Tinubu Names Cardoso, His Former Commissioner,  New CBN Governor, Effectively Sacks Emefiele

By Ayodele Oni

A successor to embattled suspended Governor of the Central Bank of Nigeria, currently under detention and being prosecuted by the Federal Government, has emerged.

President Bola Tinubu on Friday, approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the CBN, for a term of five years at the first instance, pending his confirmation by the Nigerian Senate. With the appointment, Emefiele has Effectively been sacked as the CBN Governor.

Cardoso, Lagos indigene, accomplished Chartered Accountant, Banker, and Financial guru, was the Commissioner for Economic Planning and Budget under Tinubu as Lagos State Governor.

Presidential spokesman, Ajuri Ngelale stated in a release that the nomination is in line with CBN rules.

“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.

“Furthermore, President Bola Tinubu has 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.

“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.”

Cardoso was a founding member  of Citi Bank, and later, Citizens Bank. Between 2010 – 2022, he was the Chairman of Citi Bank.

A father of five children and three grandchildren, his father, Felix Bankole Cardoso, was Nigeria’s first indigenous Accountant General of the Federation, and first indigenous Vice Chairman and Managing Director of the Barclays Bank Bank of Nigeria.