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Tinubu appoints Yemi Cardoso as new CBN Governor

Published

2 weeks ago

September 15, 2023

Former chairman of Citibank Nigeria Yemi Cardoso will succeed Godwin Emefiele as CBN Governor

President Bola Tinubu has appointed former chairman of Citibank Nigeria, Yemi Cardoso as the new Central Bank of Nigeria (CBN) Governor, succeeding Godwin Emefiele.

Chronicle NG reports that Cardoso’s appointment is subject to approval by the Nigerian Senate who will vote on his nomination.

Emefiele, who was suspended three months ago by Tinubu is yet to be sacked by the Senate. According to the Nigeria constitution, Tinubu cannot sack Emefiele unless two-third of the Senate vote to approve it and that has not happened as at the time of this report.

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However, a statement by Ajuri Ngelale, the President spokesperson noted that “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.”

“This directive is in conformity 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 (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria,” the statement said.

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President Bola Tinubu of Nigeria

Alongside Cardoso, Tinubu has also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate, as listed below: Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

The statement added that, “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 toward sustainable growth and prosperity for all.”