The Central Bank of Nigeria (CBN) has officially acknowledged the departure of Mr. Godwin Emefiele from his role as Governor, marking his resignation three months subsequent to his suspension from office by President Bola Tinubu.
Subsequently, Emefiele underwent questioning by officials from the Department of State Service (DSS), leading to legal charges being filed against him.
In the wake of his suspension, the Federal Government designated Mr. Folashodun Shonubi, the Deputy Governor (Operations Directorate), to take charge of the apex bank’s operations.
In a statement released by Willie Bassey, the Director of Information at the office of the Secretary to the Government of the Federation, the government cited ongoing investigations into Emefiele’s office and planned reforms in the financial sector as reasons for his suspension from office.
However, on September 15, President Bola Tinubu nominated Dr. Olayemi Michael Cardoso as the prospective new Governor of the Central Bank of Nigeria (CBN). This nomination is pending confirmation by the Nigerian Senate.
Presidential spokesman Ajuri Ngelale confirmed the nomination, stating, “President Bola Tinubu has endorsed the appointment of Dr. Olayemi Michael Cardoso as the prospective Governor of the Central Bank of Nigeria (CBN), initially for a five-year term, pending confirmation by the Nigerian Senate.”
Subsequently, the CBN issued a statement on Friday, confirming the assumption of office by the acting governor.
The Director of Corporate Communications at the bank, Isa AbdulMumin, announced that Dr. Olayemi Michael Cardoso would serve as the acting Governor of the Central Bank of Nigeria (CBN), pending confirmation by the parliament. President Bola Ahmed Tinubu nominated him for this role, and he formally assumed office on Friday, September 22, 2023, following the resignation of Mr. Godwin Emefiele as the CBN Governor.
Additionally, the bank disclosed that the Deputy-Governors-Designate have taken on their roles in acting capacities after the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.
Dr. Cardoso, formerly the chairman of Citibank Nigeria, is a distinguished leader with over 30 years of experience in the financial and development sectors, spanning private, public, and not-for-profit organizations.
With a rich and varied background in corporate governance, Mr. Cardoso has served as a board member for Nigerian subsidiaries of both Texaco and Chevron. Additionally, he held the prestigious position of Chairman on the board of EFInA, a prominent financial sector development organization backed by the Bill and Melinda Gates Foundation.
Furthermore, his public service record is equally noteworthy. During his tenure as Commissioner for Economic Planning and Budget for Lagos State, Mr. Cardoso played a pivotal role in spearheading vital financial reforms that culminated in the state achieving autonomy in its tax revenue generation, thereby contributing significantly to its overall development.
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