The president also announced the appointment of deputy governors of the apex bank

President Bola Tinubu has approved the nomination of Olayemi Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).

A statement by Mr Tinubu’s special adviser on media, Ajuri Ngelale, said the new appointee was nominated for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

Furthermore, Mr Tinubu has approved the nomination of four new deputy governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate.

The newly appointed deputy governors are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above-listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” the statement said.

Background

Earlier in June, Mr Tinubu had suspended Godwin Emefiele from office as CBN governor.

The federal government said that Mr Emefiele’s suspension is a sequel to an investigation of his office and the planned reforms in the economy’s financial sector.

Mr Emefiele, on 10 June, was arrested at his home in Lagos by the State Security Service (SSS) and flown to Abuja for interrogations.

The SSS, on 25 July, arraigned him at a Federal High Court in Lagos for “illegal possession” of firearms and live ammunition.

However, in mid-August, the Nigerian government withdrew the initial charges of illegal possession of firearms and ammunition filed against Mr Emefiele.

The government subsequently filed fresh charges of conspiracy and procurement fraud against the suspended CBN governor.

Following the trial, Mr Tinubu appointed Folashodun Shonubi, the CBN Deputy Governor (Operations Directorate) to oversee the affairs of the bank in an acting capacity.

Culled from Premium Times