Business
Cardoso: Financial Regulators Must Work Together to Tackle Cross-Border Risks In Africa
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has urged African financial regulators to strengthen cooperation in managing cross-border risks.
He also restated the CBN’s commitment to entrenching robust corporate governance in Nigeria’s financial system.
Speaking at the fourth Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision held at the CBN headquarters in Abuja on Tuesday, March 24, 2026, Cardoso explained that, as African banks and financial systems become increasingly interconnected, collaboration among regulators is not optional but essential to safeguard stability and ensure shared prosperity across the continent.
The CBN governor urged African regulators to deepen cooperation in managing cross-border risks, emphasising that regional financial integration is outpacing political coordination.
He called for the adoption of shared prudential principles tailored to Africa’s realities, noting that this framework would enable regulators to respond jointly and effectively to emerging vulnerabilities while supporting inclusive growth.
Building on this continental vision, the apex bank’s governor outlined how Nigeria’s regulatory and supervisory reforms exemplified proactive leadership.
He recalled that in 2024, the CBN anticipated upcoming challenges and launched the Banking Sector Recapitalisation Programme to strengthen the resilience of Nigerian banks.
This proactive policy, he noted, inspired similar reforms across Africa, adding that Nigerian banks, despite navigating subsidy removals and exchange rate reforms, attracted ₦4.61 trillion in new capital, nearly 27 per cent from foreign investors, while even expanding their footprint across African markets.
Cardoso reaffirmed the bank’s commitment to robust corporate governance, emphasising decisive measures such as ending years of regulatory leniency and restricting banking services to chronic defaulters.
“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 declared.
“In line with this, we have implemented a restriction of banking services to non‑performing large‑ticket obligors. This decisive step underscores our commitment to credit discipline, financial integrity, and accountability.
“By curbing access to banking services for chronic defaulters, we are reinforcing the culture of repayment, protecting depositors, and safeguarding the stability of the financial system,” Cardoso added.
On the policy front, he reiterated that the CBN remains firmly anchored in orthodox monetary policy, focused on restoring price stability, strengthening policy credibility, and anchoring expectations through discipline and consistency.
Speaking further on the transformative role of financial technology, the governor outlined the bank’s deliberate strategy to engage and regulate Fintechs in a way that balances innovation with stability.
He said the CBN’s Fintech Policy Report and structural reforms were part of ongoing efforts to build supervisory capacity for a fast-evolving digital financial ecosystem.
Cardoso stated that the forum should continue to serve as a platform for collective learning and action, where regulators can analyse shared challenges, exchange insights, and develop a cohesive African response to global financial trends.
He visualised a future where collaboration among African regulators becomes the continent’s strongest defence and greatest asset, transforming its financial systems into catalysts for sustainable growth and development.
In his opening remarks, the Director, IMF/AFRITAC West 2, Ivohasina Fizara Razafimahefa, said the gathering served as a platform for open dialogue between staff of the International Monetary Fund (IMF) and national financial regulators, enabling the sharing of practical experience, technical insights, and policy innovations across participating countries.
According to him, the forum concentrated on emerging and rapidly evolving risks affecting financial stability, noting that this year’s discussions centred on collective strategies to tackle challenges arising from digital finance, fintech expansion, artificial intelligence (AI), and climate-related financial risks.
These issues, he observed, would demand regional coordination, proactive regulation, and ongoing dialogue among stakeholders to protect the resilience of Africa’s financial systems.
The IMF AFRITAC West 2 High-Level Executive Forum, which attracted senior representatives, including Central Bank Deputy Governors, from six member countries, reaffirmed its commitment to collaboration and shared learning in addressing the region’s evolving financial stability challenges.
Business
NDLEA Busts Nigeria-Mexico Drug Syndicate, Seizes ₦480bn Drugs in Ogun
The National Drug Law Enforcement Agency has dismantled a transnational methamphetamine production syndicate jointly operated by a Nigerian drug cartel and Mexican collaborators, leading to the arrest of 10 suspects.
Also, illicit drugs and chemicals valued at over N480bn were recovered during the operation.
The Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Buba Marwa (retd.), disclosed this on Wednesday during a media briefing at the agency’s headquarters in Abuja.

Marwa said the operation, carried out by operatives of the agency’s Special Operations Unit, led to the discovery and shutdown of what he described as the biggest clandestine methamphetamine laboratory ever uncovered in Nigeria.
According to him, the laboratory was hidden in Abidagba forest in Ijebu East Local Government Area of Ogun State and was being operated by the Anochili Innocent Drug Trafficking Organisation.

