Cardoso Assumes Role As CBN Governor

In a significant turn of events for the Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso has officially taken up the mantle as the acting Governor of the institution.

Dr. Cardoso’s assumption of office follows his recent nomination by President Bola Ahmed Tinubu, marking a pivotal moment in the leadership transition of the country’s central bank.

The development was confirmed through a statement issued by Dr. Isa AbdulMumin, the Director of Corporate Communications at the CBN. According to the statement, Dr. Cardoso assumed his duties in an acting capacity as the Governor of the CBN on Friday, September 22, 2023.

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, the 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 newly appointed Deputy Governors are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello, who are expected to play key roles in maintaining the stability and integrity of Nigeria’s monetary policy.

The statement further detailed that Dr. Cardoso and his fellow Deputy Governors-Designate formally subscribed to the relevant oaths of office during a brief ceremony held at the CBN’s Head Office in Abuja on Friday, September 22, 2023. This symbolic act reinforces their commitment to upholding the highest standards of integrity and responsibility as they assume their respective roles.

Dr. Cardoso’s tenure as acting Governor will continue until his nomination is confirmed by the National Assembly.

Director Isa AbdulMumin also confirmed the resignations of Mr. Godwin Emefiele as the outgoing CBN Governor and Mr. Folashodun Shonubi, who had been acting as CBN Governor following Mr. Emefiele’s suspension.

The leadership changes within the CBN have set the stage for a new era in Nigeria’s monetary policy landscape, with Dr. Cardoso at the helm, awaiting Senate confirmation to take up his position on a more permanent basis.