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Tinubu nominates Cardoso as CBN governor - THE CABLE

SEPTEMBER 15, 2023

President Bola Tinubu has nominated Yemi Cardoso as the new governor of the Central Bank of Nigeria (CBN).

He has also nominated four new deputy governors; namely Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala M. Bello.

Ajuri Ngelale, special adviser to the president on media and publicity, announced the development in a statement on Friday.

Upon confirmation by the senate, Cardoso is expected to serve for a term of five years.

“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 (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria,” the statement reads.

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above-listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all.”

Cardoso, a banker, chartered stockbroker and public policy expert, has worked in the public, private and development sectors.

He was a former commissioner of economic planning and budget in Lagos state; an erstwhile chairman of the board of the African Venture Philanthropy Alliance; and most recently, chairman of Citibank Nigeria Ltd.

Cardoso is the founding chairman and co-chair of the Ehingbeti Summit, the Lagos state economic summit. He is also a member of the advisory board of Lagos Business School (LBS).


The statement announcing Cardoso’s nomination as CBN governor was silent on the fate of Godwin Emefiele, the suspended — and now former — governor of the apex bank.

It is also unclear how the development would affect the other deputy governors of the bank.

Emefiele, who is in the custody of the Department of State Services (DSS), was suspended by the president in June.

He was directed to transfer his responsibilities to Folashodun Adebisi Shonubi, the deputy governor, operations directorate.


Following his suspension, Emefiele was on July 25 arraigned on a two-count charge bordering on “illegal possession” of firearms at a federal high court in Ikoyi, Lagos, and was granted bail in the sum of N20 million.

Nicholas Oweibo, the judge, had ordered that Emefiele be kept in the custody of the Nigeria Correctional Service (NCoS) pending the fulfilment of his bail conditions.

But the DSS insisted that Emefiele must return to its custody — a development that led to a face-off between the secret police and prison officials.

After the face-off, DSS rearrested Emefiele on the court premises.

On August 3, the federal government filed an application seeking leave to appeal against the order granting bail to Emefiele.

However, on August 15, the federal government made an oral application to withdraw the charge of “illegal possession of firearms”.

Mohammed Abubakar, the director of public prosecution (DPP) of the federation, had said the decision to withdraw the charge is backed by sections 174 (1) and (3) of the 1999 constitution and sections 108 (1), (2) and (4) of the Administration of Criminal Justice Act (ACJA) 2015.

On August 17, the court granted the federal government’s application and struck out the charge.

In the fresh 20-count charge filed by the federal ministry of justice, Emefiele and his co-defendants were accused of engaging in conspiracy and procurement fraud, among others.

Although he was scheduled to be arraigned on August 23, Emefiele was not present in court.


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