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Tinubu appoints Michael Cardoso as Governor of Central Bank of Nigeria

Dr. Olayemi Michael Cardoso has been selected as the new Governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu.

Cardoso will serve a five-year term in the first instance, pending confirmation by the Nigerian Senate.

In a statement issued on Friday, Ajuri Ngelale, Special Adviser to the President on Media and Publicity, revealed this.

According to the Presidential spokesman, the directive conforms 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 deputy governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

President Tinubu also approved the nomination of four new deputy governors of the apex bank for a term of five years in the first instance, pending their confirmation by the Senate.

Mrs Emem Nnana Usoro, Mr Muhammad Sani Abdullahi Dattijo, Mr Philip Ikeazor, and Dr Bala M. Bello are the nominees.

“In accordance with President Bola Tinubu’s Renewed Hope agenda, the President expects the above-mentioned nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will boost Nigerians’ and international partners’ confidence in the restructuring of the Nigerian economy towards sustainable growth and prosperity for all,” Ngelale said.

Folashodun Shonubi had served as interim governor of the Central Bank of Nigeria (CBN) since President Tinubu removed Godwin Emefiele as CBN governor in June.

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