Tinubu Nominates Yemi Cardoso As New CBN Governor, Dismisses Deputy Governors


Daud Olatunji

President  Bola Tinubu has selected a  former chairman of Citibank Nigeria and  former Lagos State Commissioner for Economic Planning and Budget, Dr. Olayemi Michael Cardoso to take over as the new Governor of the Central Bank of Nigeria (CBN), following the suspension of Godwin Emefiele. 

This appointment is initially for a term of five years, pending confirmation by the Nigerian Senate.

In addition to Dr. Cardoso’s appointment, President Tinubu has also approved the nomination of four new Deputy Governors for the CBN: Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

This decision to appoint new leadership at the CBN comes with the termination of appointments of the previous deputy governors, including Mr. Folashodun Adebisi Shonubi (Acting Governor), Mrs. Aishah N. Ahmad, Mr. Edward L. Adamu, and Dr. Kingsley Obiora. 

Like Dr. Cardoso, the new deputy governors’ appointments are also subject to confirmation by the Nigerian Senate and are initially for a term of five years.

The announcement of these appointments was made in an official statement by Ajuri Ngelale, the Special Adviser to President Tinubu on Media & Publicity. 

The decision is in accordance with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants the President the authority to appoint the CBN Governor and Deputy Governors, subject to Senate confirmation.

President Tinubu’s agenda, known as the “Renewed Hope,” anticipates that the newly appointed officials will implement crucial reforms at the CBN. 

These reforms are aimed at boosting confidence among Nigerians and international partners while facilitating the restructuring of the Nigerian economy towards sustainable growth and prosperity for all.

Dr. Olayemi Michael Cardoso, a seasoned banker and chartered stockbroker, previously served as the chairman of Citibank Nigeria and held the position of Lagos State Commissioner for Economic Planning and Budget. 

His appointment signals a pivotal change in the leadership of the Central Bank of Nigeria, and his tenure will be closely watched as he navigates the country’s economic challenges.

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