The Federal Ministry of Finance regulates all financial regulatory agencies in Nigeria, including banks and non financial firms. As their respective establishment acts permit them to accomplish set goals and objectives, the duty of these financial regulatory authorities in the country is to monitor, oversee, and control the activities of all financial institutions in the country. This, in consequence, guarantees that Nigeria’s monetary environment is preserved and stabilized, ensuring the system’s integrity. Without any further ado, let’s take a closer look at every one of them in the sections below.
FULL LIST OF ALL FINANCIAL REGULATORY BODIES IN NIGERIA
Let’s give the complete list of Nigeria’s Financial Regulatory Bodies. The following is a complete list of all the bodies.
CENTRAL BANK OF NIGERIA (CBN)
Like we generally know, the Central Bank of Nigeria (CBN) is Nigeria’s highest financial regulatory authority. The Central Bank of Nigeria Act of 1958 established the country’s central bank, which came into operation on July 1, 1959. The CBN has many roles and responsibility in the financial sector of the country, including promoting monetary stability and a sound financial system in Nigeria, serving as the banker and financial advisor to the Federal Government, and serving as the banker of last resort to all other banks in the country, particularly commercial banks. Financial institutions can also grow and thrive with the help of the CBN.
Introductory legislation passed in 1991 provided the CBN more leeway in regulating and managing the banking sector, as well as licensing finance organizations that previously functioned outside of any legal regime.
SECURITIES AND EXCHANGE COMMISSION (SEC)
The Securities and Exchange Commission (SEC) of Nigeria is the country’s top financial regulator, overseen by the Federal Ministry of Finance. The Securities and Exchange Commission’s (SEC) principal purpose is to supervise the financial services and markets business in Nigeria, keeping a close eye on it with the goal of guaranteeing organized and impartial stocks deals and safeguarding the Nigerian Stock Exchange from market manipulation abuses.
FEDERAL MORTGAGE BANK OF NIGERIA (FMBN)
The Nigerian Building Society’s assets and liabilities were taken over by the Federal Mortgage Bank of Nigeria (FMBN). This primary financial regulatory authority in Nigeria offers banking and advisory services, as well as conducting housing research around the country. Following the implementation of the National Housing Policy in 1990, the FMBN was given the authority to license and regulate main mortgage institutions in Nigeria, as well as to operate as the industry’s apex regulatory body. The Federal Mortgage Bank of Nigeria’s funding function was separated and handed to the Federal Mortgage Finance, although the FMBN’s regulatory role was retained. The CBN is in charge of the Federal Mortgage Bank of Nigeria (FMBN).
FEDERAL INLAND REVENUE SERVICE (FIRS)
The Federal Inland Revenue Service (FIRS) is Nigeria’s leading financial regulatory body, responsible for evaluating, gathering, and accounting for all tax as well as other revenues owed to the Federal Government of Nigeria. In plain terms, the FIRS is in charge of collecting taxes on favor of the federal government from both individuals and corporations. It is also their obligation to ensure that tax-related offenses are not committed by ensuring compliance with tax rules.
FINANCIAL REPORTING COUNCIL OF NIGERIA (FRC)
The Financial Reporting Council of Nigeria (FRC) is indeed a federal governmental body founded in 2011 by the Financial Reporting Council of Nigeria Act, No. 6.
This is a federal government parastatal governed by the Federal Ministry of Industry, Trade, and Investment. 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 regulation organization in Nigeria that complements the Central Bank of Nigeria’s regulatory and supervisory role (CBN). The NDIC, on the other hand, is separate from the CBN and answers to the Federal Ministry of Finance. The National Deposit Protection Corporation (NDIC) was founded in 1989 to offer banks with deposit insurance and related services.
This federal government agency has the authority to investigate covered by insurance banks and other deposit-taking financial organizations’ books and records.
NATIONAL INSURANCE COMMISSION (NAICOM)
In Nigeria, the National Insurance Commission (NAICOM) supervises insurance company operations and activities. The National Insurance Commission (NAICOM) was founded in 1997 by the National Insurance Commission Act 1997 to facilitate the quality management, supervision, regulation, and control of insurance business in Nigeria, as well as the safeguards of insurance policyholders, beneficiaries, and other interested parties in the country’s insurance sector.
NATIONAL PENSION COMMISSION (PENCOM)
The penultimate but just not least financial regulatory organization in Nigeria is the National Pension Commission (PENCOM). This federal government body is in charge of supervising the activities of all pension businesses in Nigeria that are in charge of administering the pension funds of Nigeria’s working and middle class men and women in order to provide them with a consistent income stream when they retire. The Pension Reform Act, which is a set of laws and guidelines that foster high standards and expectations among the many organizations that participate in this area of business, gives PENCOM its authority.
FINANCIAL SERVICES REGULATION COORDINATING COMMITTEE (FSRCC)
The Financial Services Regulation Coordinating Committee (FSRCC) is a cross – functional and cross group established to address issues of mutual interest and importance to Nigeria’s numerous regulatory and supervisory bodies in the financial services sector.
That’s the detailed list of the financial regulatory bodies in Nigeria. These are government operated agencies that oversees and manages the financial sector of the country. It should also be noted that these agencies work hand-in-hand with all financial institutions (banks) to ensure the interest of the people is protected.