The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called for increased cooperation among African financial regulators to counter systemic risks, warning that the continent’s financial integration is currently outpacing its political coordination.
Speaking at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum in Abuja on Tuesday, March 24, 2026, Cardoso emphasized that the growing interconnectedness of African banks makes cross-border regulatory collaboration a necessity for regional stability.
Cardoso argued for the adoption of shared prudential principles tailored to the African context. He noted that a unified framework would allow regulators to address emerging vulnerabilities collectively while still supporting inclusive economic growth across the continent.
The Governor also highlighted the success of Nigeria’s 2024 Banking Sector Recapitalisation Programme as a model for regional reform. He revealed that Nigerian banks have successfully attracted ₦4.61 trillion in new capital, with foreign investors accounting for approximately 27% of that figure.
Addressing internal stability, Cardoso reaffirmed the CBN’s “zero tolerance” policy for corporate governance violations. He confirmed the end of regulatory forbearance and noted the implementation of strict banking service restrictions for chronic, large-ticket debt defaulters to protect depositor funds.
“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.” He said
The forum, which brought together representatives from six member nations, further identified digital finance, Artificial Intelligence (AI), and climate-related financial risks as the primary evolving threats to the continent’s financial ecosystem.
