BREAKING: President Tinubu nominates Olayemi Cardoso as new Governor of CBN

Olayemi Cardoso

President Bola Tinubu has nominated Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN), 
according to a statement by the presidential spokesman, Ajuri Ngelale.

The presidential spokesman said, “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 Friday statement added.

Aside from the Lagos-born Cardoso, Tinubu appointed four deputy governors for the apex bank.

Ajuri said the move 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”.

He said the directive is in line with Tinubu’s Renewed Hope agenda with the Nigerian leader expecting them to “successfully implement critical reforms at the Central Bank of Nigeria.”

The appointments come months after President Tinubu named Folashodun Shonubi as the CBN acting governor. Until his new role, he was the bank’s deputy governor in charge of the operations directorate.

His new role was a sequel to Godwin Emefiele’s suspension as the governor of the CBN.

“This is a sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy,” the Director of Information, Office of the Secretary to the Government of the Federation Willie Bassey said while confirming Emefiele’s suspension.

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