Olayemi Cardoso assumes duty as acting CBN governor

Business A.M

Yemi Cardoso, the recently nominated governor of the Central Bank of Nigeria, has formally assumed duty as acting governor of the apex bank pending the approval of his nomination by the Senate.

Cardoso’s recent position in an acting capacity,  was disclosed in a press release by the CBN dated September 22,2023, signed by Isa AbdulMumin, the CBN’s director of corporate communications.

In a related development, the deputy-governors-designate have also assumed duty, in acting capacities, sequel to the formal resignation of  Folashodun Shonubi, Aishah Ahmad,  Edward Lametek Adamu, and Kingsley Obiora as deputy governors of the CBN.

The CBN stated that 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.

Prior to his recent appointment, Cardoso had served as a financial sector leader with over three decades of managerial experience on board under various capacities including  economic and development policy advisor, former chairman of Citi Nigeria and commissioner for economic planning and budget in Lagos.

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.

President Bola Tinubu had nominated Olayemi Michael Cardoso to assume the role of governor for the Central Bank of Nigeria (CBN).

However, the five-year appointment is subject to the endorsement of the Nigerian Senate, in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007.