Tinubu appoints Yemi Cardoso as new CBN Governor: 10 Things we know about him

President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso to assume the role of Governor for the Central Bank of Nigeria (CBN). The appointment is subject to the endorsement of the Nigerian Senate, in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007.

If approved, Cardoso will replace the former central bank governor, Godwin Emefiele, who is suspended and facing criminal charges. Emefiele was due to serve out his second term by 2024 but is now facing a battle to get out of prison.

Here are 10 things we know about Yemi Cardoso:

1. 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. He is the Chairman of the Board of Directors of Citibank Nigeria.
3. Cardoso has served as the first commissioner/cabinet member for economic planning and budget for Lagos state.
4. He has served on the board of several leading companies including Texaco and Chevron Oil Plc.
5. Cardoso most recently served as a member of the Policy Advisory Council, which includes Senator Tokunbo Abiru (chair), Sumaila Zubairu, and Dr. Doris Anite.
6. He faces the challenge of stabilizing Nigeria’s exchange rate volatility, bringing down inflation, and restoring confidence to the apex bank.
7. Cardoso’s appointment has been widely speculated, with many analysts predicting him as the likely choice for central bank governor.
8. The appointment is for a five-year term, pending Senate confirmation.
9. Cardoso’s expertise and experience make him well-suited to tackle the economic challenges facing Nigeria.
10. His appointment reflects President Tinubu’s commitment to strengthening the nation’s central banking system and promoting economic stability.

As the nomination awaits Senate confirmation, Nigerians will be watching closely to see how Cardoso’s leadership will shape the future of the Central Bank of Nigeria and the country’s economy.

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