President Tinubu Nominates Yemi Cardoso as CBN Governor and 4 Deputy Governors

#jaiyeorie 

Yemi Cardoso has been proposed by President Bola Tinubu as a candidate to lead the Central Bank of Nigeria (CBN). Along with this nomination, President Tinubu has also proposed Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello as four new Deputy Governors.

This statement, given by Ajuri Ngelale, the President's Special Adviser and Spokesperson, on Friday, September 15, 2023, denotes a change in the institution's top management.

The candidates will each serve a term of five years pending approval by the Senate. This action complies with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which gives the President of the Federal Republic of Nigeria the power to nominate the Governor and four Deputy Governors for the CBN, subject to Senate approval.

"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," according to the statement.

According to Section 8 (1) of the Central Bank of Nigeria Act, 2007, the President of the Federal Republic of Nigeria has the power to nominate 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. This directive is in accordance with that provision.

In addition, President Bola Tinubu has given the go-ahead for the appointment of the following four new Deputy Governors of the Central Bank of Nigeria (CBN), each of whom would serve for a term of five (5) years at the outset, pending approval by the Nigerian Senate:

(1) Mrs. Emem Nnana Usoro

(2) Mr. Muhammad Sani Abdullahi Dattijo

(3) Mr. Philip Ikeazor

(4) Dr. Bala M. Bello

President Bola Tinubu expects the aforementioned nominees to successfully carry out crucial reforms at the Central Bank of Nigeria in line with his Renewed Hope agenda. This will increase the confidence of Nigerians and foreign partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all.

The following is information about Yemi Cardoso that you should be aware of from his LinkedIn profile:

• Yemi Cardoso has 30+ years of experience in the finance and development sectors.
• He served as Lagos State’s first Commissioner for Economic Planning and Budget, leading key financial reforms.
• Cardoso held positions on the boards of Texaco and Chevron subsidiaries in Nigeria.
• He chaired EFInA, a financial development organization backed by the Bill and Melinda Gates Foundation.
• Cardoso provided consultancy for major international organizations like the World Bank and UN-Habitat.
• His banking career began at Citibank, rising to Vice President, and later co-founded Citizens International Bank.
• He received an honorary Doctorate Degree in Business Administration from Aston University and a Global Distinguished Alumni award from Citi.
• Cardoso holds a Masters in Public Administration from Harvard Kennedy School, earning recognition as a Mason Fellow.

Photo Credit:@olayemicardoso/LinkedIn

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