The Central Bank of Nigeria (CBN) has underscored the critical role of directors in navigating the post-recapitalisation landscape, emphasizing that the reform is not merely a regulatory requirement but a strategic initiative to bolster resilience, enhance investor confidence, and position institutions for sustainable economic growth.
CBN Governor Olayemi Cardoso made these remarks during a keynote address at an induction ceremony organized by the Chartered Institute of Directors Nigeria (CIoD), where he spoke on 'Stewardship in Times of Reform: Consolidation, Confidence and Stability in the Post-Banking Recapitalisation Era.' Represented by Dr. Olubukola Akinniyi, Director of the Banking Supervision Department (BSD) at CBN, Cardoso noted that the apex bank has complemented recapitalisation with regulatory measures aimed at strengthening governance and empowering directors. He stressed that where governance fails, the regulator must act to safeguard depositors and the broader economy.
Directors as Partners in Reform
Cardoso stated that the CBN views directors as partners in ensuring that recapitalisation and regulatory reforms translate into stronger institutions, rather than merely larger balance sheets. As the country enters this new phase, the role of directors becomes even more critical, requiring stewardship focused on consolidation, confidence, and stability. He emphasized that directors' responsibilities extend beyond boardrooms, as they are custodians of governance at a time when regulatory expectations are elevated, necessitating alignment with prudential standards.
Rebuilding Stakeholder Trust
The CBN governor observed that stakeholder trust must be rebuilt and sustained, expressing the bank's readiness to engage with the institute to provide clarity and collaborate in building a financial system that is resilient, inclusive, and globally competitive. Welcoming over 300 newly inducted members, Adetunji Oyebanji, President and Chairman of the Governing Council of CIoD Nigeria, urged them to leave a lasting impact on policies that will shape the future of the Nigerian economy.
