President Bola Ahmed Tinubu on September 15th, 2023 approved the appointment 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.
This Economy Footprint earlier report dated August 16, 2023. (https://economyfootprint.com/2023/08/15/exclusive-jostle-for-cbn-governorship-seat-hots-up/).
Dr. Cardoso is the former chairman of Citibank Nigeria. He is a financial and development expert with over thirty years of experience in the private, public and not-for-profit sectors. He is also a member of the Policy Advisory Council set up by President Bola Tinubu.
He is a member of the Lagos Business School Advisory Board. His private sector experience includes a career with Citibank, Chase and Citizens International Bank. He was appointed a commissioner of Economic Planning and Budget in 1999 by the then Lagos State Governor Bola Tinubu now President. In this capacity, he wrote and monitored the implementation of the blueprint which catalysed economic development in the world’s sixth-largest megacity. A record that has sold him favourbaly to Tinubu to be considered for the plum job.
As one of the writers of the Policy Advisory document for President Tinubu, he is considered to be one of the implementers of the policy.
He is a key associate to President Tinubu and reposes so much confidence in him as well.
President Tinubu’s appointment of the CBN Governor 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 also 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: Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello.
Chief Ajuri Ngelale, the Special Adviser to the President (Media & Publicity) to the president said in a statement that they have been appointed 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.