President Bola Tinubu on Friday appointed Dr Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN).
Cardoso is to serve a term of five years in the first instance, pending his confirmation by the Nigerian Senate.
The Nigerian Economy brings the new CBN Governor close to your face with his profile below.
Olayemi Cardoso, is a Lagosian, who grew up in Lagos and attended Corona School Ikoyi and St. Gregory’s College all in Lagos for his primary and secondary education, respectively.
His father, Felix Bankole Cardoso, was the first indigenous Accountant-General of the Federation of Nigeria in 1963; and, the first indigenous Vice Chairman and Managing Director of Barclays Bank of Nigeria shortly after joining the bank in 1972. The Punch reported that under Felix Cardoso’s leadership, Barclays successfully transformed into Union Bank of Nigeria, a wholly-owned Nigerian entity.
Michael Cardoso completed his undergraduate studies upon obtaining a Bachelor’s degree in Managerial and Administrative Studies from Aston University in 1980.
He later furthered his education at the Harvard Kennedy School of Government, earning a Master’s degree in Public Administration in 2005 as a Mason Fellow.
In recognition of his outstanding achievements in the private and public sectors, Cardoso was granted a Doctorate in Business Administration (DBA) (honoris causa) by Aston University in 2017. He is also esteemed as a Fellow of the Chartered Institute of Stockbrokers.
Olayemi Michael Cardoso is a Nigerian banker, chartered stockbroker and public policy expert.
He has served for over four decades in the public, private and development sectors as a leader and innovator.
Among his most impactful roles are: Commissioner in the Lagos State Ministry of Economic Planning and Budget; Chairman of the board of the African Venture Philanthropy Alliance and, most recently, Chairman of Citibank Nigeria Ltd for 12 years, until his resignation in 2022.
Cardoso is a dedicated family man. He is married with five children and three grandchildren. His parents were descendants of Brazilian returnees and came from prominent families from Popo Aguda.
According to the Presidential spokesman, Ajuri Ngelale, his appointment conforms 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 deputy governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.
President Tinubu also approved the nomination of four new deputy governors of the apex bank for a term of five years in the first instance, pending their confirmation by the Senate.
The nominees are Mrs Emem Nnana Usoro, Mr Muhammad Sani Abdullahi Dattijo, Mr Philip Ikeazor and Dr Bala M. 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 towards sustainable growth and prosperity for all,” Ngelale stated.
Until the appointment of Cardoso, Folashodun Shonubi had been the acting governor of the apex bank after President Tinubu suspended Godwin Emefiele as CBN governor in June.
