President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso as the substantive new governor of the Central Bank of Nigeria (CBN).
A press statement by presidential spokesperson, Ajuri Ngelale, on Friday evening revealed that Cardoso will serve for a term of five (5) years in the first instance, pending his confirmation by the Nigerian Senate.
“This 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 (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.
“Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN) for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate,” he stated.
The new Deputy Governors include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above-listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” Ngelale stated.
Cardoso will take over from Faloshodun Shonubi, who has been heading the apex bank in an acting capacity since the suspension of Godwin Emefiele.
