President Bola Tinubu has approved the nomination of Dr Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN), for a term of five years at the first instance, pending the approval of the Nigerian Senate.

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

According to him, 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.

Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate, as listed below:

(1) Mrs. Emem Nnana Usoro

(2) Mr. Muhammad Sani Abdullahi Dattijo

(3) Mr. Philip Ikeazor

(4) Dr. Bala M. Bello

They will collectively be expected 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.

Dr. Yemi Cardoso, is a Nigerian banker, chartered stockbroker and public policy expert and served one time as Commissioner in Ministry of Economic Planning and Budget; Chairman of the Board of the African Venture Philanthropy Alliance and, most recently, Chairman of Citibank Nigeria Ltd for 12 years, until his resignation in 2022.

He will replace Mr. Godwin Emefiele who had been suspended from office since June and facing trial for procurement law infractions at the apex bank. It is believed that he may be negotiating plea bargaining with the security agencies part of which could include his resignation from office or termination of appointment. His second term tenure was to end next year.