Tinubu nominates Cardoso as new CBN Governor

President Bola Tinubu has nominated Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN), for a term of five years at the first instance. 

Cardoso was at various times Chairman of CITIBANK and also served as Commissioner for Budget and National Planning when President Tinubu was Governor of Lagos State (1999 – 2007).

The nomination of Cardoso who takes over from Mr Godwin Emefiele, who has been on suspension as CBN Governor since June 9, 2023, according to a press statement by presidential spokesperson, Ajuri Ngelale on Friday, will be forwarded to the Senate for confirmation in line with provisions of the 1999 constitution of the Federal Republic of Nigeria (as amended).

His appointment 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.

Tinubu also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five years at the first instance subject to the confirmation of their appointment by the Senate.

The new CBN Deputy Governors include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello.

In line with his government’s Renewed Hope agenda, the President expects the new appointees 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.