Dr. Olayemi Michael Cardoso Assumes Duty as Acting Governor of Cbn

In the role of Acting Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso has officially commenced his responsibilities. President Bola Ahmed Tinubu nominated Cardoso for the position, pending confirmation by the Senate. The previous governor, Mr. Godwin Emefiele, has formally resigned, leading to Cardoso’s appointment, according to a statement made by Isa AbdulMumin, the director of Corporate Communication of the CBN, on Friday.

In addition, the deputy governors-designate of the CBN, Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora, have also assumed their roles in an acting capacity. They resigned from their positions as deputy governors of the CBN, allowing for the new appointments.

On Friday, September 22, 2023, Dr. Cardoso and his colleagues took their oaths of office during a brief ceremony at the Bank’s headquarters in Abuja. They have already begun their duties of administering monetary and financial sector policies on behalf of the federal government, according to the CBN spokesman.

Dr. Cardoso brings over three decades of managerial experience to his new role. He has served as an economic and development policy advisor, financial sector leader, and previously held positions such as chairman of CitiBank Nigeria and Commissioner for Economic Planning and Budget in Lagos State. He obtained his managerial and administrative studies degree from Aston University in Birmingham, United Kingdom. Additionally, he holds a master’s degree in public administration from the Harvard Kennedy School in the United States of America.

The appointments of Dr. Cardoso and his four deputies were made on September 15, 2023.