From Tinubu’s Commissioner to CBN Governor: Here’s All You Need To Know About Olayemi Cardoso
On September 15, 2023, President Bola Tinubu nominated Dr. Olayemi Cardoso as Governor of the Central Bank of Nigeria (CBN). His nomination, while awaiting confirmation from the Nigerian Senate, which has been on recess since August 7, 2023, is coming 99 days after the President suspended Godwin Emefiele.
At a time when the country is undergoing monetary policies, including the naira float, the appointment of Olayemi Cardoso is expected to help address the financial crisis Nigeria is facing.
While we await his confirmation when the Senate reconvenes on September 26, 2023, let’s take a look at Dr. Cardoso’s background and qualifications.
1) Olayemi Michael Cardoso is a Nigerian banker, chartered stockbroker, and public policy maker with over 30 years of experience in the private, public, and not-for-profit organizations.
2) During the time when Bola Tinubu was governor of Lagos State, Cardoso was the first Commissioner for Lagos State Ministry of Economic Planning and Budget.
3) After his term in government, he became Chairman of the Board of Citibank Nigeria Limited between 2010 and 2022, where he purportedly helped increase the bank’s total assets by 308.3%.
4) For his educational qualification, Cardoso studied managerial and administrative studies at Aston University, where he obtained a Bachelor of Science (B.Sc.) degree in 1980. Afterwards, he obtained his Master’s degree from the Harvard Kennedy School in public administration in 2005.
5) Cardoso has also served as Chair, West Africa of the African Venture Philanthropy Alliance, a continental organization with its head office in Nairobi and regional offices in Lagos and Johannesburg.
6) In 2018, Cardoso became a member of the advisory board of Lagos Business School, an appointment he still holds before his recent nomination.
7) He has also served as a board member of MRS Oil and served as the chairman of the board of EFInA.
8) Additionally, Cardoso is the founding chairman and co-chair of the Nigeria National Advisory Board for Impact Investing, a cross-section of influential leaders consisting of people and organizations united in purpose to grow impact investing in the country.
9) He has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organization supported by the Bill and Melinda Gates Foundation.
10) In October 2015, he was appointed Member, Economic Advisory Council, Office of the Vice President, a position he held for four years.
