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

President Bola Tinubu has put forward Yemi Cardoso as the nominee for the position of Governor of the Central Bank of Nigeria (CBN). Alongside this nomination, President Tinubu has also nominated four new Deputy Governors, namely Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello.

This announcement, made by the Spokesperson and Special Adviser to the President, Ajuri Ngelale on Friday, September 15, 2023, signals a shift in leadership at the apex financial institution.

Pending confirmation by the Senate, the nominees are poised to undertake a term of five years each. This move aligns with the provisions of 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, subject to Senate confirmation.

“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,” the statement reads.

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.

According to Yemi Cardoso’s LinkedIn profile, here’s what you should know about him:

• 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