Financial Services Regulation Coordinating Committee (FSRCC)

SECRETARIAT: Financial Policy And Regulation Department, Central Bank of Nigeria, Head-Office Building Central Business District. P.M.B. 0187, Garki, Abuja. Tel: +234 817 665 6273

COMMUNIQUE ISSUED AT THE END OF THE 80TH FINANCIAL SERVICES REGULATION COORDINATING COMMITTEE MEETING HELD ON MAY 25, 2025, AT THE MPC MEETING ROOM, CENTRAL BANK OF NIGERIA HEAD OFFICE, ABUJA

The Financial Services Regulation Coordinating Committee (FSRCC) has reaffirmed its commitment to preserving the stability, resilience and integrity of Nigeria's financial system. This was one of the key outcomes of its 80th meeting held on 25 May 2026, which was attended by all six statutory members and three observer members, namely the NDIC, SEC, NAICOM, NRS, CAC, PenCom, FRC and FMoF, under the Chairmanship of the Governor, CBN.

The FSRCC noted the strong performance of the Nigerian capital market, with market capitalization exceeding ₦161 trillion and growing domestic investor participation. It further acknowledged the successful completion of the banking sector recapitalization exercise and ongoing capitalization reforms in the capital market, insurance and pension sectors, which are expected to further strengthen the resilience of the financial sector.

The Committee welcomed ongoing efforts to sustain payments to affected depositors of Heritage Bank, Union Savings & Loans Ltd. and Aso Savings & Loans Ltd., while recognizing the need to address constraints arising from judicial processes and documentation gaps. Members also highlighted recent reforms and innovations across the financial system, including the use of Artificial Intelligence to improve company registration processes, reforms in the insurance sector, tax administration improvements, pension sector deepening initiatives, stronger sustainability reporting standards, and efforts to improve the quality and consistency of financial reporting.

The FSRCC expressed concern over the threats posed by illegal financial operators and rising cybersecurity risks, stressing the need for stronger collaboration among regulators and other stakeholders. It also underscored the important role of state and local governments in supporting economic growth and improving access to finance through reforms that promote transparency, accountability, and liquidity.

To address these priorities, the Committee resolved to sustain fiscal discipline and close coordination between fiscal and monetary authorities, strengthen oversight of fintechs and crypto assets while supporting innovation, take more proactive action against illegal financial operators, encourage subnational governments to make greater use of structured capital market instruments for project financing, and deepen cooperation among regulators to support an effective and responsive regulatory environment. The Committee also agreed on targeted implementation measures, including the use of predictive analytics and artificial intelligence tools to detect illegal financial activities early, intensified public sensitization and awareness campaigns, broader use of USSD channels to help the public verify licensed entities, and the establishment of a dedicated cybersecurity working group across member agencies.

DR. RITA I. SIKE Secretary, Financial Services Regulation Coordinating Committee June 5, 2026

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Members: Central Bank of Nigeria (CBN) Federal Ministry of Finance (FMF) Securities and Exchange Commission (SEC) National Insurance Commission (NAICOM) Corporate Affairs Commission (CAC) Nigeria Deposit Insurance Corporation (NDIC)

Observers: National Pension Commission (PenCom) Federal Inland Revenue Service (FIRS) Financial Reporting Council of Nigeria (FRCN)