Olayemi Cardoso, Governor of Central Bank of Nigeria has warned bank directors and leaders at the Chartered Institute of Directors (CIoD) induction ceremony held in Lagos to support corporate governance or risk firm regulatory action, as it underpins trust and stability in Nigeria’s financial system.
Represented by Dr. Olubukola Akinwunmi, he linked the success of the recent bank recapitalization—aimed at building resilience and investor confidence—to strong directorial oversight. Cardoso stressed that recapitalization alone falls short; directors must prioritize consolidation, risk management, and compliance amid a new era of Risk-Based Capital Requirements and zero tolerance for lapses, citing 2024 interventions in 3 banks as evidence.
He urged active stewardship balancing profitability, sustainability, and innovation, ending regulatory forbearance to align capital with risks.
