Tinubu Nominates Yemi Cardoso As CBN Governor, Names Deputies

Olayemi Cardoso has been proposed by President Bola Tinubu as the future governor of the Central Bank of Nigeria (CBN).

Ajuri Ngelale, the presidential spokesperson, said as much in a statement. If confirmed by the Senate, he will take the place of Folashodun Shonubu, the CBN’s acting governor.

“President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” the statement on Friday said.

In addition to the Cardoso, who was born in Lagos, Tinubu also named four deputy governors for the top bank.

According to Ajuri, the action was taken “in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants 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.”