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Tinubu nominates Olayemi Cardoso as CBN Governor

President Bola Tinubu on Friday approved the nomination of Olayemi Cardoso as the new Governor of the Central Bank of Nigeria for a term of five years at the first instance, pending his confirmation by the Senate.⁣

“This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and four Deputy Governors for the Central Bank of Nigeria, subject to confirmation by the Senate of the Federal Republic of Nigeria,” a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed on Friday. ⁣

The statement is titled ‘President Tinubu nominates new CBN governor and management team for senate screening and confirmation.’ ⁣

Tinubu also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria, for a term of five years at the first instance, pending their confirmation by the Senate.⁣

They include Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

Before Cardoso’s nomination, Folashodun Adebisi Shonubi had been in charge of the apex bank in an acting capacity following his appointment by President Bola Tinubu.

Shonubi, an economist, was the deputy (Operations Directorate) under the now-suspended CBN governor, Godwin Emefiele.⁣

Shonubi assumed office in an acting capacity on June 9, 2023, following Emefiele’s immediate suspension.

The suspension was announced in a statement issued by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, who explained that the suspension of the CBN governor was based on an ongoing investigation and planned reform of the financial sector.

Shonubi assumed the position of Operations Directorate on October 17, 2018.

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