Tinubu nominates Yemi Cardoso as new CBN Governor, unveils Bank’s Deputy Govs

*President Bola Ahmed Tinubu has approved the  nomination of Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria, subject to confirmation of the Senate

Isola Moses | ConsumerConnect

The Federal Government has announced President Bola Ahmed Tinubu has approved nomination of Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN).

Ajuri Ngelale, Special Adviser (SA) to the President on Media and Publicity, Friday, September 15, 2023, stated Mr. Cardoso would replace Mr. Folashodun Shonubi, who has been Acting CBN Governor, if he is confirmed by the Nigerian Senate.

The Presidential aide noted: “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 Federal Government also disclosed that aside from Cardoso, President Tinubu appointed four Deputy Governors for CBN in “conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007.”

The statement said the CBN Act “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.”

The nominations are in line with Tinubu’s Renewed Hope agenda with the Nigerian leader expecting them to “successfully implement critical reforms at the Central Bank of Nigeria,” Ngelale stated.

Prior to Cardoso’s nomination

It is also noted this development came some months after Tinubu had appointed Shonubi as the Acting Governor of CBN.

ConsumerConnect reports  Shonubi, prior to his new role at CBN, he was the Bank’s Deputy Governor in charge of the Operations Directorate.

Willie Bassey, in the Office of the Secretary to the Government of the Federation (SGF), had stated while confirming Emefiele’s suspension from office June, 2023.

Basset had said: “This is a sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.”

Following appointment of the acting governor, the Department of State Services (DSS) arrested Emefiele for prosecution but later a Lagos court later released him on bail.

Emefiele still faces charges over alleged  N6.9billion fraud while in office.