“Dr. Olayemi Cardoso Assumes Acting Role as CBN Governor Pending Senate Confirmation”


Dr. Olayemi Cardoso, the nominated candidate for the position of Governor of the Central Bank of Nigeria (CBN), has officially taken up his role in an acting capacity, starting from Friday. This development, communicated by Dr. Isa AbdulMumin, the Director of Corporate Communications at the CBN, comes as the Senate is on its annual recess and pending their confirmation.

The change in leadership follows the resignation of the previous governor, Mr. Godwin Emefiele. Alongside Dr. Cardoso, the newly designated deputy governors have also assumed their responsibilities.

In an official statement, the CBN declared, “Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria, pending his confirmation by the Senate. This follows the resignation of Mr. Godwin Emefiele as Governor of the CBN.”

The statement further noted the appointment of deputy governors in acting roles, following the resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Adamu, and Dr. Kingsley Obiora from their positions as Deputy Governors of the CBN. The deputy governors-designate now in acting roles are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello.

A brief ceremony held at the bank’s headquarters in Abuja saw Dr. Cardoso and his colleagues taking the relevant oaths of office. Subsequently, they embarked on their responsibilities related to monetary and financial sector policies of the Federal Government.

The Senate, responsible for confirming these appointments, is currently on recess and will conduct the necessary screening procedures upon their return. The Senate spokesperson and Chairman of the Senate Committee on Media and Publicity, Yemi Adaramodu, explained that the Senate would consider the nomination of the CBN governor and other executives as soon as they receive an Executive Communication to that effect.

Meanwhile, the Central Bank of Nigeria has postponed the Monetary Policy Committee’s 293rd meeting, which was initially scheduled for September 25 and 26, 2023. This postponement aligns with the transition in leadership and the pending Senate confirmation.


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