Emefiele resigns, Cardoso, new deputy governors take over at CBN


Yemi Cardoso, CBN Governor

Olayemi Cardoso has assumed office as the new governor of the Central Bank of Nigeria, CBN alongside Nnana Usoro, Muhammad Abdullahi Dattijo, Philip Ikeazor, and Bala Bello, the four new deputy governors of the bank.

In a statement by its Director of Corporate Communications, Isa AbdulMumin, on Friday, the CBN confirmed that Cardoso and the new deputy governors took over in acting capacity pending their confirmation by the Senate.

President Bola Ahmed Tinubu had on Friday, September 22, 2023, nominated Cardoso for appointment in acting capacity as the Governor of the CBN. He also nominated the four new deputy governors.

Cardoso was nominated to replace Godwin Emefiele who was suspended from office by President Bola Tinubu about three months ago.

Tinubu had subsequently announced Folashodun Shonubi, the Deputy Governor (Operations Directorate), to oversee the affairs of the apex bank.

In the statement issued on Friday, CBN said the Cardoso-led team are taking over the leadership of the bank following the resignation of Emefiele, Shonubu and the other deputy governors.

“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),” the statement said.

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“Deputy-Governors-Designate have also assumed duty, in acting capacities, 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,” the statement indicated.

The statement further indicated that 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 also confirmed speculations that Emefiele has resigned after being suspended from office by the President.

He was thereafter arrested by the Department of State Service (DSS) and charged to court over certain infractions he committed while in office.

Cardoso, an Economic and Development Policy Advisor, Financial Sector Leader, was former Chairman Citi Nigeria and Lagos Commissioner for Economic Planning and Budget in Lagos.

He brings over three decades of managerial experience to the CBN.

He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.

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