Tinubu Appoints Olayemi Cardoso as CBN Governor, 99 Days After Emefiele’s Suspension

President Bola Tinubu on Friday, September 15, 2023, nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN), 99 days after he suspended Godwin Emefiele, who has been in DSS detention since June 9, 2023.

Chief Ajuri Ngelale, Special Adviser to President Tinubu on Media and Publicity, in a statement, said that Tinubu approved Olayemi Cardoso’s nomination for a term of five years, pending Senate confirmation.

The decision is in accordance with the Central Bank of Nigeria Act, 2007, which vests in the President the authority to appoint the Governor and Four Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

This nomination was made alongside four new Deputy Governors for the CBN.

The four Deputy Governors nominated by President Tinubu are:

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Dr. Olayemi Cardoso is an economist with extensive experience in the financial sector. Olayemi Cardoso is a Nigerian banker, chartered stockbroker, and public policy maker, who served as the Commissioner for Lagos State Ministry of Economic Planning and Budget during the time Bola Tinubu was governor. Cardoso has also served as the chairman of Citibank Nigeria.