The Central Bank of Nigeria is proposing a major review of the regulatory framework governing Financial Holding Companies in a move aimed at strengthening oversight of the country’s banking groups and improving financial stability.
The apex bank says the proposed revision became necessary after more than a decade of implementing the existing guidelines introduced in 2014 to manage risks arising from non-banking activities within financial groups.
The review, which was communicated through a circular signed by the director of its Financial Policy and Regulation Department Rita Sike, is expected to align the framework with emerging realities in the financial sector and global regulatory standards.
According to the draft exposure released by the CBN, the new rules will provide clearer governance standards, enhance risk management practices, and improve the supervision of holding companies and their subsidiaries.
The regulator believes the changes will promote transparency, accountability, and the overall resilience of Nigeria’s financial system.
The Central Bank has invited stakeholders and members of the public to submit comments on the proposed guidelines before they are finalised, describing the consultation process as part of efforts to build a stronger and more sustainable financial sector.
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