CBN to Launch Whistleblowing Platform to Boost Transparency in Financial Sector
The Central Bank of Nigeria (CBN) has announced the forthcoming launch of an externally hosted whistleblowing platform, a move aimed at reinforcing transparency and ethical standards within the financial sector. Scheduled to go live on January 1, 2025, the initiative marks a milestone in the apex bank’s ongoing commitment to fostering a culture of integrity and accountability.
Outlined in the December 2024 edition of the CBN Update, the platform is designed to provide a secure and anonymous avenue for stakeholders—ranging from employees and vendors to consultants and executives—to report instances of misconduct, unethical behaviour, or violations of the law.
A Safe Space for Reporting
The CBN highlighted that the platform’s external hosting underscores its dedication to ensuring whistleblowers can raise concerns without fear of retaliation.
“This marks a significant step toward creating a safe environment for employees, vendors, consultants, executives, and other stakeholders to report incidences of personal and professional misconduct, unethical behaviour, or violations of the law without fear of retaliation,” the bank stated.
The platform’s design prioritises confidentiality, with assurances that all reports will be investigated promptly and handled with the utmost professionalism.
Enhancing Accountability
By introducing the whistleblowing channel, the CBN aims to bolster its internal ethical framework and extend this culture of accountability across the Nigerian financial system.
“All reports made via this channel will be investigated by the Bank promptly and treated with utmost confidentiality and professionalism, ensuring that every concern is taken to protect the whistleblower,” the update noted.
The platform, which is expected to strengthen operational excellence, will provide additional safeguards for whistleblowers, ensuring their identities and rights are protected.
Broader Financial Integrity
The launch comes amid the CBN’s broader efforts to uphold its credibility as a regulator and drive adherence to ethical practices within Nigeria’s financial sector.
“This initiative reinforces the Bank’s commitment to maintaining high ethical standards internally and within the broader financial system,” the CBN stated.
Further details about the whistleblowing platform will be shared in the coming weeks, ahead of its official launch in January. The initiative is expected to set a new benchmark for operational transparency and ethical governance in Nigeria’s financial landscape.
