Dr. Olayemi Cardoso, the nominee for the position of governor of the Central Bank of Nigeria, officially assumed office on Friday.
According to a statement by Dr. Isa AbdulMumin, the Director, Corporate Communications at the CBN, Cardoso assumed duty as the acting CBN governor pending confirmation by the Senate, who are currently on their annual recess.
It was also noted that the deputy governor-designates have assumed office following the resignation of the previous deputies.
The statement read, “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, pending his confirmation by the Senate. This follows the resignation of Mr Godwin Emefiele as Governor of the 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 Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”
The deputy-governors-designate are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello.
The statement noted that 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.
It added that they have since settled down to the task of administering monetary and financial sector policies of the Federal Government.
The Central Bank of Nigeria postponed the Monetary Policy Committee’s 293rd meeting, which was scheduled for Monday and Tuesday, September 25 and 26, 2023.
Here are seven things to know about the new CBN governor.
1. Chairman of the Board of Directors of Citibank Nigeria, Dr Yemi Cardoso, is a financial and development expert with over thirty years of experience in the private, public, and not-for-profit sectors.
2. His private sector experience includes an illustrious career with Citibank, Chase and Citizens International Bank.
3. In 1999 upon return to civilian democratic rule, Yemi was appointed the first commissioner/ cabinet member for economic planning and budget for Lagos State.
4. In this capacity, he wrote and monitored the implementation of the blueprint, which catalysed economic development in the world’s sixth-largest megacity.
5. He has served on the board of several leading companies, including Texaco and Chevron Oil Plc. He is a member of the Belgian-based Cities Alliance Think Tank which aims to shape and influence policy and decision-making on urban development in Africa and has strong relationships with key international donor agencies.
6. Yemi’s first degree is from the University of Aston, United Kingdom, and his second degree is from Harvard University, USA.
7. In 2017, he was awarded an honorary doctorate degree in business administration by his alma mater, Aston University, in recognition of “his outstanding contributions to business and society”.