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Yemi Cardoso Takes Over as Acting CBN Governor, as Apex Bank Confirms Emefiele’s Resignation

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Yemi Cardoso
Yemi Cardoso

By Uche Amunike

The Central Bank of Nigeria has confirmed that Yemi Cardoso has taken over as the Acting Governor of the Central Bank of Nigeria (CBN) and has assumed office, September 22nd, 2023, pending his confirmation by the Senate.

Recall that on September 15, 2023, President Bola Tinubu nominated Yemi Cardoso as the new CBN governor, after the resignation of Godwin Emefiele as governor of the Central Bank of Nigeria.

According to the CBN’s Director of Corporate Communications, Isa AbdulMumin, Yemi Cardoso will act as governor until he is confirmed by the parliament. His words: ‘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 CBN also confirmed that the Deputy-Governors designates have as well, assumed duty in acting capacities after the formal resignation of Mr. Folashodun Shonubu, Mrs. Aisha Ahmad, Mr. Edward Lametek Adamu and Dr Kingsley Obiora as Deputy Governors of the Apex Bank.

Yemi Cardoso was former chairman of Citibank Nigeria. An accomplished leader in the financial and development sectors with experience in over three decades in the private, public and not-for-profit organizations, he has diverse corporate governance experience.  He has been a board member of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organization that is supported by the Bill and Melinda Gates Foundation.

He used to be Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process that brought about the state’s development of independent tax revenues.

Prior to his appointment, the CBN confirmed the resignation of the former CBN Governor, Godwin Emefiele, which took place three months after his suspension from office by President Bola Tinubu .

Recall that after Emefiele’s suspension from office by the president, he was quizzed by officials of the Department of State Service (DSS), who were to charge him to court eventually. Following his suspension, Mr. Folashodun Shonubu was appointed by the Federal Government as the Deputy Governor (Operations Directorate), to take over the affairs of the bank.

A statement by the Director of Information at the Office of the Secretary to the Government of the Federation, Willie Bassey, explained that Emefiele’s suspension from office came about as a result of an ongoing investigation of his office and the planned reforms in the economy’s financial sector.

This led to the president, nominating Yemi Cardoso as the new CBN governor, pending when the Nigerian Senate confirms him, as stated in a statement signed by Presidential Spokesperson, Ajuri Ngelale, which partly read: ‘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.’

 

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