At Last, Emefiele Resigns as CBN Governor, Cardoso Takes Over
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity.
The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26.
This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago.
“Dr Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate. This follows the resignation of Mr Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN),” the statement read.
The bank also said that the “Deputy-Governors-Designate have assumed duty, in acting capacities, sequel to the formal resignation of Mr Folashodun Shonubi, Mrs Aishah Ahmad, Mr Edward Lametek Adamu, and Dr Kingsley Obiora as Deputy Governors of the CBN.”
Mr Cardoso was the former chairman of Citibank Nigeria. He is a distinguished leader in the financial and development sectors with over 30 years of experience in private, public, and not-for-profit organisations.
With diverse corporate governance experience, Mr Cardoso has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates Foundation.
He served in government as Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process, which led to the state’s development of independent tax revenues.
Business Post had reported that the CBN postponed the Monetary Policy Committee (MPC) earlier scheduled for Monday, September 25 and Tuesday, September 26. It was speculated that the action was taken to allow Mr Cardoso to take charge after he must have been confirmed next week by the National Assembly. With the latest development, there are insinuations that the rate decision meeting may be held as earlier scheduled, with Mr Cardoso presiding.