March 25, (THEWILL) — Africa must unite on financial oversight to effectively manage cross-border risks and safeguard the continent’s economic stability, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said.
Cardoso gave the charge on Tuesday in Abuja at the 4th Annual IMF AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision, where he also reaffirmed the apex bank’s commitment to strengthening corporate governance within Nigeria’s financial system.
He stressed that as African financial institutions grow increasingly interconnected, collaboration among regulators has become imperative rather than optional. According to him, the pace of regional financial integration now outstrips political coordination, necessitating deeper regulatory cooperation.
The CBN governor called for the adoption of shared prudential principles tailored to Africa’s unique economic realities, noting that such a framework would enable regulators to respond collectively to emerging risks while fostering inclusive growth.
Highlighting Nigeria’s proactive reforms, Cardoso said the CBN had anticipated looming challenges and, in 2024, launched the Banking Sector Recapitalisation Programme to bolster the resilience of Nigerian banks.
He disclosed that despite economic adjustments such as subsidy removal and exchange rate reforms, Nigerian banks attracted N4.61 trillion in fresh capital, with nearly 27 per cent sourced from foreign investors, while also expanding their footprint across African markets.
Reaffirming the apex bank’s zero-tolerance stance on weak corporate governance, Cardoso said decisive measures had been taken to end years of regulatory forbearance and enforce stricter compliance standards.
“Our stance on corporate governance is unequivocal; zero tolerance for violations”, he said, adding that restricting banking services to chronic defaulters underscores the CBN’s commitment to credit discipline, financial integrity, and accountability.
He explained that curbing access to banking services for non-performing large-ticket obligors would reinforce a culture of repayment, protect depositors, and enhance overall financial system stability.
On monetary policy, Cardoso reiterated that the CBN remains committed to orthodox measures to restore price stability, strengthen policy credibility, and anchor expectations through consistency and discipline.
He also highlighted the growing importance of financial technology, noting that the apex bank is deliberately engaging and regulating fintech firms to strike a balance between innovation and stability.
According to him, ongoing reforms, including the CBN’s fintech policy framework, are designed to strengthen supervisory capacity in response to the rapidly evolving digital financial ecosystem.
Cardoso urged participants to sustain the forum as a platform for collective learning and coordinated action, emphasising that regulatory collaboration could serve as Africa’s strongest defence against global financial shocks and a catalyst for sustainable development.
In his opening remarks, the Director of IMF AFRITAC West 2, Dr Ivohasina Razafimahefa, said the forum provides a platform for dialogue between the International Monetary Fund and national financial regulators.
He noted that discussions at the 2026 edition focused on emerging risks, such as digital finance, fintech expansion, artificial intelligence, and climate-related financial threats, all of which require coordinated regional responses.
Razafimahefa added that the forum enables participating countries to share practical experiences, technical insights, and policy innovations, strengthening the resilience of Africa’s financial systems.
The forum attracted senior officials, including CBN deputy governors and representatives from six member countries, reaffirming a shared commitment to collaboration and knowledge exchange in addressing evolving financial stability challenges across the continent.
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