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
Trade Fair Board Backs NAFDAC Crackdown
The Lagos International Trade Fair Complex Management Board (LITFCMB) has condemned the use of its facility for the production of counterfeit products and other illegal activities, pledging to work with regulatory and law enforcement agencies to rid the complex of such practice
The board also commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its recent enforcement operation, which led to the arrest of two persons allegedly linked to the illegal revalidation of expired drinks and the production of counterfeit consumables within the complex.
In a statement issued on Wednesday, the Executive Director and Chief Executive Officer of LITFCMB, Veronica Safiya Ndanusa, said the activities were contrary to the board’s commitment to promoting legitimate trade and ethical business practices.
She disclosed that relevant authorities had commenced investigations to establish the facts surrounding the incident and identify measures to prevent a recurrence.
Ndanusa warned that individuals and businesses found culpable of engaging in activities that endanger public health or undermine the integrity of local manufacturing would face the full weight of the law.
“As a body rooted in the principles of ethical business practices, transparency and genuine trade, we strongly condemn any activity that threatens public safety or brings the reputation of the Lagos International Trade Fair Complex Management Board into disrepute,” she said.
“Our facility exists to provide a conducive environment for legitimate businesses to thrive, not to serve as a breeding ground for the production or distribution of counterfeit and substandard products.”
The board chief assured members of the public that the management would collaborate with relevant regulatory and law enforcement agencies to ensure that the complex remained free of illegal activities.
She also urged traders and business operators within the facility to comply with established standards, stressing that the pursuit of profit must never come at the expense of consumers’ health and safety.
Business
Not The Right Time To Impose New Taxes , Oyedele Warns Governments
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against introducing new taxes or increasing existing tax burdens on vulnerable citizens and productive sectors, warning that such measures could deepen economic hardship.
Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, where he presented a communiqué on behalf of the Intergovernmental Group of Twenty-Four (G24), which he chairs.
“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.
Responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public spending,report quoted Oyedele as urging governments to identify waste, find savings and improve revenue collection before placing additional financial pressure on citizens and businesses.
He said borrowing remained necessary to finance economic growth but stressed that governments must ensure that debt supports job creation and inclusive development.
“Borrowing and debt financing is a necessary condition for growth, and every country emerging, developing must be able to apply debt financing in a way that is overall of positive impact, particularly to stimulate job-rich and inclusive growth,” he said.
The minister also called for available public funds to be prioritised for essential services, including healthcare and education, while private capital could help finance other areas of investment.
On the choice between taxation and borrowing, Oyedele said both options carried consequences and should be considered in the context of their impact on household welfare.
“If you collect taxes, you raise the money now, and that itself has a lot of trade-offs. What taxes are you collecting? You collect taxes from the most vulnerable, and this will deprive them of money to provide food, health, education,” he said.
He argued that excessive taxation could leave low-income households with less money for basic needs, while borrowing also carried future obligations.
“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” Oyedele said.in the report.
Business
Fayemi Explains Why America Must Have Nigeria As Partner
Former Governor of Ekiti State and ex-Minister of Mines and Steel Development, Dr Kayode Fayemi, has warned the United States against slipping into isolationism in its engagement with Africa, insisting that Nigeria remains a must-have strategic partner in the evolving global order.
Fayemi maintained this position in Lagos while speaking as a panelist at the Nigeria Moment, a Nigeria–United States Strategic Dialogue organised by the American Business Council in collaboration with the Heritage Foundation.
In his presentation, which focused on why Nigeria is a must-have partner in the changing world order, Fayemi,former chairman of the Nigeria Governors’ Forum (NGF) stressed the need for a more holistic relationship between both countries grounded in transparency, mutual benefit and shared prosperity.
He insisted that Nigeria must be treated as a strategic partner in the emerging world order.
“While welcoming the growing American interest in Nigeria’s vast mineral endowment, Fayemi warned that the partnership must go beyond resource extraction.
“Nigeria must be engaged as a strategic actor and a co-creator in shaping the future of global energy and resource governance, rather than as a testing ground for experiments. A partnership built on mutual respect, shared interests and long-term cooperation offers the strongest foundation for an enduring relationship between Nigeria and the United States,” Fayemi said.
Describing the engagement as a pleasure, Fayemi said the dialogue brought together a distinguished group of policymakers, business leaders and strategic thinkers to reflect on the future of Nigeria-US relations.
He commended the convener of the dialogue, Mr Ayo Otuyalo,for an excellent convening and for bringing together such high-level participants for the important strategic conversation.
The conference featured Governor Babajide Sanwo-Olu of Lagos State as keynote speaker, alongside senior representatives of the Federal Government, including the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Minister of Power,
Also st the event were : Engr Joseph Tegbe; Minister of Solid Minerals Development, Mr Dele Alake, represented by Engr Simon Nkom; and the Head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyinwa Eyesan among others.
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