President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso to serve as the new Governor Central Bank of Nigeria, CBN, for an initial term of five years, pending the confirmation of the Nigerian Senate.
The President also nominated for Senate approval four new Deputy Gorvernors of the CBN, for equally an initial period of five years. They are:
- Mrs Emem Nnana Usoro
- Mr. Muhammed Sani Abdullahi Dattijo
- Mr. Philip Ikeazor
- Dr. Balla M. Bello
This directive from the president is in line with Section 89 (1) of the Central Bank of Nigeria Act, 2007, which vests on the President of the Federal Republic of Nigeria, the authority to appoint the Governor and four Deputy Governors of the Central Bank of Nigeria, subject to the confirmation of the Nigerian Senate.
The new nominees when and if approved by the Senate are expected to work with the president to successfully implement critical reforms at the apex bank in line with the Renewed Hope agenda of the Tinubu administration.. This it is hoped will enhance the confidence of Nigerians and the international communities in the restructuring of the Nigerian economy towards sustainable growth and prosperity for all.
Cardoso started his banking career with Citibank, where he eventually rose to the position of Vice President. He, alongside others co-founded Citizens International Bank, where he also served as an Executive Director for eight years.
In 1999, he served as the first commissioner for Economic Planning and Budget for Lagos State, where he was responsible for crafting and overseeing the implementation of a blue print that triggered development in Lagos. He was also known to have played a role in bringing about initiatives such as Medium Term Expenditure Framework (MTEF), Security Trust Fund and Public Private Partnership, PPP.
