CBN Urges Directors to Build Resilient Institutions

Nume Ekeghe 

The Deputy Governor of the Central Bank of Nigeria (CBN), Economic Policy, Philip Ikeazor, has called for a shift in the way corporate governance is approached, saying it must go beyond meeting regulatory requirements to building institutions that can withstand economic and other pressures.

Ikeazor made the call at the 2026 Fellows’ Night and Investiture of the Chartered Institute of Directors Nigeria (CIoD), in Lagos yesterday where he was admitted into the Institute’s Fellowship cadre.

Represented by the Director of the Payment System Policy Department, Musa Jimoh, Ikeazor  said the growing complexity of the economic, technological and social environment made strong governance increasingly important for businesses and institutions.

He said governance should not be reduced to compliance with rules, but should be reflected in how institutions are managed, decisions are taken and value is created.

“In an environment where institutions and businesses are increasingly required to navigate complex economic, technological and social

challenges, the importance of effective governance cannot be overstated. At its core, good governance is not simply about compliance with rules; it

is about creating institutions that are accountable, transparent and

resilient, and capable of delivering sustainable value to their stakeholders,” he said.

The comments are particularly significant for Nigeria’s corporate sector, where the quality of governance has remained central to confidence in institutions, businesses and the financial system.

For Ikeazor, the responsibility rests heavily on directors and other leaders to ensure that the institutions under their watch are built to last, rather than simply managed for immediate results.

He said the new ffellows must see their induction as a greater responsibility to uphold ethical leadership, sound judgement and professionalism in their respective organisations.

“Leadership is ultimately measured not only by the results we achieve, but by how those results are achieved,” Ikeazor said.

He noted that the decisions made by leaders, the standards they set and the institutions they ultimately leave behind would form part of their leadership legacy.

The deputy governor also credited the CIoD with providing training and perspectives that help directors better understand their responsibilities, particularly at a time when businesses are being forced to navigate rapid changes across the economy and technology.

He said the new fellows would use the experience gained through their engagement with the Institute to contribute to their organisations, professions and the wider society.

Ikeazor added that the fellowship should not mark the end of the fellows’ engagement with the Institute, but should deepen their commitment to promoting responsible directorship and stronger corporate governance.

“We accept this Fellowship with humility, but also with a strong sense of responsibility,” he said.