Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has urged African financial regulators to strengthen cooperation in managing cross-border risks in the continent and restated the CBN management’s commitment to entrenching robust corporate governance in Nigeria’s financial system.
Cardoso, who gave the charge at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision held on Tuesday in Abuja, maintained that as African banks and financial systems are becoming increasingly interconnected, regulators’ collaboration had become essential to safeguard stability and ensure shared prosperity across the continent.
Similarly, the renowned banker also advocated the adoption of shared prudential principles based on Africa’s realities as the framework will enable regulators to effectively respond to emerging vulnerabilities while supporting inclusive growth.
The CBN governor, who outlined how Nigeria’s regulatory and supervisory reforms exemplified proactive leadership, recalled that in 2024, the CBN anticipated upcoming challenges and inaugurated the Banking Sector Recapitalisation Programme to strengthen the resilience of Nigerian banks, which inspired similar reforms across Africa.
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Cardoso further clarified: “Nigerian banks in spite of navigating subsidy removals and exchange rate reforms, attracted N4.61 trillion in new capital; nearly 27 per cent from foreign investors, while also expanding their footprint across African markets
”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.
”In line with this, we have implemented a restriction of banking services to non‑performing large‑ticket obligors.
“This decisive step underscores our commitment to credit discipline, financial integrity, and accountability”, he added.
The CBN governor explained that by curbing access to banking services for chronic defaulters, CBN was reinforcing the culture of repayment, protecting depositors, and safeguarding the stability of the financial system.
On the apex bank’s monetary policy thrusts, Cardoso maintained that the CBN remained firmly anchored in orthodox monetary policy, focused on restoring price stability, strengthening policy credibility, and anchoring expectations through discipline and consistency, among others.
In his opening remarks during the forum, the Director, IMF/AFRITAC West 2, Dr. Ivohasina Razafimahefa, said the gathering served as a platform for open dialogue between staff of the IMF and national financial regulators.
According to him, the forum will facilitate the sharing of practical experiences, technical insights, and policy innovations among participants from the various countries since it focuses on emerging and rapidly evolving risks affecting financial stability.
Razafimahefa explained that the 2026 discussions centred on collective strategies to tackle challenges arising from digital finance, Fintech expansion, artificial intelligence (AI), and climate-related financial risks.
He said: “These issues will demand regional coordination, proactive regulation, and ongoing dialogue among stakeholders to protect the resilience of Africa’s financial systems.”
The IMF AFRITAC West 2 High-Level Executive Forum featured senior representatives from financial regulatory institutions, including CBN deputy governors from six member countries, who reaffirmed their commitment to collaboration and shared learning in addressing SSA’s evolving financial stability challenges.
