President Tinubu on Friday, 15 September 2023 approved the nomination of Dr. Olayemi Michael Cardoso for the position of the Governor of Central Bank (CBN) along with four other Deputy Governors.
The President in June 2023, suspended Godwin Emefiele as governor of the CBN in what is perhaps, expected to usher in reforms in the financial sector of the economy.
Emefiele was directed to immediately hand over the affairs of his office to Folashodun Adebisi Shonubi, then Deputy Governor, Operations Directorate, who will act until the conclusion of investigation and the reforms.
Cardoso’s appointment, subject to confirmation by the Senate, marks a significant development in Nigeria’s economic landscape.
Announcing the nomination, President Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, cited the Central Bank of Nigeria Act, 2007, which empowers the President to appoint the Governor and Deputy Governors of the apex Bank, subject to Senate confirmation.
President Tinubu also nominated four candidates for the position of Deputy Governor at the Central Bank. They are Mrs Emem Usoro, Mr Muhammad Dattijo, Mr Philip Ikeazor, and Dr Bala M. Bello. They would if confirmed, play pivotal roles in shaping the country’s monetary policy.
Here are Things to Know about the newly approved CBN governor:
1. Olayemi Micheal Cardoso is a Nigerian banker, chartered stockbroker and public policy maker.
2. He served as the former chairman of Citibank Nigeria and was the Commissioner for Lagos State Ministry of Economic Planning and Budget.
3. On 15 September 2023, Bola Tinubu appointed Cardoso to serve as the Governor of the Central Bank of Nigeria, for a term of five years pending his confirmation by the Nigerian Senate.
4. Cardoso studied managerial and administrative studies at the Aston University, where he obtained a Bachelor of Science (B.Sc.) degree. He has a Master’s degree from the Harvard Kennedy School in public administration.
5. Cardoso was chairman of the board of Citibank Nigeria.
6. He became a member of the Cities Alliance’s Africa Think Tank Group, a group created to solve urban development challenges.
7. He has served as a board member of MRS Oil and was the chairman of the board of EFinA.
8. Cardoso is a member of the advisory board of Lagos Business School and chairman of the board of African Venture Philanthropy Alliance.
9. Cardoso was the commissioner for economic planning and budget for Lagos state. He is the founding chairman and co-chair of Ehingbeti Summit, the Lagos state economic summit.
The next CBN governor has a tough road ahead, but with the right approach, Nigeria’s economic landscape may well see positive transformations in the coming years.
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