Tinubu Selects New Central Bank Governor
Nigerian President Bola Tinubu has chosen Dr. Olayemi Michael Cardoso as the incoming Governor of the Central Bank of Nigeria (CBN), according to an announcement made Friday.
Cardoso was appointed by President Tinubu to take over the helm of the CBN for an initial five-year term. His selection for the influential position will be subject to confirmation by the Nigerian Senate.
The presidential announcement was relayed in a statement by Ajuri Ngelale, who serves as Special Adviser to President Tinubu on Media and Publicity matters. The statement confirmed Dr. Cardoso as President Tinubu’s designated candidate to lead Nigeria’s apex bank.
As CBN governor, Dr. Cardoso will be responsible for formulating monetary policies, regulating Nigeria’s financial sector, and fostering currency and price stability. The appointment hands him significant influence over Africa’s largest economy.
The leadership change comes during a transitional period as President Tinubu fills key posts upon taking office. The confirmation process will allow the Senate to vet and review Dr. Cardoso’s background and qualifications.
According to the Presidential spokesman, the directive conforms 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 deputy governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.
President Tinubu also approved the nomination of four new deputy governors of the apex bank for a term of five years in the first instance, pending their confirmation by the Senate.
The nominees are Mrs Emem Nnana Usoro, Mr Muhammad Sani Abdullahi Dattijo, Mr Philip Ikeazor and 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 towards sustainable growth and prosperity for all,” Ngelale stated.
Until the appointment of Cardoso, Folashodun Shonubi had been the acting governor of the apex bank after President Tinubu suspended Godwin Emefiele as CBN governor in June.
