News

CBN Establishes New Unit To Tackle Financial Crime

Published

3 weeks ago

September 5, 2025

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 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.

News

Navy Opens Recruitment For Basic Training School Batch 38

Published

9 hours ago

September 26, 2025

Editor

The Nigerian Navy has opened applications for its Basic Training School (BTS) Batch 38 recruitment exercise, scheduled to run from October 2 to October 31, 2025.

According to an official statement, the recruitment process is free, and interested applicants must submit their applications online at https://www.joinnigeriannavy.navy.mil.ng/https://www.joinnigeriannavy.navy.mil.ng.

Successful candidates will undergo basic military training before being officially enlisted as Ordinary Seamen.

The Navy stressed that eligibility is restricted to Nigerian citizens by birth with a valid National Identification Number (NIN). Applicants must have no criminal record and must not be affiliated with secret societies, cults, or fraternities.

Educational and age requirements were clearly outlined. Candidates applying with O’level results must be between 18 and 22 years old as of December 31, 2025.

Those with OND/NCE qualifications must be aged 18 to 26, while Chaplain/Imam Assistants and Drivers/Mechanics must fall within the 18 to 28 age bracket.

In all cases, applicants are required to have at least five credits, including English Language and Mathematics, obtained in not more than two sittings in WAEC, NECO, GCE, or NABTEB, with certificates not older than 2015.

The Navy added that special professions, such as Medical Assistants and Nurses, require proof of registration with relevant professional bodies.

Applicants for technical trades including tailoring, plumbing, carpentry, welding, and electrical works must present valid Trade Test certificates in addition to academic qualifications.

Similarly, candidates applying as sportsmen and women are expected to provide certificates and medals as evidence of their sporting achievements.

The recruitment examination is scheduled for November 29, 2025, at designated centers nationwide.

Candidates are required to bring their Attestation Form, duly signed with a passport photograph of the signer, along with valid identification such as a Driver’s License, International Passport, or National ID Card.

Applicants have been cautioned against multiple applications, which will lead to disqualification.

The Navy further advised candidates to seek clarification only through official communication channels provided on the recruitment portal.

News

BREAKING: Gov Fubara Dissolves Rivers Pension Board

Published

10 hours ago

September 26, 2025

Editor

Governor Siminalayi Fubara of Rivers State has dissolved the State Pensions Board with immediate effect.

Rivers State Head of Service Mrs Inyingi Brown made this announcement on Friday in Port Harcourt.

According to the governor, the office of the State Accountant General will handle the functions of the board until a new one is constituted.

News

FAAN Launches Cashless Payment System Across Airports

Published

11 hours ago

September 26, 2025

Editor

The Federal Airports Authority of Nigeria (FAAN) has launched the cashless system of payment across all airports.

“FAAN in partnership with Paystack, is proud to announce the roll out of OPERATION GO CASHLESS, a cashless contactless payment solution across all airports beginning with Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja,” the agency said in a communique on Thursday.

Effective September 29, 2025, all payments at FAAN’s revenue points, including airport Access Gates, Car Parks, FAAN VIP and Protocol Lounges will go cashless which means the agency will be phasing out the collection of cash at these points.

FAAN added that travelers and airport users will now enjoy fast and seamless services by using a secure contactless payment option.

This initiative, it stated, is a response to the growing demand for safe, modern, and transparent payment systems while ensuring Nigeria’s airports remain aligned with global digital trends.

By reducing reliance on cash, FAAN said it aims to enhance efficiency, improve revenue assurance, and deliver a better customer experience at our airports.

To ease the transition, trained brand ambassadors have been deployed at access gates and around the terminals to guide users, assist with onboarding, provide demonstrations, and answer questions they may have.

In addition, passengers have been directed to obtain a FAAN Go Cashless Card at any airport access gate in Lagos and Abuja.

After collection, users are encouraged to activate and fund their cards immediately by visiting www.gocashless. faan.gov.ng.

FAAN added that it remains committed to continuous improvement and will expand this cashless policy to other airports nationwide in phases.

For inquiries, airport users have also been advised to contact FAAN’s support line at 0700 CBS FAAN (0700 227 3226) or email the agency at gocashlesssupport@faan.gov.ng.