………Reaffirms Central Bank\u2019s Focus on Corporate Governance<\/p>\n
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has urged African financial regulators to strengthen cooperation in managing cross-border risks. <\/p>\n
He also restated the CBN\u2019s commitment to entrenching robust corporate governance in Nigeria\u2019s financial system. <\/p>\n
Speaking at the 4th Annual IMF\/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision held at the CBN headquarters in Abuja on tuesday<\/p>\n
Mr Cardoso emphasised that, as African banks and financial systems become increasingly interconnected, collaboration among regulators is not optional but essential to safeguard stability and ensure shared prosperity across the continent.<\/p>\n
Cardoso urged African regulators to\u00a0deepen cooperation in managing cross-border risks, emphasising that regional financial integration is outpacing political coordination. <\/p>\n
He called for the adoption of\u00a0shared prudential principles\u00a0tailored to Africa\u2019s realities, noting that this framework would enable regulators to respond jointly and effectively to emerging vulnerabilities while supporting inclusive growth.<\/p>\n
Building on this continental vision, the Governor outlined how Nigeria\u2019s regulatory and supervisory reforms exemplify proactive leadership. <\/p>\n
He recalled that in\u00a02024, the CBN anticipated upcoming challenges and launched the\u00a0Banking Sector Recapitalisation Programme\u00a0to strengthen the resilience of Nigerian banks. <\/p>\n
This proactive policy, he noted, inspired similar reforms across Africa, adding that Nigerian banks, despite navigating subsidy removals and exchange rate reforms, attracted\u00a0\u20a64.61 trillion in new capital, nearly\u00a027% from foreign investors, while even expanding their footprint across African markets.<\/p>\n
Cardoso reaffirmed the Bank\u2019s\u00a0commitment to robust corporate governance, emphasising decisive measures such as ending years of regulatory leniency and restricting banking services to chronic defaulters. <\/p>\n
“Our stance on corporate governance is unequivocal: zero tolerance for violations.By ending years of regulatory forbearance, we have reinforced accountability, tightened supervision, and elevated compliance standards across the sector,\u201d he declared.<\/p>\n
“In line with this, we have implemented a restriction of banking services to non\u2011performing large\u2011ticket obligors.This decisive step underscores our commitment to credit discipline, financial integrity, and accountability. By curbing access to banking services for chronic defaulters, we are reinforcing the culture of repayment, protecting depositors, and safeguarding the stability of the financial system,\u201d Cardoso added.<\/p>\n
On the policy front, he reiterated that the CBN remains firmly anchored in\u00a0orthodox monetary policy, focused on restoring price stability, strengthening policy credibility, and anchoring expectations through discipline and consistency.<\/p>\n
Speaking further on the transformative role of\u00a0financial technology, the Governor outlined the Bank\u2019s deliberate strategy to engage and regulate Fintechs in a way that balances innovation with stability. <\/p>\n
He said the CBN\u2019s\u00a0Fintech Policy Report\u00a0and structural reforms are part of ongoing efforts to build supervisory capacity for a fastevolving digital financial ecosystem.<\/p>\n
Mr Cardoso stated that the forum should continue to serve as a\u00a0platform for collective learning and action, where regulators can analyse shared challenges, exchange insights, and develop a cohesive African response to global financial trends. <\/p>\n
He visualised a future where\u00a0collaboration among African regulators\u00a0becomes the continent\u2019s strongest defence and greatest asset, transforming its financial systems into\u00a0catalysts for sustainable growth and development.<\/p>\n
In his opening remarks, the Director, IMF\/AFRITAC West 2, Dr Ivohasina Fizara Razafimahefa, said the gathering served as a platform for\u00a0open dialogue between staff of the International Monetary Fund (IMF) and national financial regulators, enabling the sharing of practical experience, technical insights, and policy innovations across participating countries.<\/p>\n
According to him, the forum concentrated on\u00a0emerging and rapidly evolving risks affecting financial stability, noting that this year\u2019s discussions centred on collective strategies to tackle challenges arising from\u00a0digital finance, Fintech expansion, artificial intelligence (AI), and climate-related financial risks. <\/p>\n
These issues, he observed, would demand regional coordination, proactive regulation, and ongoing dialogue among stakeholders to protect the resilience of Africa\u2019s financial systems.<\/p>\n
The IMF AFRITAC West 2 High-Level Executive Forum, which attracted senior representatives, including Central Bank Deputy Governors, from six member countries, reaffirmed its commitment to collaboration and shared learning in addressing the region\u2019s evolving financial stability challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"
………Reaffirms Central Bank\u2019s Focus on Corporate Governance The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has urged African financial regulators to strengthen cooperation in managing cross-border risks. He also restated the CBN\u2019s commitment to entrenching robust corporate governance in Nigeria\u2019s financial system. Speaking at the 4th Annual IMF\/AFRITAC West 2 High-Level […]<\/p>\n","protected":false},"author":2,"featured_media":9706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-9858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/9858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=9858"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/9858\/revisions"}],"predecessor-version":[{"id":9859,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/9858\/revisions\/9859"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/9706"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=9858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=9858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=9858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}