All financial regulatory bodies in Nigeria, including banks and non-financial enterprises, are regulated by the Federal Ministry of Finance.
The duty of these financial regulatory bodies in the country is to monitor, regulate, and control the activities of all financial institutions in the country, as their respective establishment statutes allow them to achieve specific aims and objectives.
As a result, the monetary system in Nigeria is conserved and regulated, maintaining the stability of the system. Let’s take a deeper look at each of them in the sections below, without further ado.
Complete List Of All Financial Regulatory Bodies In Nigeria
Let’s have a look at the full list of Nigeria’s financial regulatory agencies. A detailed list of all the bodies can be found below.
Central Bank Of Nigeria (CBN)
The Central Bank of Nigeria (CBN) is Nigeria’s highest economic statutory agency, as we all know.
The country’s central bank was formed by the Central Bank of Nigeria Act of 1958, and it started functioning on July 1, 1959.
In Nigeria’s financial sector, the CBN has various tasks and responsibilities, namely promoting monetary stability and a strong financial system.
Serving as the federal government’s banker and financial counselor, as well as the banker of last resort for all other banks in the country, particularly commercial banks.
Financial institutions can also benefit from the CBN’s assistance.
The CBN was given broader latitude in regulating and administering the banking system after introductory legislation was passed in 1991.
Also, regulating financing companies that previously operated outside of any legal framework.
Securities And Exchange Commission (SEC)
Nigeria’s Securities and Exchange Commission (SEC), which is administered by the Federal Ministry of Finance, is the country’s leading financial regulatory body.
The Securities and Exchange Commission’s (SEC) main goal is to oversee Nigeria’s financial services and markets industry, maintaining a strong eye on it in order to ensure structured and fair stock transactions and protect the Nigerian Stock Exchange from market manipulation.
Federal Mortgage Bank Of Nigeria (FMBN)
The Federal Mortgage Bank of Nigeria took over the assets and liabilities of the Nigerian Building Society (FMBN).
This Nigerian financial regulatory body provides banking and advisory services, as well as housing research throughout the country.
The FMBN was given the authority to license and regulate major mortgage institutions in Nigeria, as well as to serve as the industry’s apex regulatory body, regarding the implementation of the National Housing Policy in 1990.
The funding function of the Federal Mortgage Bank of Nigeria was transferred to the Federal Mortgage Finance, while the FMBN’s regulatory role was preserved.
The Federal Mortgage Bank of Nigeria is overseen by the CBN.
Federal Inland Revenue Service (FIRS)
The Federal Inland Revenue Service (FIRS) is Nigeria’s top financial regulatory body, in charge of assessing, collecting, and auditing for all tax and other revenues owed to the Nigerian government.
In basic terms, the FIRS is responsible to collect taxes from both individuals and businesses on behalf of the federal government.
Also, it is their responsibility to make sure that no tax-related offenses are committed by verifying that tax rules are followed.
Financial Reporting Council Of Nigeria (FRC)
The Financial Reporting Council of Nigeria (FRC) was established in 2011 by the Financial Reporting Council of Nigeria Act, No. 6.
Financial regulatory bodies in Nigeria, the Federal Ministry of Industry, Trade, and Investment oversee the federal government parastatal.
The FRC is in charge of formulating and publishing accounting and financial reporting standards that must be followed in the preparation of financial statements for Nigerian public businesses, as well as other relevant topics.
Nigerian Deposit Insurance Corporation (NDIC)
The Nigerian Deposit Insurance Corporation (NDIC) is a banking regulatory and supervisory body in Nigeria that works in tandem with the Central Bank of Nigeria (CBN).
However, the NDIC is independent of the CBN and reports to the Federal Ministry of Finance.
The National Deposit Insurance Corporation (NDIC) was established in 1989 to provide deposit insurance and related services to banks.
This federal agency has the authority to analyze the books and records of insurance banks and other deposit-taking financial institutions.
National Insurance Commission (NAICOM)
The National Insurance Commission (NAICOM) oversees the operations and activities of insurance businesses in Nigeria.
The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 to produce the best possible management, supervision, regulation, and regulate of the insurance business in Nigeria.
Also includes the protection of insurance policyholders, beneficiaries, and other interested parties.
National Pension Commission (PENCOM)
The National Pension Commission is Nigeria’s last but certainly not least financial regulating body (PENCOM).
This federal government agency is responsible for supervising the operations of all pension enterprises in Nigeria.
Which are responsible for administering the pension funds of Nigeria’s working and middle-class men and women in sequence supplying them with a steady income flow when they retire.
The Pension Amendment Act, which is a set of regulations and principles that create high aspirations among the multiple companies involved in this industry, gives PENCOM its jurisdiction.
Financial Services Regulation Coordinating Committee (FSRCC)
Financial regulatory bodies in Nigeria, the Financial Services Regulation Coordinating Committee (FSRCC) is a cross-functional and cross-sectoral organization formed to tackle concerns of common interest and concern to Nigeria’s multiple financial services regulatory and enforcement bodies.
This is really a comprehensive list of Nigeria’s financial regulatory bodies.
All of those are government-run organizations that monitor and manage the country’s financial industry.
It’s also worth noting that such authorities collaborate with all financial institutions (banks) to guarantee that the public’s rights are served.