Nigeria: Central Bank to Prioritise Terrorism Financing Supervision

What the report says

Nigeria’s Central Bank has said it will place greater supervisory attention on terrorism financing as part of efforts to shield the country’s financial system from abuse. According to a Premium Times report distributed by AllAfrica, the announcement was made in a statement from the bank’s acting director of corporate communications and investor relations, Sidi-Ali Hakama, on Tuesday in Abuja.

The Central Bank of Nigeria said the focus will include terrorism-financing risk management, transaction monitoring, implementation of targeted financial sanctions, and reporting of suspicious transactions tied to terrorism financing. It said it will continue using a risk-based supervisory approach, with both on-site and off-site engagement, to strengthen anti-money laundering, counter-terrorism financing and counter-proliferation financing controls across the sector.

The regulator said the move is intended to support domestic and international cooperation on counter-terrorism financing, counter-proliferation financing and broader financial integrity efforts. It also said additional supervisory engagement may be carried out where needed.

The report places the announcement in the context of earlier enforcement steps by the CBN this year, including instructions to freeze certain accounts and assets linked to people and bureau de change operators designated over terrorism-related activity, and amendments to banking rules on Bank Verification Numbers and watch-list procedures. Together, these measures suggest a broader tightening of oversight in Nigeria’s financial sector.