Nigeria’s 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 years at the first instance pending his confirmation by the Nigerian Senate.
President also appointed four individuals to serve as deputy governors of the apex bank
According to a statement by the Special Adviser to the President on Media & Publicity, Ajuri Ngelale, “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.
“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.”
Dr Yemi Cardoso is a financial and development expert with over 30 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 also served as the first commissioner/cabinet member for economic planning and budget in Lagos State. He 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 stabilise Nigeria’s exchange rate volatility, bring down inflation and restore confidence to an apex bank that has seen its image battered in recent years. He is also a chartered stockbroker.
He holds a first degree from the University of Aston, United Kingdom and a second degree from Harvard University, USA. In 2017, he was awarded an honorary doctorate degree in Business Administration by his alma mater, Aston University, in recognition of “his outstanding contributions to business and the society.”
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