President Tinubu has announced the appointment of Dr. Olayemi Michael Cardoso as the new Governor of the Country’s apex bank, the Central Bank. The appointment was made public on Friday 15th September, 2023 via an official release by Chief Ajuri Ngelale, President Tinubu’s Spokesperson and Special Adviser on Media and Publicity.
According to the release, the appointment is “for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate".
According to the release, “The 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 4 (four) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.
It will be recalled that Olayemi Cardoso who has been part of the team that has been working on an economic blueprint for the new government in the country was Lagos State Commissioner for Economic Planning and Budget When President Tinubu was Governor between 1997 to 2007.
The statement by Ngelale further stated that four new Deputy Governors are also appointed and names sent to the Senate for confirmation. The names are: Mrs. Emem Nnana Usoro, Mr. Muhammed Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello.
“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 restructuring of Nigerian economy towards sustainable growth and prosperity for all.

Emefiele going for a court appearance in ikoyi

The new appointment came on the heel of the sacking of former CBN governor, Godwin Emefiele as the country’s apex bank Governor following destructive policy of the apex bank under him, especially, the ill-timed and evil-motivated roll-out of the currency redesign policy prior to the general election which was claimed to have been targeted at frustrating President Tinubu’s presidential ambition at that time.
The new appointment also became necessary with the removal of the acting Governor, Emefiele’s deputy, Folashodun Shonubi. Shonubi was removed no doubt in connection with recent revelations that he played the real major roles in the naira redesign policy aimed at frustrating Tinubu’s presidency and which turned the country upside down, causing Nigerians unneccessary sufferings and in many cases deaths.

Emefiele, presently in DSS custody is facing charges that border on illegal possession of firearms among other financial crimes, while both he and Shonubi with other CBN chiefs are presently under probe.