President Bola Tinubu on Friday approved the nomination of Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria for a term of five years at the first instance, pending his confirmation by the Senate.
“This 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 four Deputy Governors for the Central Bank of Nigeria, subject to confirmation by the Senate of the Federal Republic of Nigeria,” a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed on Friday.
The statement is titled ‘President Tinubu nominates new CBN governor and management team for senate screening and confirmation.’
The President has also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate, they include; Nnana Usoro, Muhammad Abdullahi Dattijo, Philip Ikeazor and 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 the restructuring of the Nigerian economy toward sustainable growth and prosperity for all.
Things to know about Cardoso
Olayemi Michael Cardoso, widely known as Yemi Cardoso, is a prominent figure in Nigerian finance and public policy. With a career over three decades, he has made significant contributions to the private and public sectors, leaving an indelible mark on the country’s economic landscape.
Educational background
Cardoso’s journey to prominence began with his educational pursuits. He earned a Bachelor of Science (B.Sc.) degree in managerial and administrative studies from Aston University in the United Kingdom. His thirst for knowledge didn’t stop there, as he later achieved a Master’s degree in public administration from the prestigious Harvard Kennedy School.
A distinguished banking career
An illustrious career with prominent financial institutions marked Mr. Cardoso’s private sector journey. He started his banking career with Citibank, eventually rising to Vice President. Later, he co-founded Citizens International Bank, where he served as an Executive Director for eight years. His expertise in the financial sector contributed significantly to his later roles in public service.
Public service and leadership
In 1999, as Nigeria transitioned to civilian democratic rule, Yemi Cardoso was appointed as the first Commissioner for Economic Planning and Budget for Lagos State. In this role, he played a pivotal role in crafting and overseeing the implementation of a blueprint that catalyzed economic development in Lagos, one of the world’s largest megacities.
Cardoso introduced significant reforms during his tenure that improved the state’s financial autonomy and tax revenue generation. His visionary leadership paved the way for economic growth and transformation in Lagos. He also spearheaded initiatives such as the Medium-Term Expenditure Framework (MTEF), Security Trust Fund, and Public-Private Partnerships (PPP).
International collaborations
Yemi Cardoso’s influence extended beyond Nigeria’s borders. He advised and collaborated with major international development organizations, including the World Bank, Ford Foundation, UN Habitat, World Health Organization, and the Swedish Development Foundation. His contributions to global development initiatives helped shape policies and strategies for poverty alleviation and growth.
Chairmanship and Board Memberships
Cardoso’s leadership roles included chairing the board of Citibank Nigeria, where he steered remarkable growth and garnered accolades. Under his leadership, the bank’s total assets increased by 308.3%, and total revenue grew by 235.6%. He championed diversity and gender inclusion within the organization, significantly increasing the percentage of women in both employment and board membership.
He also served on the boards of Nigerian subsidiaries of Texaco and Chevron. He chaired the committee of EFInA, a financial sector development organization supported by the Bill and Melinda Gates Foundation. These roles showcased his commitment to financial inclusion and development.
Awards and recognitions
Yemi Cardoso’s contributions did not go unnoticed. He received several awards, including an honorary Doctorate Degree in Business Administration from Aston University and Citibank’s Global Distinguished Alumni award. These honours recognized his outstanding contributions to business and society.
Yemi Cardoso’s remarkable journey from the private sector to public service and policy advocacy reflects a lifetime of leadership, achievement, and a commitment to positively impacting society. His influence is felt in Nigeria and on the global stage, where he continues to shape policies and initiatives that contribute to economic growth and social development.
