Cardoso Woos Asian Capital, Seeks to Deepen Financial Links, Payment Connectivity
•Apex bank steps up enforcement across banking sector, warns against regulatory breaches, reckless offshore investments James Emejo in Abuja and Nume Ekeghe in Lagos Governor of Central Bank of Nigeria
Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, is actively pursuing stronger financial ties with Asia and increasing the country's access to Asian capital. During recent high-level engagements in Singapore, Cardoso emphasized the importance of maintaining foreign investment and ensuring its growth as a test of recent reforms.
He highlighted that the CBN has intensified enforcement measures across the banking sector, warning that directors and major shareholders could face removal if persistent insider credit breaches undermine corporate governance and financial stability.
Cardoso's visits also included signing a Memorandum of Understanding (MoU) with the Global Finance and Technology Network (GFTN) to establish a framework for collaboration on financial innovation. The discussions focused on creating new channels for investment, trade, payments, and financial innovation, as well as strengthening financial-market infrastructure.
Additionally, Cardoso stressed the significance of financial technology and artificial intelligence in enhancing financial services, risk management, inclusion, and regulatory capacity.
The Singapore engagements were part of a broader CBN programme of institutional and market outreach across Asia, with the governor and his delegation set to participate in further discussions in Beijing.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
