Cardoso Assumes Duty As Acting CBN Governor

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Barely a week after President Bola Tinubu announced his nomination for appointment as Acting Governor of the Central Bank of Nigeria (CBN),Dr. Olayemi Cardoso, has formally assumed duty at the apex bank.

In a statement issued on Friday, the apex bank’s Director, Corporate Communications, Dr. Isa AbdulMumin, confirmed that Cardoso together with his designated deputies took the Oath of Office at the bank’s head office in Abuja.

They stated: “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, the 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.

“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”, the statement added.

President Tinubu nominated the acting CBN Governor for 5-year tenure subject to confirmation of the upper Legislative chamber, the Senate in compliance with Section 8 (1) of the Central Bank of Nigeria Act 2007.

The act, which serves as the guiding framework for the nation’s central banking system, gives the President of the Federal Republic of Nigeria the legal right to nominate the Governor as well as four Deputy Governors of the apex bank for offices

Cardoso is a financial and development expert with over 30 years of cognate experience in the private and public sectors.

Prior to his nomination as acting Governor of the apex bank, he was the Chairman of the Board of Directors of Citibank Nigeria

He had also served as the Lagos State commissioner for Economic Planning and Budget and in the boards of some private companies, including Texaco and Chevron Oil Plc.

It would be recalled that the President had on 15th September 2023 nominated Cardoso as acting governor of the apex bank along with four other deputy governors.

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

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