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”.

[Feature Image Credit]

The post Seven Quick Facts about Olayemi Cardoso new CBN Governor appeared first on Tech | Business | Economy.

The Latest financial statement of the Central Bank of Nigeria (CBN) shows the apex bank disbursed loans totaling N40.67 billion to its staff members as of December 2022.

According to Punch report, the bank’s audited financial statement for that year indicates a significant increase of 133.07 percent from N17.43 billion in 2021.

While the exact number of staff members benefiting from the loans was not disclosed, information on the CBN’s website shed light on its current staff strength. The bank indicated that it operates with a reduced staff size of 4,914, down from 10,000 in 1999. Furthermore, 79 percent of the current staff are professionals.

Despite providing N155.63 billion for staff allowances in 2022, which included categories like furniture, housing, leave, transport, productivity allowances, and other payments, the CBN recorded a high level of debt.

This figure exceeded the bank’s recorded profit of N65.63 billion during the examined period and was 37.2 percent higher than the N113.35 billion spent on staff allowances in 2021.

Over seven years (2016-2022), the CBN’s consolidated and separate statements of accounts showcased fluctuations in its profit and an increasing trend in staff emoluments. Staff emoluments rose by 119 percent during this period, while the bank’s profit underwent sharp declines from N124.47 billion and N107.39 billion in 2016 and 2017 to N43.77 billion in 2018.

Staff salaries, allowances, and benefits continued to climb to N168.03 billion, N183.60 billion, N200.04 billion, and finally N265.87 billion in 2019, 2020, 2021, and 2022, respectively.

Notably, credit loss expenses for the banking regulator surged from N498.2 billion in 2021 to N875.2 billion in 2022, as indicated in the latest results signed by the suspended CBN governor, Godwin Emefiele, and audited by Ernst & Young and KPMG.

The post CBN Spends N40 Billion on Staff Loans in 2022 appeared first on Tech | Business | Economy.

The decision to suspend Governor Emefiele was made by President Bola Tinubu and was announced through a statement issued by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation.

The suspension is a result of an ongoing investigation and a planned financial sector reform. As per the law, one of the deputy governors must complete Emefiele’s tenure, which is set to expire in May 2024.

While the central bank has four deputy governors, Shonubi was chosen over Aishah Ahmed, Edward Adamu, and Kingsley Obiora for the acting governor role.

Shonubi, who assumed the position of Operations Directorate on October 17, 2018, was born on March 7, 1962, and obtained his education at the University of Lagos. He earned a BSc in mechanical engineering from 1978 to 1983, followed by an MSc in the same field.

After working as a consultant engineer at Mek-ind Associates from 1984 to 1989, he transitioned to the field of finance and completed an MBA program.

Shonubi ventured into the IT industry, which greatly influenced his career. He held positions such as a marketing executive at Inlaks Computers Ltd from 1989 to 1990 and head of treasury operations at Citibank Nigeria Ltd in 1990.

Throughout his career, he held various roles, including supervising consultant at Agusto & Co. Ltd and deputy general manager of banking operations and IT at MBC International Ltd. He also served as vice president of operations and information technology at First City Monument Bank (FCMB) Ltd and executive director of operations and information technology at Ecobank Nigeria Plc.

Shonubi’s experience also extends to serving as director of information technology and corporate services at Renaissance Securities Nigeria Ltd, as well as executive director of operations, technology, and services at Union Bank of Nigeria Ltd from 2009 to 2012.

Before his appointment to the CBN in October 2018 by President Muhammadu Buhari, he held the position of Managing Director and CEO of the Nigeria Inter-Bank Settlement System (NIBSS).

With the absence of a new CBN governor or the unlikely recall of Emefiele, who was suspended by Tinubu on Friday night, Shonubi currently holds the crucial role of leading the monetary affairs of Africa’s largest economy.

The post Meet Folashodun Adebisi Shonubi – Acting Governor of CBN appeared first on Tech | Business | Economy.