Tinubu nominates Olayemi Cardoso as new CBN governor

 Business A.M

President Bola Tinubu has nominated Olayemi Michael Cardoso as the new governor of the Central Bank of Nigeria (CBN).

The announcement, conveyed through a press statement by Ajuri Ngelale, special adviser to the president on media & publicity, stated that the appointment for a five-year term is subject to confirmation by the Senate of the Federal Republic of Nigeria.

Ngelale also noted that the appointment is in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants the president the authority to appoint the CBN governor, subject to senate confirmation.

President Tinubu  also approved the selection of four individuals to serve as deputy Governors of the Central Bank of Nigeria for  a five-year term pending Senate confirmation. The nominated candidates for the position of deputy governors include; Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello.

Cardoso, chairman of the board of directors of Citibank Nigeria, is a financial and development expert with over thirty years of experience in the private, public, and not-for-profit sectors.

His appointment, if approved by the senate, will have him take over from Folashodun Shonubi who held the position in an acting capacity following the suspension of Godwin Emefiele, the embattled central bank governor,who  is currently facing criminal charges.