Tinubu Nominates Yemi Cardoso As CBN Governor, Names Deputies

Tinubu has nominated Yemi Cardoso as CBN governor as he names deputies.

Glamtush reports that President Bola Tinubu on Friday approved the nomination of Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN) for a term of five years at the first instance, pending his confirmation by the Senate.⁣

This online newspaper understands that this is according to a statement from presidential spokesman Ajuri Ngelale. Cardoso will replace the Acting Governor of the CBN Folashodun Shonubi if confirmed by the Senate.

“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 Deputy Governors for the Central Bank of Nigeria, subject to confirmation by the Senate of the Federal Republic of Nigeria,” a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed on Friday. ⁣

The statement is titled ‘President Tinubu nominates new CBN governor and management team for senate screening and confirmation.’ ⁣

“President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” the Friday statement added.

Aside from the Lagos-born Cardoso, Tinubu appointed four deputy governors 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.”

Ajuri said the nominations are in line with Tinubu’s Renewed Hope agenda with the Nigerian leader expecting them to “successfully implement critical reforms at the Central Bank of Nigeria.”

The move came months after President Tinubu named Shonubi as the CBN acting governor. Until his new role, he was the bank’s deputy governor in charge of the operations directorate under the now-suspended CBN governor, Godwin Emefiele.⁣

Shonubi assumed office in an acting capacity on June 9, 2023, following Emefiele’s immediate suspension.

The suspension was announced in a statement issued by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, who explained that the suspension of the CBN governor was based on an ongoing investigation and planned reform of the financial sector.

Shonubi assumed the position of Operations Directorate on October 17, 2018.