian financial system
from abuse by illicit actors.
This supervisory priority, according to a statement by Sidi-Ali, Hakama (Mrs.), Ag. Director, Corporate Communications and Investor Relations Department, CBN, covers, at a high level, terrorism financing risk management, terrorism financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting.
The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site
engagement, to support effective AML/CFT/CPF controls across the financial sector in line with
existing legal and regulatory obligations.
This supervisory focus also supports Nigeria’s ongoing domestic and international cooperation on
counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of
the financial system.
Further supervisory engagement will be undertaken as appropriate, the apex Bank concluded.
