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Home Breaking News
Yemi Cardoso

Yemi Cardoso nominated as new CBN Governor

Chike OlisahbyChike Olisah
2 weeks ago
in Breaking News, Economy, Financial Services, Macro-Economic News, Spotlight
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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:

  1. Mrs. Emem Nnana Usoro
  2. Mr. Muhammad Sani Abdullahi Dattijo
  3. Mr. Philip Ikeazor
  4. Dr. Bala M. Bello
Mrs. Emem Nnana Usoro
Mrs. Emem Nnana Usoro
Mr. Muhammad Sani Abdullahi Dattijo
Mr. Muhammad Sani Abdullahi Dattijo
Mr. Philip Ikeazor
Mr. Philip Ikeazor
Dr. Bala M. Bello
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.


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Tags: CBNYemi Cardoso
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Comments 1

  1. PoshYo says:
    September 15, 2023 at 6:23 pm

    I am hoping that Dr. Yemi is an Economist first and not just a Banker like Emefiele was which in my opinion made him see his tenure and carried out his tenure as a transactional scheme or venture.

    He lacked the emotional consideration a CBN Governor ought to have hence the shocks to Economy without trying to balance it out.

    Reply

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