Nigeria: President Tinubu Nominates Dr. Olayemi Cardoso as CBN Governor and Four Deputy Governors

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President Bola Tinubu has given his approval for the nomination of Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN) for an initial term of five years, subject to confirmation by the Senate.

This decision aligns with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants the President of the Federal Republic of Nigeria the authority to appoint the Governor and four Deputy Governors for the CBN, pending confirmation by the Senate, as stated in a release signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale.

The announcement, titled ‘President Tinubu nominates new CBN governor and management team for senate screening and confirmation,’ also includes the nomination of four Deputy Governors for the Central Bank of Nigeria, each for a term of five years at the outset, subject to Senate confirmation. The nominees are Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

Prior to Dr. Cardoso’s nomination, Folashodun Adebisi Shonubi had been serving as the acting head of the apex bank, appointed by President Bola Tinubu. Shonubi, an economist, previously held the position of Deputy (Operations Directorate) under the now-suspended CBN governor, Godwin Emefiele.

Shonubi took on the role of acting Governor on June 9, 2023, following the immediate suspension of Emefiele. The suspension was announced through a statement issued by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey. It was based on an ongoing investigation and the planned reform of the financial sector.

Shonubi assumed the position of Operations Directorate on October 17, 2018.

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