CBN Urges Directors to Build Resilient Institutions

Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria responsible for Economic Policy, has emphasized the need to transform corporate governance beyond mere regulatory compliance. He made this call during the 2026 Fellows' Night and Investiture of the Chartered Institute of Directors Nigeria (CIoD) in Lagos. Represented by the Director of the Payment System Policy Department, Musa Jimoh, Ikeazor highlighted the growing complexity of the economic, technological, and social environments, stressing that strong governance is crucial for businesses and institutions.

Ikeazor asserted that governance should not be limited to adhering to rules but should encompass how institutions are managed, decisions are made, and value is created. He emphasized that good governance involves creating accountable, transparent, and resilient institutions capable of delivering sustainable value to stakeholders.

For Nigeria's corporate sector, where governance quality has been pivotal to public confidence in institutions and businesses, Ikeazor stressed that directors and leaders must ensure their organizations are built to withstand economic and other pressures, not just managed for short-term gains.

Ikeazor urged the new fellows of the CIoD to view their induction as a profound responsibility to uphold ethical leadership, sound judgment, and professionalism in their organizations. He underscored that a leader's legacy is not just measured by the results achieved but also by how those results are achieved. The deputy governor praised the CIoD for providing essential training and perspectives that enable directors to better understand their responsibilities, especially in a rapidly changing economic and technological landscape.

He encouraged the new fellows to leverage their CIoD experiences to contribute positively to their organizations, professions, and society at large. Ikeazor concluded by emphasizing that the fellowship should not be a final engagement but should deepen their commitment to promoting responsible directorship and enhancing corporate governance.