Dr. Olayemi Michael Cardoso has on Friday, September 22, 2023 assumed duty as the acting Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.
The CBN made the confirmation in a press release on Friday signed by the Director, Corporate Communications, Isa AbdulMumin PhD.
The press release stated that Dr. Cardoso assumed duty following the resignation of Mr. Godwin Emefiele as Governor of the apex bank.
Similarly, the 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.
Dr. 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.
President Tinubu had on Friday 15th September approved the nomination Dr. Olayemi Michael Cardoso to serve 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 Nigerian Senate.
The President also approved the nomination of four new Deputy Governors of the apex bank, for a term of five years at first instance, pending their confirmation by the Nigerian Senate.
An Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria, Cardoso brings over three decades of managerial experience on board. 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.
He also served in government as Commissioner for Economic Planning and Budget for Lagos State, where he was reported to have championed the financial reform process which led to the state’s development of independent tax revenues.
Amongst the daunting tasks facing the new Governor and his team will be repositioning of the bank to meet its core functions which includes ensuring monetary and price stability.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur