Lagos: Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has urged company directors to prioritise consolidation, confidence, and stability in the post-recapitalisation phase of the banking sector. Cardoso delivered this message during the induction of new members at the Chartered Institute of Directors Nigeria (CIoD) event in Lagos, themed ‘Stewardship in Times of Reform: Consolidation, Confidence, and Stability in the Post-Banking Re-capitalisation Era’.
According to News Agency of Nigeria, the CBN governor, represented by Dr Olubokola Akinniyi, Director of the Banking Supervision Department, emphasized that the recent recapitalisation was a strategic move aimed at enhancing financial system resilience, boosting investor confidence, and fostering sustainable economic growth. Cardoso highlighted that directors play a pivotal role in this new phase, asserting the need for a sharper focus on stewardship to ensure consolidation, confidence, and stability.
Cardoso elaborated that effective stewardship involves safeguarding institutions for the long term while creating value for stakeholders. This includes guiding institutions through economic cycles, maintaining transparency and accountability, and implementing robust risk management practices to shield against shocks. He stressed the necessity for directors to be active stewards who balance profitability with sustainability and compliance with innovation.
Furthermore, the CBN governor pointed out that directors’ responsibilities now extend beyond traditional boardroom roles, particularly amidst heightened regulatory expectations and the imperative to rebuild stakeholder trust. He called for strategic foresight to navigate technological disruptions, global competition, and evolving customer demands.
Cardoso expressed the central bank’s perspective of directors as partners in translating recapitalisation and regulatory reforms into stronger institutions, rather than merely larger balance sheets. He encouraged the newly inducted directors to see their roles as a call to service, emphasizing that their decisions will significantly impact the nation’s economic future.
He reaffirmed CBN’s commitment to collaborating with directors to build a resilient, inclusive, and globally competitive financial system, ensuring that Nigeria’s financial sector remains a pillar of strength that supports sustainable growth and prosperity for future generations.
In his remarks, CIoD President Mr Adetunji Oyebanji described the induction as both a rite of passage and an opportunity for new members to understand their responsibilities. Oyebanji highlighted the benefits of CIoD membership, including access to a network of thought leaders across various sectors and a platform for high-level intelligence and professional development. He noted that the value of their membership is dynamic, reliant on the intellectual and professional energy members contribute to the collective.