He said the coordinated operation was conducted simultaneously in Ogun and Lagos states on Saturday, May 16, 2026, following months of intelligence gathering.
Marwa said, “Through a clinical, simultaneous operation executed by the elite operatives of our Special Operations Unit, we have successfully dismantled a sophisticated, transnational methamphetamine production syndicate run jointly by a Nigerian drug cartel and their Mexican counterparts.

“This network did not just traffic drugs; they were actively manufacturing industrial-scale quantities of highly lethal illicit substances right on our soil.”
He disclosed that seven members of the cartel were arrested at the forest laboratory, including three Mexican nationals allegedly brought into Nigeria to produce methamphetamine.
Marwa said the arrested Mexicans were identified as Martinez Felix Nemecto, 46; Jesus López Valles, 40; and Torrero Juan Carlos, 51.
According to him, Nigerian suspects apprehended at the site included Nwankwo Sunday Christian, 41; Igwe Abuchi Remijus, 42; Ifeanyichukwu Chibuike Joshua, 23; and Egwuonwu Uchenna Victor, 38.
Marwa added that another tactical team arrested the alleged kingpin of the cartel, Anochili Innocent, at his residence located at No. 8 Tafawa Balewa Street, Golf Estate, Lakowe, Lekki, Lagos.
According to him, a search of the residence led to the recovery of the passports and mobile phones of the arrested Mexican nationals, linking the suspect directly to their importation and activities in Nigeria.
He further revealed that follow-up operations on May 18 led to the arrest of another suspect, Kingsley Orike Omonughwa, 44, at another property linked to the cartel in Mayfair Estate, Lakowe, Lekki.
The NDLEA boss said operatives also raided the residence of another syndicate member, Emeka Nwobum, which allegedly served as the cartel’s stash house.
He said the total number of suspects arrested in connection with the syndicate had risen to 10, comprising the alleged baron, three Mexican nationals, and six Nigerian collaborators.
Marwa stated that the operation led to the recovery of 2,419.48 kilograms of methamphetamine and precursor chemicals.
“The operation yielded a massive 2,419.48 kilograms of chemical materials, including highly toxic, volatile, and crystallised methamphetamine worth $362,922,000 in the international market. This translates to over N480bn,” he said.
“Also recovered from the cartel include: a Toyota Tacoma vehicle used for operations at the clandestine meth laboratory, and a Toyota Highlander seized from the kingpin’s residence.
“To put this in perspective, the 2,419.48 kilograms of finished and liquid methamphetamine seized represents millions of street doses that would have flooded our local communities and international markets, causing untold destruction, psychosis, and violence,” he said.
Marwa warned that the NDLEA would continue to target drug cartels and their collaborators across the country.

“We are fully aware of the shifting tactics of these cartels, including the disturbing trend of hiring South American cartel specialists to set up production factories in our rural communities,” he said.
He urged Nigerians to remain vigilant and report suspicious activities in their communities, noting that the clandestine laboratory in Ogun operated under the cover of a regular farm.
This is came days after the operatives of the NNDLEA, Edo State Command, destroyed two cannabis farms in Ago Forest, Orhionmwon Local Government Area of the state.
The state commander, Mitchell Ofoyeju, in a statement on Monday, said the cannabis plantations had a yield of 1,388.42kg.
He added that four suspected drug traffickers were also arrested in the past one week.
Business
Togo Grants Visa-Free Entry To African Nationals
The government of Togo has announced the removal of visa requirements for citizens of all African countries visiting the country for short stays of up to 30 days.
The announcement was made on Tuesday in a statement issued by Togo’s Ministry of Security through its official X (formerly Twitter) handle.
According to the ministry, the policy is aimed at strengthening African integration and promoting the free movement of people across the continent.
Under the new arrangement, African nationals holding valid passports will be permitted to enter Togo without a visa for visits not exceeding 30 days.
“Togo takes a historic step in strengthening African integration. Henceforth, all nationals of African states holding a valid national passport may enter Togolese territory without a visa, for a stay of up to 30 days,” the statement said.
It added that the reform reflects the commitment of the country’s leadership to making Togo a hub of openness, mobility and cooperation within Africa.
“Through this major reform, the President of the Council reaffirms his commitment to making Togo a space of openness, mobility, opportunities, and cooperation at the heart of the African continent,” it added.
However, travellers will still be required to complete an online travel declaration on the official government platform at least 24 hours before arrival to obtain a travel clearance slip.
The ministry said the policy reinforces Togo’s dedication to regional integration and stronger diplomatic and economic ties among African nations.
The decision follows similar visa-free initiatives adopted by countries such as Rwanda.
In a related development, the Nigeria government has also begun implementing a 30-day visa exemption policy for Rwandan nationals entering the country.
Business
Wema Bank Announces Closing Date for One-Day MD/CEO Children’s Day Initiative
As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.
Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future. This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day. The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.
Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.
More details on the Bank’s social media platforms @wemabank
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