Seven Quick Facts about Olayemi Cardoso new CBN Governor

In the last week of September 2023, Nigeria’s Senate confirmed the appointment of Dr. Olayemi Cardoso as the Central Bank of Nigeria (CBN) governor.

The Senate also confirmed four others as deputy governors of the apex bank.

They were confirmed following a screening by the upper legislative body.

The deputy governors who were confirmed are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.

“The nomination of Olayemi Cardoso is hereby confirmed as governor of the Central Bank of Nigeria (CBN),” Senate President Godswill Akpabio said.

Before their confirmation, the nominees had answered questions on matters related to economic and other policies.

During the screening, Cardoso promised to embrace compliance, assuring that under his leadership, the apex bank would remain apolitical.

“I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance,” he said.

“We will not wait for oversight to come and tell us what to do. We will ensure that by the time the system is passing through us, we catch it and we deal with it,” said Cardoso who promised zero tolerance for abuse of compliance.

“That is a cultural shift, a change in mindset, but we will make sure it happens,” the former Citibank Nigeria chairman assured.

Cardoso’s confirmation comes weeks after President Bola Tinubu nominated him as the acting CBN governor and four others as deputies.

He has assumed office, replacing Folashodun Shonubi, the then-acting governor of the CBN.

The recent appointments followed the suspension and resignation of Godwin Emefiele as the apex bank boss. The Delta-born began his reign in 2014 but got backlash owing to the naira redesign policy.

Emefiele, who was later arrested by the Department of State Services (DSS) but released on bail,  is being tried on an alleged N6.9b fraud.

Seven Quick Facts about Olayemi Cardoso 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”.

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