Olayemi Cardoso Assumes Acting Role as CBN Governor After Emefiele’s suspension

The Central Bank of Nigeria (CBN) has officially confirmed the resignation of Mr. Godwin Emefiele from his position as Governor, after a suspension by President Bola Tinubu three months ago. Emefiele faced questioning by the Department of State Service (DSS) and was subsequently charged in court.

During his suspension, Mr. Folashodun Shonubi, the Deputy Governor (Operations Directorate), was appointed by the Federal Government to oversee the CBN.

President Bola Tinubu nominated Dr. Olayemi Cardoso as the new CBN Governor on September 15, pending confirmation by the Nigerian Senate. The CBN issued a statement today, formally announcing Cardoso’s assumption of office in an acting capacity as Governor, following Emefiele’s resignation.

Additionally, Deputy Governors-Designate have taken on acting roles, succeeding those who resigned, including Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora.

Dr. Olayemi Michael Cardoso, formerly the chairman of Citibank Nigeria, brings over 30 years of experience in the financial and development sectors. He has a strong background in corporate governance and has held positions in various organizations, including Nigerian subsidiaries of Texaco and Chevron. Cardoso also chaired the board of EFInA, a financial sector development organization supported by the Bill and Melinda Gates Foundation. His notable government role includes serving as Commissioner for Economic Planning and Budget for Lagos State, where he played a key role in financial reform and revenue generation.