Emefiele gone for good as Tinubu nominates Yemi Cardoso as CBN governor

Tinubu nominated Cardoso three months after suspending Emefiele as the CBN Governor.

President Bola Tinubu has nominated his longtime ally, Yemi Cardoso, as the new substantive governor of the Central Bank of Nigeria (CBN) pending senate confirmation.

Cardoso will replace the suspended Godwin Emefiele, who is currently in the custody of the Department of State Services (DSS) for investigations into allegations of corruption and mismanagement during his nine-year reign.

The President also nominated the quartet of Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala M. Bello as new deputy governors of the apex bank pending the confirmation of the red chamber.

The announcement was made in a statement by the presidential spokesman, Ajuri Ngelale, on the evening of Friday, September 15, 2023.

Upon Senate confirmation, Cardoso and the other four nominees are expected to serve a term of five years apiece.

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,” the statement read in part.

Ajuri added, “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 CBN governor-nominee comes to the job with years of experience in the public and private sectors, having earned a reputation as an accomplished banker, chartered stockbroker, and public policy expert.

Cardoso also served as the Commissioner of Economic Planning and Budget in Lagos State during the days of Tinubu as the governor.

A former Chairman of Citibank Nigeria Ltd, Cardoso also chaired the board of the African Venture Philanthropy Alliance.

The nominee is the founding chairman and co-chair of the Ehingbeti Summit, the Lagos State economic summit, and also a member of the advisory board of Lagos Business School (LBS).

However, the statement announcing his nomination was silent on the faith of the former occupant of the office – Emefiele.

The embattled banker was arraigned at a federal high court in Ikoyi, Lagos, on July 25 over a two-count charge of illegal possession of firearms and ammunition.

He was granted bail in the sum of N20m, and the presiding judge, Nicholas Oweibo, ordered him to be kept in the custody of the Nigeria Correctional Service (NCoS) pending the fulfilment of his bail conditions.

However, drama ensued when the DSS operatives insisted that Emefiele return to its custody, leading to a messy face-off between the secret police and prison officials.

The Federal Government has since withdrawn the above-mentioned charges against Emefiele but slammed him and his co-defendants with a fresh 20-count charge bordering on engaging in conspiracy and procurement fraud, among others.

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