Dr. Yemi Michael Cardoso, officially assumed office as the Acting CBN Governor on Friday, along with four Deputy Governors, pending the ratification of their appointments by the Nigerian Senate. It has also emerged that the former governor, Mr. Godwin Emefiele and the four deputies that served with him have resigned their appointments as Executives of
Dr. Yemi Michael Cardoso, officially assumed office as the Acting CBN Governor on Friday, along with four Deputy Governors, pending the ratification of their appointments by the Nigerian Senate. It has also emerged that the former governor, Mr. Godwin Emefiele and the four deputies that served with him have resigned their appointments as Executives of the apex bank.
A statement issued by Dr. Isa AbdulMumin, the CBN’s Director of Corporate Communications, confirmed all the developments. According to him, Dr Cardoso has taken over the affairs of the apex bank in acting capacity pending his screening and confirmation by the Senate, which is currently on its annual recess.
Three months ago, President Bola Ahmed Tinubu suspended former CBN Governor Mr Emefiele from office due to an ongoing investigation into his office and as part of the current administration’s economic reform programme.
Shortly after his suspension, the former CBN governor was arrested and interrogated by the Department of State Services (DSS) before being charged in court. Mr Emefiele was initially arraigned to court for illegal possession of firearms and ammunition before being subsequently rearraigned for violating contracts procurement law.
Initially, Mr. Folashodun Shonubi, the Deputy Governor (Operations Directorate), was given the duty of managing the business of the CBN but on September 15, President Bola Ahmed Tinubu nominated Mr Yemi Cardoso, a one-time Lagos commissioner of Economic Planning and Budget, to be the governor of the Central Bank for the next five years, pending his confirmation by the Senate.
“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), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” a statement by the Special Adviser to President on Media and Publicity Ajuri Ngelale said.
While the country was still waiting for the confirmation of the CBN governor-designate by the lawmakers, the apex bank announced that the Dr Cardoso had assumed his role as the acting governor of the apex bank.
It was announced by Dr. Isa AbdulMumin, that Mr. Folashodun Shonubi and the other deputy governors Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora have all formally resigned their positions as executives of the CBN.
The statement reads:
“Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.
“This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN),
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”.
Describing the credentials of the new acting governor of the CBN, Isa AbdulMumin noted that Mr Cardoso is “an Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos, 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.
It will be recalled that Dr. Cardoso and his colleagues were appointed to their respective positions at the Bank on September 15, 2023, subject to their confirmation by the Senate.
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