The Central Bank of Nigeria (CBN) has unveiled a draft framework titled “Baseline Standards for Automated Anti-Money Laundering (AML) Solutions” aimed at enhancing the detection and prevention of illicit financial activities within the country’s financial sector.
This initiative seeks to encourage financial institutions to adopt advanced technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics to monitor and report suspicious transactions in real-time. By leveraging these technologies, the CBN aims to strengthen the capabilities of financial institutions in combating money laundering, terrorism financing, and proliferation financing.
The draft standards outline specific requirements for AML solutions, including risk profiling, identification and verification of customers, sanction screening, transaction monitoring, and regulatory reporting. Financial institutions are expected to align their AML systems with these standards within 12 months of the final issuance. The CBN will conduct periodic reviews and assessments to ensure compliance and has emphasized the importance of regular training for AML teams on system usage and emerging risks.
Stakeholders are invited to provide comments and suggestions on the draft standards to enrich the final version. This move by the CBN aligns with global best practices and international regulatory frameworks, including recommendations from the Financial Action Task Force (FATF), and underscores Nigeria’s commitment to maintaining the integrity and stability of its financial system.
The introduction of these standards comes in the wake of Nigeria’s recent legislative efforts to strengthen its legal framework against financial crimes. In May 2022, the country enacted the Money Laundering (Prevention and Prohibition) Act, the Terrorism (Prevention and Prohibition) Act, and the Proceeds of Crime (Recovery and Management) Act, which collectively aim to enhance the nation’s ability to detect, prevent, and prosecute financial crimes.
Dangote Refinery Reduces Petrol Prices Nationwide by ₦15 Per Litre
In a move aimed at providing relief to Nigerian consumers, Dangote Petroleum Refinery has announced a ₦15 reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. This adjustment brings the price to ₦875 per litre in Lagos and varies across other regions, with prices ranging up to ₦905 per litre.
The refinery stated that this price cut is part of its ongoing efforts to make fuel more affordable for Nigerians, especially in light of current economic challenges. The new pricing structure is effective immediately and applies to all major fuel marketing partners of the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy.
This recent reduction follows a series of price cuts implemented by Dangote Refinery since February 2025, totaling a decrease of ₦125 per litre. An additional reduction of approximately ₦45 per litre was made in April, demonstrating the refinery’s commitment to easing the financial burden on consumers.
The refinery’s management emphasized that these adjustments are in response to favorable conditions in the global energy market and a decrease in international crude oil prices. They also align with the federal government’s ‘Nigeria First’ policy, which encourages the prioritization of locally-produced goods and services.
Despite the price reductions, some independent petroleum marketers have expressed concerns about potential financial losses due to existing fuel inventories purchased at higher prices. The Independent Petroleum Marketers Association of Nigeria (IPMAN) indicated that members might incur losses of ₦20 to ₦25 per litre on current stocks.
Nevertheless, the refinery’s decision has been welcomed by many Nigerians, who hope that the reduced fuel prices will lead to lower transportation costs and a decrease in the prices of goods and services, thereby alleviating the high cost of living.
As the largest single-train refinery in the world, with a capacity to process about 650,000 barrels of crude oil per day, Dangote Refinery’s actions are closely watched by both industry stakeholders and consumers. The refinery’s continued efforts to adjust fuel prices in line with global market trends are seen as a positive step towards stabilizing Nigeria’s energy sector and economy.