The Central Bank of Nigeria (CBN) has intensified its efforts to combat terrorism financing, making supervision of related financial activities a major priority across the country’s financial sector.
The apex bank said it would strengthen monitoring of financial institutions to identify and prevent transactions that could facilitate terrorism and other illicit activities.
In a statement signed by its Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Alli, the CBN said its new supervisory focus would cover terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and reporting of suspicious transactions linked to terrorism financing.
According to the bank, the initiative would be implemented through a risk-based supervisory approach involving both on-site and off-site monitoring of financial institutions.
The CBN said the measures would be carried out in line with existing legal and regulatory requirements governing the financial sector.
It added that the initiative supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing and financial integrity.
The apex bank stressed that the move was aimed at protecting Nigeria’s financial system from illicit actors while strengthening the country’s financial integrity at both domestic and international levels.
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Samuel Agada is a writer and media contributor from Olamaboro Local Government Area of Kogi State, Nigeria. He is a graduate of Biochemistry from the University of Jos and a former banker with GTBank and FCMB. A prolific writer, songwriter, educator, and Gospel preacher, he is passionate about informing, inspiring, and impacting society through his work.