President Tinubu Nominates Olayemi Cardoso As CBN Governor, Names Four Deputies⁣

President Bola Tinubu has nominated Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN).

Tinubu also named four new deputy governors; namely Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala M. Bello.

Pending confirmation by the Senate, Cardoso is slated to hold this position for a five-year term, according to a statement by Ajuri Ngelale, special adviser to the president on media and publicity.

The statement reads, “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.

“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.”

Olayemi Cardoso, a seasoned banker, chartered stockbroker, and public policy expert, brings a wealth of experience from the public, private, and development sectors.

His background includes serving as a former Commissioner of Economic Planning and Budget in Lagos state, Chairmanship of the board of the African Venture Philanthropy Alliance, and most recently, the Chairmanship of Citibank Nigeria Ltd.

Cardoso also holds the founding chairman and co-chair position at the Ehingbeti Summit, the Lagos state economic summit, and is a valued member of the advisory board at Lagos Business School (LBS).

Before Cardoso’s nomination, Folashodun Adebisi Shonubi had been in charge of the apex bank in an acting capacity following his appointment by President Bola Tinubu.

Shonubi, an economist, was the deputy (Operations Directorate) before assuming office in an acting capacity on June 9, 2023, following the immediate suspension of the CBN governor, Godwin Emefiele.⁣