In a significant move aimed at restructuring the Nigerian economy, President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN). The nomination, which is for a term of five years, is now pending confirmation by the Nigerian Senate.
The President’s decision is in accordance with Section 8 (1) of the Central Bank of Nigeria Act, 2007. This section grants the President of the Federal Republic of Nigeria the authority to appoint the Governor and four Deputy Governors for the CBN, subject to Senate confirmation.
Who is Dr. Olayemi Michael Cardoso
In addition to his roles in the private and public sectors, Dr. Cardoso is a distinguished thought leader and academic. With over 30 years of experience, he has made significant contributions to financial institutions like Citibank, and Citizens International Bank. Notably, he served as Lagos State’s first Commissioner for Economic Planning and Budget in 1999, where he authored a transformative economic blueprint. He’s also an influential member of the Cities Alliance Think Tank, focusing on urban development in Africa. Dr. Cardoso holds degrees from the University of Aston and Harvard University, and in 2017, Aston University honoured him with an honorary doctorate for his outstanding contributions to business and society.
Nomination Deputy Governors
In addition to nominating a new CBN Governor, President Tinubu has also approved the nomination of four new Deputy Governors. These nominees, also pending Senate confirmation, are:
- Mrs. Emem Nnana Usoro
- Mr. Muhammad Sani Abdullahi Dattijo
- Mr. Philip Ikeazor
- Dr. Bala M. Bello
These nominations in his “Renewed Hope” agenda, aiming to enact critical reforms at the Central Bank of Nigeria. The President expects that these reforms will bolster both domestic and international confidence in the Nigerian economy.
Chief Ajuri Ngelale, the Special Adviser to the President on Media & Publicity, confirmed these nominations in a press release dated September 15, 2023.
Importantly, the nominations arrive at a pivotal juncture for Nigeria’s economy, which has been wrestling with a myriad of challenges such as inflation, unemployment, and a dearth of foreign investment. Consequently, the newly nominated CBN Governor and leadership team are anticipated to spearhead transformative reforms that will tackle these pressing issues, among others.
Stay tuned to Pen Agency News for more updates on this developing story.