Author: Gist Correspondent

The Central Bank of Nigeria (CBN) has intensified its supervisory focus on terrorism financing, declaring it a key regulatory priority as part of efforts to safeguard the country's financial system from abuse by criminal and terrorist networks.

In a statement issued  by the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi-Ali, the apex bank said the renewed focus would strengthen measures aimed at detecting and preventing terrorism financing across the financial sector.

According to the CBN, the enhanced supervisory framework will cover terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and the reporting of suspicious transactions linked to terrorism financing.

The Bank said it would continue to adopt a risk-based supervisory approach through both on-site and off-site engagements to ensure financial institutions maintain effective Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) controls.

It noted that the initiative aligns with existing legal and regulatory obligations and is designed to improve compliance across the financial industry.

The CBN added that the strengthened supervisory focus would also reinforce Nigeria's domestic and international collaboration on counter-terrorism financing, counter-proliferation financing and broader efforts to protect the integrity of the country's financial system.

The apex bank assured stakeholders that further supervisory engagements would be carried out where necessary to ensure continued compliance and effective implementation of the new priority areas.