Dr. Olayemi Michael Cardoso has assumed duty as Acting Governor of the Central Bank of Nigeria. This was disclosed via a press release by the apex bank.
President Bola Tinubu nominated Dr. Olayemi Michael Cardoso to assume the role of Governor for the Central Bank of Nigeria (CBN).
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.
What CBN is saying
The press release from the apex bank disclosed that Dr. Cardoso together with his designated deputies took the oath of office today, Friday, 22nd September 2023 at the bank’s Head Office in Abuja.
Here’s an excerpt from the statement:
- “Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.
- This follows the resignation of Mr Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN), Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, the sequel to the formal resignation of Mr Folashodun Shonubi, Mrs Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.
- Dr Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday, September 2023, and have since settled down to the task of administering monetary and financial sector policies of the Federal Government.”
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 and has also served on the board of several leading companies including Texaco and Chevron Oil Plc.
Back Story
Recall that President Bola Tinubu had on 15th September 2023 nominated Dr. Olayemi Michael Cardoso to assume the role of Governor for the Central Bank of Nigeria (CBN).
The 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.
In addition to nominating Dr. Cardoso, President Tinubu also approved the selection of four other individuals to serve as Deputy Governors of the Central Bank of Nigeria.
So what happens if (heavens forbid) the Senate REJECTS his nomination?!
Why do we Nigerians seemingly love to do things in a haphazard ANYHOWNESS manner? Wouldn’t it had made so much more sense to allow the current acting CBN Gov to continue in office until Mr. Cardoso is actually confirmed by the Senate? SMH
Our CREATOR should give the new MD the knowledge to run the financial affairs of this country.