In this edition, we discuss important updates issued by key regulators in the financial service sector.
This month, the Central Bank of Nigeria (the “CBN”) and the Securities and Exchange Commission (the “SEC”) issued relevant guidelines and market updates.
We take a cursory look at the key insights from these updates and their impact on relevant stakeholders.
CBN REGULATORY UPDATES
Review of Terminal Allocations to Pre-Shipment Inspection Agents and Monitoring and Evaluation Agents
As part of the Federal Government’s broader strategy to enhance efficiency, transparency, and oversight in Nigeria’s oil and gas sector, the CBN, in its circular dated 28 March 2025, overhauled existing terminal allocations for oil and gas inspectors and released changes to the allocation of terminals for Pre-shipment Inspection Agents (PlAs) and Monitoring and Evaluation Agents (MEAs).
PlAs are entities appointed by the CBN to conduct inspections of goods, particularly oil and gas exports, to ensure compliance with agreed-upon specifications and quality standards prior to shipment. MEAs, also appointed by the CBN, oversee the functions and operations of the PlAs to ensure accountability and transparency.
In May 2024, the CBN appointed nine (9) PlAs and two (2) MEAs and by September 2024, had allocated additional terminals to three (3) of these PlAs.
Please note the changes take effect immediately, and stakeholders are expected to promptly adjust to the changes to avoid operational disruptions. The full list of the revised terminal allocations may be accessed here.
