President Bola Tinubu approved the appointment of Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria for a term of five years which can be renewed, pending confirmation by the Senate. This approval was done on Friday, September 15, 2023.

“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 September 15, 2023.

The statement is titled ‘President Tinubu nominates new CBN Governor and Management Team for senate screening and confirmation.’

President Tinubu as well approved the nomination of four new Deputy Governors of the Central Bank of Nigeria, for a term of five years at the first instance, upon their confirmation by the Senate. The nominees include: Dr. Bala M. Bello, Mrs. Emem Usoro, Mr. Philip Ikeazor, and Mr. Muhammad Dattijo.

Prior to Yemi Cardoso’s nomination, Folashodun Adebisi Shonubi had been in charge of the nation’s national bank, acting as the head based on his appointment by President Bola Tinubu.
Shonubi, an economist, was the Deputy Governor (Operations Directorate) under the now-suspended CBN governor, Godwin Emefiele.

Shonubi took charge in an acting capacity on June 9, 2023, upon Emefiele’s immediate suspension.
The suspension was announced in a statement issued by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, who further gave reasons for the suspension of Emefiele to be based on an ongoing investigation and planned reform of the financial sector.

Shonubi assumed the position of Operations Directorate on October 17, 2018.

Olayemi Cardoso is a Nigerian banker, chartered stockbroker, and public policy maker. He served as the former chairman of Citibank Nigeria and was the Commissioner for Lagos State Ministry of Economic Planning and Budget.