President Bola Tinubu has officially put forth the nomination of Dr. Olayemi Michael Cardoso to assume the pivotal role of Governor for the Central Bank of Nigeria (CBN).
This nomination, which carries a five-year tenure, is contingent upon the approval of the Nigerian Senate, aligning with the provisions stipulated in Section 8 (1) of the Central Bank of Nigeria Act of 2007.
The aforementioned legislation, serving as the cornerstone for the nation’s central banking apparatus, confers upon the President of the Federal Republic of Nigeria the statutory authority to nominate both the Governor and four Deputy Governors of the Central Bank of Nigeria. These nominations, once ratified, entail an initial term of five years.
In a simultaneous move, President Tinubu has also given the green light to the selection of four distinguished individuals to assume the roles of Deputy Governors within the Central Bank of Nigeria.
These accomplished candidates, whose appointments are also pending Senate confirmation and subject to a five-year term, include:
- Mrs. Emem Nnana Usoro
- Mr. Muhammad Sani Abdullahi Dattijo
- Mr. Philip Ikeazor
- Dr. Bala M. Bello
If granted approval, Dr. Cardoso will succeed the incumbent central bank governor, Godwin Emefiele, who currently faces suspension and criminal charges. Emefiele, initially slated to complete his second term in 2024, now confronts a legal battle to secure his release.