Emefiele Resigns As CBN Governor, Olayemi Cardoso Assumes Office

The Central Bank of Nigeria (CBN) has officially confirmed the resignation of Mr. Godwin Emefiele as its governor, marking the conclusion of a turbulent period that began with his suspension from office by President Bola Tinubu three months ago.

After his suspension, Emefiele was subjected to questioning by officials from the Department of State Service (DSS) who subsequently filed charges against him in court.

Following his suspension, the Federal Government appointed Mr. Folashodun Shonubi, the Deputy Governor (Operations Directorate), to oversee the operations of the apex bank.

In a statement issued by Willie Bassey, the Director of Information at the office of the Secretary to the Government of the Federation, the government cited Emefiele’s suspension as a result of ongoing investigations into his office and planned reforms in the financial sector of the economy.

However, on September 15, President Tinubu nominated Olayemi Cardoso as the new CBN Governor, pending confirmation by the Nigerian Senate.

“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,” presidential spokesman, Ajuri Ngelale, said in a statement.

Corroborating this, the apex bank issued a statement on Friday, announcing the assumption of office by the acting governor.

The bank’s Director of Corporate Communications, Isa AbdulMumin, said Cardoso will act as governor pending his confirmation by the parliament.

“Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate. This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN),” the statement said.

The bank also said that the “Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”

Cardoso was the former chairman of Citibank Nigeria. He is a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations.

With diverse corporate governance experience, Mr Cardoso has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.

He served in government as Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenues.