Tinubu Appoints Yemi Cardoso As CBN Governor...Things To Know About Tinubu’s Ex-Commissioner Appointed CBN Governor

President Bola Tinubu has appointed Yemi Cardoso as Governor of the Central Bank of Nigeria (CBN).

This was announced in a statement issued by Presidential spokesman, Ajuri Ngelale, on Friday.

The statement said the appointment is subject to confirmation of the Senate.

“President Bola Tinubu has approved the nomination of Dr. 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.”

“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.

*Furthermore, President Bola Tinubu has 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:

“(1) Mrs. Emem Nnana Usoro

(2) Mr. Muhammad Sani Abdullahi Dattijo

(3) Mr. Philip Ikeazor

(4) Dr. Bala M. Bello

“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.”

Cardoso is expected to serve for a term of five years, upon confirmation by the senate.

Below are few things to know about the new CBN governor:

A BANKER AND CHARTERED STOCKBROKER

Cardoso is a financial and development expert with over thirty years’ experience in the private, public and not-for-profit sectors.

EDUCATION

His first degree is from the University of Aston, United Kingdom and his second degree from Harvard University, USA. In 2017, he was awarded an honorary doctorate degree in business administration by his alma mater, Aston University, in recognition of “his outstanding contributions to business and society”.

CAREER

His private sector experience includes an illustrious career with Citibank, Chase and Citizens International Bank. In 1999 upon return to civilian democratic rule, Yemi was appointed the first commissioner/ cabinet member for economic planning and budget for Lagos state. In this capacity, he wrote and monitored the implementation of the blueprint which catalysed economic development in the world’s sixth largest megacity.

He has served on the board of several leading companies including Texaco and Chevron Oil Plc. He is a member of the Belgian-based Cities Alliance Think Tank which aims to shape and influence policy and decision making on urban development in Africa and has strong relationships with key international donor agencies.

TINUBU’S COMMISSIONER

In 1999 upon return to civilian democratic rule, he was appointed the commissioner for economic planning and budget for Lagos state by the then governor and current president, Bola Tinubu.