Nigeria’s president, Bola Tinubu has nominated Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN).
Dr. Cardoso’s appointment, along with four new Deputy Governors, is pending confirmation by the Senate.
In a statement released by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, on Friday, it was announced that Dr. Olayemi Cardoso would take up the role of CBN Governor for a term of five years at the first instance.
The nomination aligns with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants the President the authority to appoint the CBN Governor and four Deputy Governors, subject to Senate confirmation.
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The statement, titled ‘President Tinubu nominates new CBN governor and management team for senate screening and confirmation,’ also listed the four nominees for Deputy Governors: Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
These individuals will also serve for a term of five years initially, subject to Senate approval.
Prior to Dr. Cardoso’s nomination, Folashodun Adebisi Shonubi had been serving as the acting Governor of the CBN. Shonubi, an economist, assumed this role following his appointment by President Tinubu on June 9, 2023, immediately after the suspension of the former CBN Governor, Godwin Emefiele.
The suspension was announced by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, and was attributed to an ongoing investigation and planned reform of the financial sector.
Folashodun Adebisi Shonubi had previously held the position of Deputy (Operations Directorate) under the now-suspended CBN governor, Godwin Emefiele, since October 17, 2018.
