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CBN Collaborates with Security Agencies to Combat Illicit Financing

CBN Collaborates with Security Agencies to Combat Illicit Financing

The Central Bank of Nigeria (CBN) has announced its plans to closely monitor the process of recapitalisation in collaboration with law enforcement agencies.

The primary objective behind this initiative is to combat illicit financing within the sector.

Haruna Mustafa, the Director of the CBN’s Financial Policy and Regulation Department, revealed this development through a circular issued on Friday.

The circular, which was directed towards commercial, merchant, and non-interest banks, as well as promoters of proposed banks, outlined the new minimum capital requirements for banks.

The CBN, acting as the regulatory authority, will work hand in hand with relevant law enforcement agencies to ensure effective enforcement of these requirements.

The central focus of the CBN’s efforts is to guarantee that the capital raised during the recapitalisation process is obtained through legal means, without any involvement in illicit activities.

It is worth noting that the CBN recently raised the minimum capital requirements for all banks operating in Nigeria.

By collaborating with security agencies, the CBN strives to create a secure and transparent banking environment that promotes financial stability and safeguards against unlawful financial practices.

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Blessing Temi

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