Banking
CBN Targets Stronger Banks, Investor Trust with New Risk Framework—Cardoso
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said the new risk-based capital framework would serve as a critical anchor for financial system stability, ensuring that recent banking sector recapitalisation translates into real resilience and renewed investor confidence.
Mr Cardoso said this at the Chartered Institute of Directors, Nigeria, induction ceremony in Lagos on Thursday.
The CBN chief, represented by the Director of Banking Supervision at the apex bank, Mrs Olubukola Akinwunmi, charged directors to guide institutions through consolidation, strengthen governance frameworks, and rebuild stakeholder trust through transparency and accountability.
Mr Cardoso stated that the apex bank complemented recapitalisation with a series of regulatory measures aimed at strengthening governance and empowering directors across the banking system.
According to him, key among these are the Circular on Compliance with Insider Related Credit Limits (February 17, 2025), which reinforces prudential discipline by restricting preferential lending to insiders; the Corporate Governance Guidelines (2023), which define clear standards on board composition, independence, tenure, and responsibilities in line with global best practice; and the end of regulatory forbearance alongside the introduction of risk-based capital requirements to align capital adequacy with institutional risk profiles.
Others include stricter fit-and-proper criteria for directors to ensure only qualified individuals serve on boards, enhanced disclosure and transparency rules covering financial reporting and related-party transactions, and mandatory board evaluation and succession planning requirements to ensure continuity and stability.
He stressed that these measures were not punitive but enabling, providing directors with a stronger framework to exercise stewardship with discipline, foresight, and confidence.
He said, “The adoption of Risk-Based Capital Requirements represents a cultural shift in our financial system. Capital adequacy is no longer about size alone; it is about risk alignment, ensuring capital planning anticipates both current and emerging risks, strengthening frameworks for credit, market, and operational risk, taking responsibility for compliance without reliance on regulatory forbearance and promoting prudent expansion and discouraging reckless lending or overexposure.
“Risk-Based Capital Requirement embeds risk awareness into every strategic decision, ensuring that recapitalisation translates into genuine stability, entrenches the going concern status of our banks, and instils confidence by both the banking and investing public in the Nigerian banking system.
“Given the position of the banking system and the pivotal role it plays in the economy, this stance of the Central Bank of Nigeria is expected to reverberate across all sectors of the Nigerian economy with an elevation in the standards of corporate governance observed across corporations in Nigeria.”
Mr Cardoso urged directors to move beyond passive oversight to become active custodians of institutional stability, balancing profitability with prudence and ensuring that compliance is matched with strategic foresight.
He said, “As directors, your responsibilities extend beyond boardrooms. You are custodians of governance in a time when regulatory expectations are higher, requiring boards to align with prudential standards. Stakeholder trust must be rebuilt and sustained. Strategic foresight is essential as institutions adapt to technological disruption, global competition, and evolving customer needs.
“The central bank views directors as partners in ensuring that recapitalisation and regulatory reforms translate into stronger institutions, not just larger balance sheets.
“To our newly inducted directors, your induction today is not just ceremonial; it is a call to stewardship. You are joining a community dedicated to advancing corporate governance and ethical leadership. The choices you make in boardrooms will shape the future of Nigeria’s economy.
“The Central Bank of Nigeria stands ready to engage with you, to provide clarity, and to work collaboratively in building a financial system that is resilient, inclusive, and globally competitive. “
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
