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President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.
This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.
This was contained in a statement by the Special Adviser to the President (Media & Publicity), Chief Ajuri Ngelale dated September 15, 2023.
Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate, as listed below:
(1) Mrs. Emem Nnana Usoro
(2) Mr. Muhammad Sani Abdullahi Dattijo
(3) Mr. Philip Ikeazor
(4) Dr. Bala M. Bello
In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all.
Who is the New CBN Governor?
Yemi Cardoso: Former chairman of Citibank Nigeria, a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations. With diverse corporate governance experience, Mr Cardoso has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.
Mr Cardoso served in government as the first Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenues.
In his capacity as a consultant and policy expert, Yemi has advised and collaborated with major international development organisations including the World Bank, Ford Foundation, UN Habitat, World Health Organization and the Swedish Development Foundation.
Mr Cardoso started his banking career with Citibank where he eventually rose to the position of Vice President before leaving to co-found Citizens International Bank where he was an Executive Director for eight years
He is the recipient of several awards including an honorary Doctorate Degree in Business Administration from Aston University, his alma mater, and the Global Distinguished Alumni award from Citi.
Mr Cardoso obtained a Masters in Public Administration from Harvard Kennedy School where he was a Mason Fellow.
