Cardoso To Senate: CBN Will Embrace Compliance Under Our Watch


Yemi Cardoso CBN

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has promised that his administration would inculcate a culture of compliance into the apex bank by adhering strictly to the CBN Act 2007.

“I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance,” he assured the Senate on Tuesday while responding to questions at his and four deputy governors’ screening.

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Regarding some of his predecessors breaching legislation, the former Citibank Nigeria chairman assured the lawmakers that “you won’t have that during our administration,” adding that his team would not tolerate such behaviour.

“We will not wait for oversight to come and tell us what to do. We will ensure that by the time the system is passing through us, we catch it and we deal with it,” said Cardoso who promised zero tolerance for abuse of compliance.

“That is a cultural shift, a change in mindset, but we will make sure it happens,” he asserted.

Earlier, the senator representing Zamfara West, Abdul’Aziz Yari, asked 66-year-old Cardoso whether the CBN is empowered by the law to make profits.

Echoing Yari’s concern, the Senate President, Senator Godswill Akpabio, posed a series of questions to the then-nominees about a “parallel government” run by their predecessors.

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