In this edition of the Structure HQ Regulatory Alert, our governance and compliance specialists, Foyinsola Olatunde, break down the key developments across banking and digital assets, capital markets, insurance, financial reporting, and financial crime enforcement that businesses need to be aware of.

On the banking front, the Central Bank of Nigeria (CBN) has opened Cohort 2 of its Regulatory Sandbox Programme, inviting Virtual Asset Service Providers, fintechs, financial institutions and technology companies to test innovative products under CBN supervision, with applications open until 31 August 2026. The move sits alongside the newly established Virtual Asset Council, chaired by the CBN, which held its inaugural meeting in Abuja in July. Separately, the CBN has eased restrictions on its Discount Window, giving institutions participating in the foreign exchange market and government securities auctions greater flexibility to access central bank liquidity, while also lifting the suspension on tenored repo operations.

On the capital markets side, the Securities and Exchange Commission (SEC) has issued guidance on the transition to a T+1 settlement cycle, aimed at accelerating settlement and aligning Nigeria with global standards. More urgently, the SEC has directed all capital market-regulated entities to immediately freeze the assets of six individuals and three Bureau de Change companies designated for alleged terrorism financing, with strict reporting obligations to the Nigeria Sanctions Committee and the NFIU, and warned that non-compliance may attract fines, suspension or revocation of licences.

Elsewhere, the National Insurance Commission (NAICOM) has confirmed the final seven insurers meeting the minimum capital requirements under the Nigerian Insurance Industry Reform Act, bringing the sector's 12-month recapitalisation exercise to a close with 50 confirmed operators. The Financial Reporting Council (FRC) has confirmed its representation at the United Nations' ISAR forum in Geneva and is preparing to convene a Lagos summit on audit integrity in the age of AI. The Economic and Financial Crimes Commission (EFCC) disclosed before the Senate that it has recovered over ₦115 billion in unpaid statutory levies from oil companies on behalf of the Niger Delta Development Commission.

Finally, for organisations with cross-border exposure, we've also included a comparative note on AML/CFT rule amendments taking effect in another jurisdiction, given the phased compliance deadlines running through 2027 and 2028.

Each of these developments carries its own compliance timeline and governance implications. Read the full alert to understand what these changes mean for your organisation and where action is required.