In a statement by the presidential spokesman Ajuri Ngelale, President Bola Tinubu has nominated Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN).
This five-year appointment is subject to the endorsement of the Nigerian Senate, in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007.
The act, which serves as the guiding framework for the nation’s central banking system, grants the President of the Federal Republic of Nigeria the legal mandate to nominate the Governor as well as four Deputy Governors of the Central Bank of Nigeria. These appointments, once confirmed, are for an initial term of five years.
In addition to nominating Dr. Cardoso, President Tinubu has also approved the selection of four individuals to serve as Deputy Governors of the Central Bank of Nigeria. These esteemed candidates, who will also serve a five-year term pending Senate confirmation, are as follows:
- Mrs. Emem Nnana Usoro
- Mr. Muhammad Sani Abdullahi Dattijo
- Mr. Philip Ikeazor
- Dr. Bala M. Bello
If approved, Cardoso will replace the current central bank governor, Godwin Emefiele who is suspended and facing criminal charges. Emefiele was due to serve out his second term by 2024 but is now facing a battle to get out of prison.