CBN: Senate confirms appointments of Olayemi Cardoso as Governor, others as Deputies

*Dr. Olayemi Michael Cardoso, Governor of the Central Bank of Nigeria, underscores the importance of zero tolerance for abuse of compliance with regulations under his leadership of the banking sector regulator

Isola Moses | ConsumerConnect

The Nigerian Senate has confirmed the appointments of Dr. Olayemi Michael Cardoso as new Governor of the Central Bank of Nigeria (CBN), and four others as Deputy Governors of the Bank.

ConsumerConnect reports the West African country’s Senate Tuesday, September 26, 2023, confirmed the nominees,  following a screening by the Upper Legislative (Red) Chamber of the National Assembly (NASS), in Abuja, FCT.

The Deputy Governors the Federal Legislature confirmed are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.

Announcing the decision on confirmation of appointment of Cardoso as Governor of CBN, Senate President Godswill Akpabio said: “The nomination of Olayemi Cardoso is hereby confirmed as governor of the Central Bank of Nigeria (CBN).”

Earlier during the screening before their confirmation, the nominees had answered questions on matters related to economic and other policies in Nigeria. Cardoso at the screening pledged to embrace compliance, assuring that under his leadership of the Bankers’ Bank, the CBN would remain apolitical.

The CBN Governor explained: “I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance.

“We will not wait for oversight to come and tell us what to do.

“We will ensure that by the time the system is passing through us, we catch it and we deal with it.”

Cardoso, underscoring the importance of zero tolerance for abuse of compliance, said: “That is a cultural shift, a change in mindset, but we will make sure it happens.”

The new Governor’s confirmation Tuesday came weeks after President Bola Ahmed Tinubu has nominated him as the Acting CBN Governor, and four others as Deputy Governors of the banking sector regulator in the country.

Cardoso later assumed office last week, replacing Mr. Folashodun Shonubi, who was then Acting Governor of CBN.

The recent appointments of both the new Governor and his Deputies in the Bank were sequel to suspension and recent resignation of Mr. Godwin Emefiele as the Governor of CBN.

The Delta-born began his reign in 2014 but got backlash owing to the Naira redesign policy, according to report.

Nigeria’s Department of State Services (DSS) later arrested but released Emefiele on bail, as he is being tried on an alleged N6.9billion fraud while in office.