Tinubu Nominates Yemi Cardoso as New CBN Governor, 4 Others as Deputies

Tinubu Nominates Yemi Cardoso as New CBN Governor, 4 Others as Deputies

  • President Bola Tinubu has nominated Yemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN)
  • This is coming three months after he suspended Godwin Emefiele and promised a house-cleaning
  • Cardoso, and four others nominated as deputies will now be screened by the Senate before 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).

Cardoso's nomination was announced in a statement signed by Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity) on Friday, September 15, 2023.

CBN governor Tinubu
Nigeria set to get new CBN governor Photo credit: Presidency
Source: Twitter

He is expected to serve for five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

The statement reads:

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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 (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

New Deputy CBN governors

Also, Tinubu has nominated four new Deputy Governors for a term of five (5) years at the first instance, pending their confirmation.

Their names are:

  • Mrs. Emem Nnana Usoro
  • Mr. Muhammad Sani Abdullahi Dattijo
  • Mr. Philip Ikeazor
  • Dr. Bala M. Bello

The statement added:

"In line with President Bola Tinubu's Renewed Hope agenda, the President expects the above-listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all."

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Expert reacts

Reacting to the new nominations, Uche Uwaleke, a financial economist and renowned professor of capital market at the Nasarawa State University Keffi, told Legit.ng that he is positive about the new team.

He said:

"The new CBN Governor is fit for purpose, a round peg in a round hole. I also think the four deputy Governors nominated to support him have the requisite qualifications.
"The primary mandate of the CBN is to maintain monetary and price stability. On this score, the CBN Governor is advised to ensure that issues of Ways and Means which fuel inflation are handled in line with the provisions of the CBN Act.
"He and his team should consider changing the current tightening stance of monetary policy to an accommodative one that supports growth."

Also speaking, Ayo Teriba, Chief Executive Officer of Economic Associates, said Cardoso has the credentials to head the apex bank.

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"Nigeria urgently needs to restore probity and integrity to the CBN. Yemi Cardoso would do that. We should commend the president for nominating him for the role."

Lagos court finally gives verdict on firearm suit against Emefiele

Meanwhile, a Lagos-based Federal High Court has dismissed the illegal possession of a firearm and possession suit against the suspended CBN governor, Godwin Emefiele.

Justice Nicholas Oweibo of the federal high court gave the verdict following the application for the withdrawal by the federal government.

Oweibo said the application filed by the director of public prosecution (DPP) complied with Section 108 of the Administration of Criminal Justice Act.

Source: Legit.ng

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