Cardoso assumes duty as acting CBN Governor, awaits senate approval

The Central Bank of Nigeria (CBN), on Friday, said its newly appointed governor, Olayemi Cardoso, has subscribed to relevant oaths required to resume to his position despite him not receiving approval from the Senate.

CBN said his resumption is in an acting capacity pending the confirmation by the upper chamber.

He took the oath, alongside four nominated deputy governors, on Friday at the headquarters of the financial regulator, a statement released by its Director, Corporate Communications, Isa AbdulMumin, said.

The statement reads: “Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate. This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN)

“Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.

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“Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday, September 2023, and have since settled down to the task of administering monetary and financial sector policies of the Federal Government.”

Dr. Yemi Cardoso is a financial and development expert with over thirty years of experience in the private, public, and not-for-profit sectors.

He is the Chairman of the Board of Directors of Citibank Nigeria.

He has also served as the first commissioner/cabinet member for economic planning and budget for Lagos state and has also served on the board of several leading companies including Texaco and Chevron Oil Plc.

Recall that President Bola Tinubu had on 15th September 2023 nominated Dr. Olayemi Michael Cardoso to assume the role of Governor for the Central Bank of Nigeria (CBN).

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The five-year appointment is subject to the endorsement of the Nigerian Senate, in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007.

In addition to nominating Dr. Cardoso, President Tinubu also approved the selection of four other individuals to serve as Deputy Governors of the Central Bank of Nigeria.