This article is about the full list of all financial regulatory bodies in Nigeria currently in this 2023. The role of financial regulatory bodies in Nigeria is to supervise, oversee and regulate the activities of all financial institutions in the country as their various establishment Acts empowers them to do. This in turn ensures that the financial landscape of Nigeria is maintained and stabilised to ensure the integrity of the system. These financial regulatory agencies in Nigeria which comprise of bank and non-bank financial institutions are all regulated by the Federal Ministry of Finance. Without much ado, let us take a look at each one of them in details below.
FULL LIST OF ALL FINANCIAL REGULATORY BODIES IN NIGERIA 2023
The following is a comprehensive list of all financial regulatory bodies in Nigeria this 2023:
CENTRAL BANK OF NIGERIA (CBN)
The Central Bank of Nigeria (CBN) as we all know, is the highest regulatory authority of the financial system in Nigeria. The nation’s apex bank was founded by the Central Bank of Nigeria Act of 1958 and it commenced operations the following year on July 1, 1959. The CBN is saddled with many responsibilities as touching the country’s financial sector, some of which include promoting monetary stability and a sound financial system in Nigeria, being the banker and financial advisor to the Federal Government, as well as being the banker of last resort to the every other bank in the country, especially the commercial banks. The CBN also allows for the growth and development of financial institutions. Enabling laws made in 1991, gave the CBN more flexibility in regulating and overseeing the banking sector and licensing finance companies which previously operated outside any regulatory framework.
SECURITIES AND EXCHANGE COMMISSION (SEC)
The Securities and Exchange Commission (SEC), Nigeria is the apex regulatory institution of the Nigerian capital market supervised by the Federal Ministry of Finance. The main function of the Securities and Exchange Commission (SEC) is to regulate the investment and securities business in Nigeria, maintaining surveillance over it with the mandate of ensuring orderly and equitable dealings in securities, and protecting the Nigerian Stock Market against insider trading abuses.
FINANCIAL REPORTING COUNCIL OF NIGERIA (FRC)
The Financial Reporting Council (FRC) of Nigeria is a federal government agency that was established by the Financial Reporting Council of Nigeria Act, No. 6, 2011. It is a federal government Parastatal under the supervision of the Federal Ministry of Industry, Trade and Investment. The FRC is responsible for, among other things, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria and for related matters.
NIGERIAN DEPOSIT INSURANCE CORPORATION (NDIC)
The Nigerian Deposit Insurance Corporation (NDIC), is a financial regulatory body in the country that compliments the regulatory and supervisory role of the Central Bank of Nigeria (CBN). That said, the NDIC is independent of the CBN and reports to Federal Ministry of Finance. The NDIC was established in the year 1989 and it was set up to provide deposit insurance and related services for banks in order to promote confidence in the banking industry. This federal government agency is empowered to examine the books and affairs of insured banks and other deposit-taking financial institutions.
FEDERAL MORTGAGE BANK OF NIGERIA (FMBN)
The Federal Mortgage Bank of Nigeria (FMBN) took over the assets and liabilities of the Nigerian Building Society. This top financial regulatory body in Nigeria provides banking and advisory services, and undertakes research activities pertaining to housing all over the federation. Following the adoption of the National Housing Policy in 1990, The FMBN is empowered to licence and regulate primary mortgage institutions in Nigeria and act as the apex regulatory body for the mortgage finance industry. The financing function of the Federal Mortgage Bank of Nigeria was carved out and transferred to the Federal Mortgage Finance, while the FMBN retains its regulatory role. The Federal Mortgage Bank of Nigeria (FMBN) is under the control of the CBN.
FEDERAL INLAND REVENUE SERVICE (FIRS)
The Federal Inland Revenue Service (FIRS) is the the top financial regulatory agency in Nigeria that is charged with the responsibility of assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria. The FIRS in simple terms, is responsible for collecting taxes from individual businesses as well as corporate bodies on behalf of the federal government. It is also their responsibility to eradicate of tax-related offenses by enforcing adherence in accordance with tax laws.
FINANCIAL SERVICES REGULATION COORDINATING COMMITTEE (FSRCC)
The Financial Services Regulation Coordinating Committee (FSRCC) is an inter-agency body set-up to deal with matters of common interest and concern to the various regulatory and supervisory authorities in the financial services industry in Nigeria.
NATIONAL INSURANCE COMMISSION (NAICOM)
The National Insurance Commission (NAICOM) regulates the practices and operations of Insurance companies in Nigeria. The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and other stakeholders in the insurance sector in the country.
NATIONAL PENSION COMMISSION (PENCOM)
The National Pension Commission (PENCOM) is the last but not the least financial regulatory body in Nigeria. This federal government agency is charged with the responsibility of regulating the activities of all pension companies in Nigeria that are responsible for managing the pension funds of working class men and women in the country with the aim of providing a steady income stream for them when they eventually retire. PENCOM is empowered by the Pension Reform Act which is a set of rules and codes that promote elevated ethical standards among the various institutions that operate in this line of business.