Pending Senate’s confirmation, Cardoso resumes as Acting CBN Governor

Op-ed EditorSeptember 22, 20233 min

Barely one week after nominations by the President, Cardoso, a former Finance Commissioner during the Bola Tinubu-led administration in Lagos State takes over as ‘Governor’ of Nigeria’s apex bank.

But what happens to the constitutional provision on confirmation by the National Assembly?




Dr. Olayemi Michael Cardoso has formally assumed duty as the Acting Governor of the Central Bank of Nigeria (CBN) following his recent nomination by President Bola Ahmed Tinubu.

As contained in a statement signed by Isa AbdulMumin, Director of Corporate Communications at the apex bank, and made available to OrderPaper, the Economic and Development Policy Advisor, resumed on Friday, September 22, 2023, in an acting capacity, pending his confirmation by the Senate.

A former Commissioner for Economic Planning and Budget in Lagos State, his assumption of the top job at the bank follows the resignation of Mr Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).


READ ALSO: Tinubu nominates Dr. Cardoso as CBN Governor, names Deputies


According to the statement, the Deputy-Governors-Designate have also 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.

The statement noted that Dr Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja on Friday, September 2023, and have since settled down to the task of administering monetary and financial sector policies of the Federal Government.

“An Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos, Cardoso brings over three decades of managerial experience on board.

He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.

It will be recalled that Dr. Cardoso and his colleagues were appointed to their respective positions at the Bank on September 15, 2023, subject to their confirmation by the Senate,” it read in part..


Op-ed Editor

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