Governor of the Central Bank of Nigeria, Olayemi Cardoso, has urged company directors to prioritise consolidation, confidence, and stability as the banking sector enters its post-recapitalisation phase.
Cardoso gave the charge on Thursday in Lagos at the induction of new members of the Chartered Institute of Directors Nigeria, themed “Stewardship in Times of Reform: Consolidation, Confidence, and Stability in the Post-Banking Recapitalisation Era.”
Represented by Dr Olubokola Akinniyi, Director of the Banking Supervision Department, the CBN governor described the recent recapitalisation exercise as a strategic step to strengthen financial system resilience, boost investor confidence, and support sustainable economic growth.
He noted that as the country transitions into this new phase, the role of directors has become more critical.
“Stewardship must now be exercised with sharper focus on consolidation, confidence, and stability,” he said.
Cardoso explained that effective stewardship requires directors to safeguard institutions for the long term while creating value for stakeholders. This, he said, includes guiding organisations through economic cycles, ensuring transparency and accountability, and embedding strong risk management frameworks to withstand shocks.
“This era calls for directors who are not passive overseers but active stewards—leaders who balance profitability with sustainability, and compliance with innovation,” he added.
He further stressed that directors’ responsibilities now extend beyond the boardroom, especially amid heightened regulatory expectations and the need to rebuild stakeholder trust.
Cardoso also underscored the importance of strategic foresight as institutions navigate technological disruption, global competition, and evolving customer demands.
“The central bank views directors as partners in ensuring that recapitalisation and regulatory reforms translate into stronger institutions, not just larger balance sheets,” he said.
He urged the newly inducted directors to see their induction as a call to service, noting that their decisions would shape the future of the nation’s economy.
Cardoso reaffirmed the CBN’s commitment to continued engagement with directors to build a resilient, inclusive, and globally competitive financial system.
“Together, regulators and directors can ensure that Nigeria’s financial sector remains a pillar of strength, supporting sustainable growth and prosperity for generations to come,” he said.
In his remarks, President of the institute, Adetunji Oyebanji, described the induction as both a rite of passage and an opportunity for new members to better understand their responsibilities.
Oyebanji said membership of the institute provides access to a network of thought leaders across sectors, as well as a platform for high-level insight and professional development.
He added that the value of membership is not static but depends on the contributions of members.
“It is a dynamic ecosystem. Its strength depends entirely on the intellectual and professional energy you invest back into this collective,” he said.
