Regulating Financial Services in Nigeria: Oversight Agencies, Chartered Bodies, and Professional Associations

This chapter examines the regulatory landscape of financial services in Nigeria, with a focus on the Central Bank of Nigeria (CBN) as the primary regulator. It explores the roles of various regulatory commissions, including the National Insurance Commission (NAICOM), Pension Commission of Nigeria (PenCom), Securities and Exchange Commission (SEC), Nigerian Communications Commission (NCC), and Corporate Affairs Commission (CAC), in overseeing sectors such as insurance, pensions, capital markets, telecommunications, and corporate affairs. Additionally, the chapter discusses the contributions of chartered institutes and professional associations in shaping Nigerian financial services by providing standards, certifications, and ethical guidelines. Through collaboration with regulatory authorities and industry stakeholders, these bodies promote professionalism, capacity building, and industry best practices, ultimately enhancing the integrity, efficiency, and competitiveness of Nigerian financial services. The chapter highlights the importance of effective regulation and professional standards in fostering sustainable growth and development in the financial sector.