Cardoso becomes new CBN Governor as Tinubu nominates him

President Bola Tinubu has announced the appointment of Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN), replacing the suspended Godwin Emefiele. Cardoso, who is the Chairman of the Board of Directors of Citibank Nigeria, will serve for a term of five years, subject to confirmation by the Senate.

According to a press statement by presidential spokesman Ajuri Ngelale on Friday evening, Cardoso’s nomination is in line with President Tinubu’s Renewed Hope agenda, which aims to implement critical reforms at the CBN to enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy towards sustainable growth and prosperity for all.

Cardoso is a financial and development expert with over thirty years of experience in the private, public, and not-for-profit sectors. He has also served as the first commissioner and cabinet member for economic planning and budget for Lagos State, where he wrote and monitored the implementation of the blueprint that catalysed economic development in the world’s sixth-largest megacity.

In addition to nominating Cardoso, President Tinubu has also approved the selection of four individuals to serve as Deputy Governors of the CBN. These esteemed candidates are Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.