The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that as the country enters a post banking recapitalisation phase, it is imperative for members of the Chartered Institute of Directors (CIoD) Nigeria to embrace strong corporate governance practices, as these, according to him, are the, “foundation of trust and stability in the financial system.”

Cardoso said this during the CIoD’s new members’ induction ceremony, held in Lagos yesterday, where he spoke on “Stewardship in Times of Reform: Consolidation, Confidence and Stability in Post Banking Recapitalisation Era.”

Represented by the Director of Banking Supervision at the CBN, Dr. Olubukola Akinniyi, the apex bank Chief said that with the successful conclusion of the banking recapitalisation exercise, the role of directors has become even more critical, adding that, “stewardship must now be exercised with sharper focus on consolidation, confidence, and stability.”

According to him, the post recapitalisation era, “calls for directors who are not passive overseers but active stewards, leaders who balance profitability with sustainability, and compliance with innovation.” Describing stewardship as, “the conscious responsibility to safeguard institutions for the long term, while creating value for stakeholders within the raison d’etre,”

Cardoso said that for directors, this involves, guiding institutions through various stages of their economic cycles, ensuring transparency, accountability, and ethical leadership that inspires trust among stakeholders and embedding prudential standards and risk management practices that protect institutions against shocks.