Nigerian President, Bola Tinubu has nominated Dr. Olayemi Michael Cardoso as the prospective Governor of the Central Bank of Nigeria (CBN). Dr. Cardoso’s appointment, pending Senate confirmation, is poised to extend for an initial term of five years. The announcement was made by Chief Ajuri Ngelale, the Special Adviser to the President (Media & Publicity) on the September 15, 2023
This move is in line with the guidelines outlined in Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants the President of the Federal Republic of Nigeria the authority to appoint the CBN Governor and four Deputy Governors, subject to Senate confirmation.
Additionally, President Bola Tinubu has also unveiled his nominations for four new Deputy Governors of the CBN, each slated for a five-year term, also pending approval from the Nigerian Senate. The list of nominees includes: Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello
These appointees/nominees are expected to play pivotal roles in spearheading critical reforms within the Central Bank of Nigeria which are envisioned to bolster the confidence of both Nigerians and international partners, fostering a robust restructuring of the Nigerian economy aimed at achieving sustainable growth and prosperity for all.
In June of this year, President Bola Ahmed Tinubu made the decision to temporarily suspend Mr. Godwin Emefiele, the Central Bank Governor. This unexpected action was taken as part of an ongoing investigation into Emefiele’s office and the anticipated reforms in the financial sector.
To facilitate a seamless transition, Mr. Emefiele was instructed to hand over his responsibilities to Folashodun Adebisi Shonubi, the Deputy Governor (Operations Directorate), who has been serving as the interim Central Bank Governor.
During his time as CBN Governor, Mr. Emefiele has been critical of cryptocurrencies. In a circular dated 5th February 2021, the CBN prohibited financial institutions from facilitating payments involving cryptocurrencies and instructed them to investigate and lock up accounts involved in cryptocurrencies. At one point, Mr. Godwin Emefiele described cryptocurrency as black, opaque, and money from thin air.
The newly nominated CBN Governor has had an extensive career in the private and public sectors. He was then Vice President of Citibank Nigeria, former Commissioner of the Ministry of Planning and Budget, and a member of the Economic Advisory Council to the former Vice President, among many other roles he has had over the years.
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