CBN launches whistleblowing website, to go live on January 1, 2025

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has announced the unveiling of a whistleblowing website. The externally hosted platform, which will go live on January 1, 2025, is part of the bank’s strategy for a transparent and credible operational framework across the Nigerian financial system.

In CBN’s updated document for the last month of the year, the bank stated that the platform was designed for individuals to engage in all forms of misconduct without fear or intimidation. 

“In furtherance of management’s commitment to promoting an organization with high ethical standards, honesty, and integrity, the Central Bank of Nigeria is launching a new externally hosted platform to manage whistleblowing,” the statement reads.

The apex bank noted that the platform represents a significant step toward creating a safe environment for all. It gives individuals such as employees, vendors, consultants, executives, and other stakeholders the swift ability to report personal and professional misconduct, unethical behaviour, or violations of the law.

“This (the platform) 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 document reads.

CBN stressed that the platform replicates its commitment to upholding the highest standards of integrity internally and externally within the broader Nigerian financial system.

On how it works, the bank stated that every report submitted through the channel will be subjected to an in-depth investigation while scrutinizing the information with professionalism and transparency. “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 whistle-blower.”

While stating that more details on the platform will be shared in the long run, the bank concluded by assuring whistleblowers that all issues submitted would be treated with utmost care and necessary support to protect their identities and rights.

“The new reporting channel will go live on 1st January 2025, and further details will be shared soon as the Bank continues to promote a culture of operational excellence,” the bank added.

The introduction of the channel underscores its foresight in safeguarding the ethical interests of Nigerians for a credible financial system. It also represents CBN’s move to promote accountability in the financial sector and strengthen its moral principles.

CBN’s efforts for a safe financial environment

Recently, the Central Bank of Nigeria has been extending its force to create a safe financial environment for Nigerians. This also tapped from its effort to build and gain the trust of Nigerians following a year where commercial bank customers have faced several disruptions in several digital transactions. 

Earlier in the month, CBN released dedicated phone numbers and email addresses for the public to report issues related to accessing cash through deposit money banks (DMBs) and automated teller machines (ATMs). The apex bank’s directive also mandates banks to ensure efficient cash disbursement both over-the-counter (OTC) and via ATMs as it aims to alleviate the currency circulation issues plaguing the country. 

Individuals were also urged to report incidents relating to the inconveniences by providing detailed information, including the name of the bank, the branch location, and the date and time of the occurrence. 

You can access the full list of the contacts here.

Also in its plan to improve the medium of disseminating information about the bank’s operations, financial statistics, regulatory frameworks, and updates on monetary policy, CBN launched a new website on December 2, 2024. 

During its announcement of the new channel, the bank said that the redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding its mandate. The apex bank added that the website is responsive to mobile devices, facilitating navigation across various web browsers and devices.

The CBN Governor, Olayemi Cardoso pointed out during the launch that the newly designed website will provide a more user-friendly experience and greater access to information, ultimately supporting its commitment to transparency, accountability, and building trust with its stakeholders.

“Information is something that we are ensuring to improve on at the Central Bank. We are bringing out activities that are closer to the people. We put out the information and we allowed people to have a line of sight and have an idea of where they are going and how far we expected to continue from that particular point,” he said.

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