President Bola Ahmed Tinubu has approved the nomination of Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.
According to the statement released by the President Spokesman, Ajuri Ngelale on Friday which 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.
Given the authority to appoint the Governor and Four Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.
It stated further that the President 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, 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, which is in line with President Bola Tinubu’s Renewed Hope agenda.
Nigerian President expects the above listed nominees to implement critical reforms at the CBN, which enhance the confidence of Nigerians and international partners, restructuring of the Nigerian economy toward sustainable growth and prosperity for all.
The nominated CBN Governor, Olayemi Cardoso is the former chairman of Citibank Nigeria, a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations.
With diverse corporate governance experience, Cardoso has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.
Cardoso also served in the government as first Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenues.
In his capacity as a consultant and policy expert, Yemi has advised and collaborated with major international development organisations including the World Bank, Ford Foundation, UN Habitat, World Health Organization and the Swedish Development Foundation.