President Tinubu nominates Cardoso new CBN governor

President Bola Tinubu has approved the nomination of Dr. Olayemi Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN) for a term of five years in the first instance.

This is contained in a statement issued by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity.

He said that the appointment would be subject to confirmation by the Senate.

He said that the directive was in conformity with Section 8 (1) of the CBN Act, 2007, which vests in the President of the Federal Republic of Nigeria the authority to appoint the CBN Governor and four Deputy Governors.

Ngelale added that the President also approved the nomination of Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello as CBN Deputy Governors for a term of five years.

He said that the deputy governors’ appointments were also subject to Senate confirmation.

The president's aide said Tinubu urged nominees to implement critical reforms at the apex bank in order to inspire the confidence of Nigerians and international partners in the restructuring of the economy.

Supreme News reports that Cardoso is a Nigerian banker, chartered stockbroker, and public policy maker.

He served as the former chairman of Citibank of Nigeria and was the Commissioner for the Lagos State Ministry of Economic Planning and Budget.