Dr. Cardoso Confirmed as CBN Governor by Senate
- Posted on September 27, 2023
- Featured
- By PETER AGADA
On Tuesday, the Senate confirmed the appointment of Olayemi Cardoso, who is to take on the role of CBN Governor. Also, the Senate confirmed the appointments of Muhammed Abdullahi-Dattijo, Emem Usoro, Bala Bello, and Philip Ikeazor as deputy governors of the CBN.
The appointment of the new governor and his deputy took place at the plenary, where the selection was done by voice vote by senators, after which it was sealed by the Senate President, Godswill Akpabio.
On September 15, 2023, President Tinubu nominated them for the positions while forwarding the list to the Senate for confirmation.
Before the commencement of voting for the CBN top slot, the Senate President read aloud the request from the President seeking that the chambers confirm the nominees, after which it was handed to the whole Senate committee for immediate consideration.
During the screening, the nominees were asked questions about the nation's economy and how they would work to boost its foreign exchange before they were cleared by all senators. Responding to the questions thrown, the nominees pledge their commitment to reforming the financial system of the CBN upon their appointments.
Speaking further on the scheduled screening, the Senate President, Godswill Akpabio, says that the Senate decided to hold a plenary to conclude the screening/confirmation of the nominees due to the role the CBN plays in the economy of the nation, after which he stated that it was done in the interest of Nigeria as a whole.
The screening of the CBN nominees sent from the office of the President to the Senate lasted almost three hours. The meeting started around 2:58 p.m. and ended at 5:45 p.m.
CBN Commitment
While speaking on how to revitalize the economy for the better, the newly appointed governor said that his major goal is to refocus the CBN through his short, medium, and long-term measures.
He guaranteed that the CBN under his watch would operate on transparent monetary policies concerning data.
He also made it known that mistakes made by past administrations of the bank would not be tolerated.
He also assured Nigerians that the CBN will work alongside all constitutional duties and ensure that Nigerian financial policies compete with international standards; he also added that the Commission will not be used by politicians as a tool of propaganda.
Dr. Cardoso assumed duty last Friday ahead of his confirmation by the Senate.
Back Story
We reported how the CBN postponed its rate-setting meeting, which was expected to take place from September 25 to 26. The reason for the postponement was because the nominees sent to the Senate by President Tinubu were yet to be confirmed, leaving the top seat vacant.
Profile of Olayemi Cardoso
Olayemi Michael Cardoso hails from Lagos State. He acquired his primary education at Corona School, Ikoyi, after which he furthered his secondary education at St. Gregory’s College, Lagos State, Nigeria.
His father, Felix Bankole Cardoso, was Nigeria’s first Accountant-General in 1963. After this, he became the first Vice Chairman and MD of Union Bank, formerly known as Barclays Bank of Nigeria, in 1972.
Cardoso obtained his Bachelor of Science (B.Sc.) degree from Aston University, England, where he studied managerial and administrative studies.
He went further to get his Master’s degree from the Harvard Kennedy School in public administration.
Cardoso served as the former chairman of Citibank Nigeria, with over 30 years of experience in private, public, and not-for-profit organizations. Having obtained different governance experience, he was a member of the boards of the Nigerian subsidiaries of Texaco and Chevron and chairman of the board of EFInA, a final sector aided by the Bill and Melinda Gates Foundation.
He also served as the first Commissioner for Economic Planning and Budget for Lagos State, where he assisted in the development of independent tax revenues, which led to a financial reformation during his tenure.
However, Dr. Cardoso started his banking career at Citibank, where he rose to the position of Vice President before exiting the bank after serving as an Executive Director for eight years.
Other notable achievements added to the Cardoso rank include having advised and collaborated with the World Bank, UN Habitat, Ford Foundation, World Health Organization, and the Swedish Development Foundation.
He is married with five children and three grandchildren.
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