President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso to assume the role of Governor for the Central Bank of Nigeria (CBN). See excerpts of the press release.
This five-year appointment is subject to the endorsement of the Nigerian Senate, in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007.
The act, which serves as the guiding framework for the nation’s central banking system, grants the President of the Federal Republic of Nigeria the legal mandate to nominate the Governor as well as four Deputy Governors of the Central Bank of Nigeria. These appointments, once confirmed, are for an initial term of five years.
In addition to nominating Dr. Cardoso, President Tinubu has also approved the selection of four individuals to serve as Deputy Governors of the Central Bank of Nigeria. These esteemed candidates, who will also serve a five-year term pending Senate confirmation, are as follows:
- Mrs. Emem Nnana Usoro
- Mr. Muhammad Sani Abdullahi Dattijo
- Mr. Philip Ikeazor
- Dr. Bala M. Bello
If approved, Cardoso will replace the current central bank governor, Godwin Emefiele who is suspended and facing criminal charges. Emefiele was due to serve out his second term by 2024 but is now facing a battle to get out of prison.
Cardoso’s appointment has been the worst kept secret as most analysts had fingered him as the president’s likely choice for central bank governor.
About Yemi Cardoso
Dr. Yemi Cardoso is a financial and development expert with over thirty years of experience in the private, public, and not-for-profit sectors. He is the Chairman of the Board of Directors of Citibank Nigeria.
He has also served as the first commissioner/cabinet member for economic planning and budget for Lagos state. He has served on the board of several leading companies including Texaco and Chevron Oil Plc.
Cardoso most recently served as a member of the Policy Advisory Council which includes Senator Tokunbo Abiru (chair), Sumaila Zubairu, and Dr Doris Anite.
He faces an uphill battle to stabilize Nigeria’s exchange rate volatility, bring down inflation and restore confidence to an apex bank that has seen its image battered in recent years.