Olayemi Cardoso, nominated for the presidency of the Central Bank of Nigeria (CBN), officially assumed the position on Friday in an acting capacity, as announced by the apex bank. This move precedes a crucial legislative approval from the Senate, set to resume from its annual recess next week.
The transition follows the resignation of Mr. Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN), according to a statement released by the bank on Friday. Additionally, Folashodun Shonubi, who had been serving as the acting CBN governor since Mr. Emefiele’s suspension by President Bola Tinubu in June, also formally resigned.
Moreover, the Deputy-Governors-Designate have assumed their roles in acting capacities, following the resignations of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN. The bank’s statement, signed by its spokesperson, Isa AbduMumin, mentioned the four newly designated deputies, Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello, all of whom, along with Mr. Cardoso, are appointed for an initial term of five years, renewable thereafter.
During a ceremony in Abuja, the acting governor and his deputies took the oath of office and have since commenced their responsibilities in administering monetary and financial sector policies for the Federal Government.
Mr. Cardoso, who previously served as the commissioner for economic planning and budget in Lagos, Nigeria’s commercial capital during Mr. Tinubu’s governorship, was the former chairman of Citibank Nigeria. He holds a degree in Management and Administrative Studies from Aston University, United Kingdom, and a master’s in Public Administration from the Harvard Kennedy School, US. With over thirty years of managerial experience, he assumes this role during a challenging period, marked by the naira’s historic low and a record-high annual inflation of 18.5% in August.
The previous CBN governor, Mr. Emefiele, faced a nine-year tenure that saw a significant decline in the naira’s value. He has been in detention since his suspension in June over alleged financial misappropriation. Additionally, the CBN recently postponed its monetary policy meeting, originally scheduled for the 25th and 26th of September, without announcing a new date.
