Meet Dr. Olayemi Cardoso, The New CBN Governor
President Bola Tinubu on Friday appointed Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria, replacing Folashodun Shonubi who has headed the bank in acting capacity since the President suspended Godwin Emefiele. 962">
The Special Adviser to the President, (Media & Publicity), Ajuri Ngelale, who disclosed this in a statement said the President also nominated four deputy governors to the apex bank.
The statement read, “This directive is in conformity with Section 8(1) of the Central Bank of Nigeria Act, 2007, which vests in the President the authority to appoint the governor and four deputy governors for the Central Bank of Nigeria, subject to confirmation by the Senate.
“Furthermore, President Bola Tinubu has approved the nomination of four new deputy governors of the CBN for a term of five years at the first instance, pending their confirmation by the Nigerian Senate, as listed below.”
He listed the deputy governors to consist of Mrs. Emem Usoro; Mr. Muhammad Dattijo; Mr. Philip Ikeazor; and Dr. Bala Bello.
He said in line with Tinubu’s agenda, the President expected the nominees to successfully implement critical reforms at the CBN, which would enhance the confidence of Nigerians and international partners in the restructuring of the economy towards sustainable growth and prosperity for all.
Tinubu on June 9 suspended Emefiele from office with immediate effect.
The Man Cardoso
Olayemi Michael Cardoso hails from Lagos State. He spent his formative years in the vibrant city and received his primary education at Corona School Ikoyi, followed by his secondary education at St Gregory’s College, both within Lagos.
He completed his undergraduate studies upon obtaining a Bachelor’s degree in Managerial and Administrative Studies from Aston University in 1980. He later continued his education at the Harvard Kennedy School of Government in the United States, earning a Master’s in Public Administration in 2005 as a Mason Fellow. In recognition of his achievements in the private and public sectors, Cardoso was granted a Doctorate in Business Administration (honoris causa) by Aston University in 2017. He is also a Fellow of the Chartered Institute of Stockbrokers.
Cardoso, a former chairman of Citibank Nigeria, is a distinguished leader in the financial and development sectors with over 30 years of experience in private, public, and not-for-profit organizations. With diverse corporate governance experience, he has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organization supported by the Bill and Melinda Gates Foundation.
Cardoso served in government as the first Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process that led to the state’s development of independent tax revenues.
In his capacity as a consultant and policy expert, Cardoso has advised and collaborated with major international development organizations including the World Bank, Ford Foundation, UN-Habitat, World Health Organization, and the Swedish Development Foundation.
He started his banking career with Citibank where he eventually rose to the position of Vice President leaving to co-found Citizens International Bank where he was an Executive Director for eight years.
His father, Felix Cardoso, was the first indigenous Accountant-General of the Federation of Nigeria in 1963; and, the first indigenous vice chairman and Managing Director of Barclays Bank of Nigeria, shortly after joining the bank in 1972. Under his leadership, Barclays successfully transformed into Union Bank of Nigeria, a wholly-owned Nigerian entity
Cardoso is married with five children and three grandchildren. His parents were descendants of Brazilian returnees and came from prominent families from Popo Aguda.