Tinubu nominates Olayemi Cardoso as new CBN Governor

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)

This ewas contained in a statement by the Special Adviser to the President on Media and Publicity Ajuri Ngelale on Friday.

Cardoso replaces former Governor Godwin Emefiele who was initially suspended by President Tinubu.

According to the statement, Cardoso is appointed 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.

“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:

(1) Mrs. Emem Nnana Usoro

(2) Mr. Muhammad Sani Abdullahi Dattijo

(3) Mr. Philip Ikeazor

(4) 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,” the statement read.

Cardoso was Commissioner for Budget and Economic Planning was Tinubu was Lagos State governor.

The stockbroker was also a former Chairman of Citibank.