CBN confirms Olayemi Cardoso assumes office as Acting Governor

*The Central Bank of Nigeria affirms Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has formally assumed duty Friday, September 22, 2023, in an acting capacity as the Governor of CBN, pending his confirmation by the Senate

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr. Godwin Emefiele as the Governor of CBN, three months after President Bola Ahmed Tinubu suspended him from office.

ConsumerConnect reports President Bola Ahmed Tinubu recently nominated Dr. Olayemi Michael Cardoso as the new Governor of the CBN, subject to his confirmation by the Nigerian Senate, and named other Deputy Governors of the Bank.

Chief Ajuri Ngelale, Presidential Spokesman, in a statement had said: “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,” presidential spokesman,

Earlier, Willie Bassey, Director of Information in the Office of the Secretary to the Government of the Federation (SGF), in an earlier statement had explained that the Federal Government disclosed Emefiele’s suspension from office was due to an ongoing investigation of his office and the planned reforms in the economy’s financial sector.

Subsequently, officials of the Department of State Service (DSS) later interrogated the former CBN Governor and charged him to court.

Following Emefiele’s suspension as Governor of CBN, the Federal Government appointed Mr Folashodun Shonubi, a Deputy Governor (Operations Directorate), to oversee the affairs of the banking regulator in Nigeria.

CBN affirms Cardoso’s resumption as Acting Governor 

Affirming this development, the Bankers’ Bank in a statement issued Friday, September 22, 2023, announced the assumption of office by the acting governor.

Dr. AbdulMumin Isa, Director of Corporate Communications, stated that Dr. Cardoso would act as Governor of CBN, pending his confirmation by the Senate.

Isa noted in the statement: “Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.

“This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).”

The Bank also stated the “Deputy-Governors-Designate have also assumed duty in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”

Cardoso was the former chairman of Citibank Nigeria. He is a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations.

With diverse corporate governance experience, Dr. Cardoso has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.

He served in government as Honourable Commissioner for Economic Planning and Budget in Lagos State, where he championed the financial reform process that led to the state’s development of independent tax revenues.