President Tinubu nominates Olayemi Cardoso as the 11th CBN Governor

President Bola Tinubu has given his nod to the nomination of Dr. Olayemi Michael Cardoso, as the 11th Central Bank of Nigeria (CBN) Governor. Cardoso’s appointment comes with a mandate for a term of five years, pending confirmation by the Nigerian Senate.

The appointment of the former Citi Bank Chief aligns with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants the President the authority to appoint the CBN Governor and four Deputy Governors, subject to Senate confirmation.

Additionally, President Tinubu has confirmed the nomination of four new Deputy Governors of the CBN for a similar five-year term, awaiting Senate confirmation. The nominated Deputy Governors are Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr Bala M. Bello.

The nomination was confirmed the the special assistant to the president on Media and Publicity, Chief Ajuri Ngelale, today.

President Tinubu’s vision, under the banner of the Renewed Hope agenda, is to empower these appointees to spearhead critical reforms within the CBN. These reforms aim to bolster the confidence of both Nigerians and international partners in restructuring Nigeria’s economy, focusing on sustainable growth and prosperity for all.

Read also: President Tinubu appoints Zacch Adedeji as acting chairman of FIRS

Meet Olayemi Michael Cardoso, new CBN Governor

Dr. Olayemi Michael Cardoso is a distinguished Nigerian banker, chartered stockbroker, consultant, and public policy expert. Throughout his illustrious career, he has held prominent leadership positions in both the public and private sectors.

Cardoso is the visionary founder of the Africa Institute for Leadership and Public Administration (AILPA), an organization dedicated to advancing private-public partnerships.

As a consultant and policy expert, Cardoso has collaborated with major international development organisations, including the World Bank, Ford Foundation, UN-Habitat, World Health Organisation, and the Swedish Development Foundation.

Notably, AILPA has partnered with prestigious institutions such as Harvard and the Ford Foundation to drive innovation in Lagos. One of its initiatives, the “Innovation for Economic Development” program, outlined strategies to align technological advancements with development policy objectives. This program catered to high-level leaders, including cabinet members, academia, and civil society, ultimately paving the way for legislative measures that fostered an innovation ecosystem in Lagos.

Cardoso’s academic journey includes a bachelor’s degree in Managerial and Administrative Studies from Aston University and a master’s degree in Public Administration from Harvard Kennedy School.

Before his leadership at AILPA, Cardoso held pivotal roles in renowned institutions such as Citibank, where he ascended to Vice President and later as Executive Director at Citizens International Bank. He made history as Lagos State’s first Commissioner for Economic Planning & Budget.

In July 2017, Cardoso joined the esteemed Cities Alliance Think Tank, dedicated to influencing policy and decision-making in African urban development. Furthermore, he chaired the board of the DFID and Gates Foundation’s EFinA, an organization dedicated to promoting financial inclusion.

Cardoso’s impact extends to his roles as a member of the Nigerian National Advisory Board on impact investing, an advisory board member at Lagos Business School, and founding chairman of the board for the Africa Venture Philanthropy Alliance (AVPA), which focuses on mobilizing capital for social impact across Africa.

Beyond these accolades, Cardoso serves on the board of trustees for DRASA Health Trust, a public organization honouring the late Dr. Ameyo Adadevoh, and chairs the board of directors for Rebuild Lagos Trust Fund (RLTF), a not-for-profit public-private partnership established to rebuild infrastructure in Lagos following the 2020 END SARS protests.

Among his numerous awards and recognitions, Cardoso received an honorary Doctorate degree in Business Administration from Aston University and the Global Distinguished Alumni Award from Citibank. He also holds the distinction of being a Mason Fellow at the Harvard Kennedy School.

Dr. Olayemi Michael Cardoso’s appointment as the new CBN Governor holds immense promise for Nigeria’s financial landscape, as he brings a wealth of experience, innovation, and a commitment to positive change.