Tinubu appoints Yemi Cardoso as CBN Governor, sacks Dep Govs

President Bola Tinubu has sacked the Management Team of the Central Bank of Nigeria (CBN).

In place of the suspended CBN Governor’s Godwin Emefiele, the President has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of CBN.

Cardoso’s appointment is for a term of five years at the first instance, pending his confirmation by the Nigerian Senate.

Tinubu also approved the nomination of four new Deputy Governors of CBN: Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello.

The appointment followed the termination of appointments of the apex bank’s deputy governors.

The deputy governors sacked are: Mr. Folashodun Adebisi Shonubi (Acting Governor), Mrs. Aishah N, Ahmad, Deputy Governor, Financial System Stability Directorate; Mr. Edward L. Adamu, Deputy Governor, Corporate Services Directorate; and Dr. Kingsley Obiora, Deputy Governor, Economic Policy Directorate.

The appointment is for a term of five years at the first instance, pending their confirmation by the Nigerian Senate.

The appointments at the CBN were conveyed in a statement issued on Friday by the Ajuri Ngelale, Special Adviser to the President (Media & Publicity)

“This directive is in conformity 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.

“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 said.

Cardoso, a former chairman of Citibank Nigeria, is a banker and chartered stockbroker. He was former Lagos State Commissioner for Economic Planning and Budget.

The Star