In a pivotal move, President Bola Tinubu has officially nominated Dr. Olayemi Michael Cardoso to take on the crucial role of Governor for the Central Bank of Nigeria (CBN). This nomination, subject to the Nigerian Senate’s approval, follows the stipulations set forth in Section 8 (1) of the Central Bank of Nigeria Act, 2007, which outlines the procedure for appointing key figures within the nation’s central banking system.
President Tinubu’s nomination extends to four Deputy Governors of the Central Bank of Nigeria, who, once confirmed by the Senate, will join Dr. Cardoso in their roles for an initial term of five years. The esteemed individuals nominated as Deputy Governors are as follows:
- Mrs. Emem Nnana Usoro
- Mr. Muhammad Sani Abdullahi Dattijo
- Mr. Philip Ikeazor
- Dr. Bala M. Bello
This nomination comes at a critical juncture as Dr. Cardoso is set to succeed the suspended central bank governor, Godwin Emefiele, who currently faces legal challenges. Emefiele’s second term, originally set to conclude in 2024, now hangs in the balance.
Dr. Yemi Cardoso, a renowned financial and development expert with over three decades of experience spanning the private, public, and not-for-profit sectors, serves as the Chairman of the Board of Directors of Citibank Nigeria. His impressive career also includes being the first commissioner/cabinet member for economic planning and budget for Lagos state, as well as serving on the boards of leading companies such as Texaco and Chevron Oil Plc. Amidst mounting challenges, Dr. Cardoso’s appointment carries high expectations, including stabilizing Nigeria’s exchange rate, combatting inflation, and restoring confidence in the Central Bank of Nigeria, which has faced a tarnished image in recent years.
