President Bola Tinubu has given his approval for the appointment of Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN). Dr. Cardoso’s term will initially be for five years.
The nomination of Dr. Olayemi Michael Cardoso signifies that the current acting governor, Folashodun Shonubi, did not meet President Bola Tinubu’s expectations for retention. Shonubi had assumed the role of acting governor at the Central Bank of Nigeria (CBN) following the suspension of Godwin Emefiele.
The announcement of Cardoso’s nomination, as stated in a release by presidential spokesperson Chief Ajuri Ngelale, will be submitted to the Senate for confirmation in accordance with the provisions of the 1999 constitution of the Federal Republic of Nigeria (as amended).
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Dr. Cardoso’s appointment aligns with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants the President of Nigeria the authority to appoint the Governor and four Deputy Governors for the CBN, subject to confirmation by the Senate.
Additionally, President Tinubu has also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN). Their terms will initially be for five years, subject to Senate confirmation. The newly nominated CBN Deputy Governors are Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
Notably, Dr. Cardoso has previously held the position of Chairman at CITIBANK and served as Commissioner for Budget and National Planning during President Tinubu’s tenure as Governor of Lagos State from 1999 to 2007.
Below is the resume of Cardoso:
Dr. Olayemi M Cardoso
Banker
Chartered Broker
Ex-Commissioner, Lagos
Ex Bank Chairman
Over 30 years in private, public, and not-for-profit organizations
EDUCATION
1976-1980: BSc Managerial & admin studies – Aston University
2004-2005: MSc Public Admin – Harvard Kennedy School
2017: Doctor of Business Administration, Aston University
EXPERIENCE
1981-1990: VP Citibank, Nigeria
1990-1997: ED, Citizens Int’l Bank
1997-1999: Principal Partner, FBC Associates
1999-2005: Commissioner, Min. of Planning & Budget, Lagos
2005-2008: Board Member, Chevron Oil Plc
2005-2013: Chairman, World Bank LMDGP Project
2008-2014: Board Member, Harvard Kennedy School
2010-2015: Chairman, EFInA
2015-2019: Member, Cities Alliance
2015-2019: Member, Economic Advisory Council, Office of VP, Nigeria
2014-2020: Chair, West Africa, African Venture Philanthropy Alliance
2010-2022: Chairman, Citi Nigeria
2018-till date: Member of the Board of Advisors, Lagos Business School
2021-till date: Founding Board Member, Nigeria National Advisory Board of Impact Investing