Tinubu names Yemi Cardoso CBN governor

 

ABUJA, Nigeria – President  of Nigeria, Senator Bola Tinubu  has nominated Dr. Yemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN). He also approved four others to serve as Deputy Governor of the apex bank. 

The new Deputy Governors are Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

The announcement was made in  statement released  by presidential spokesman, Ajuri Ngelale, on Friday evening.

 

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According to Ngelale, Yemi Cardoso will serve 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, President Bola 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,” he stated.

“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,” Ngelale stated.

Cardoso attended Corona School Ikoyi and St. Gregory’s College in Lagos for his primary and secondary education, respectively.

He completed his undergraduate studies upon obtaining a Bachelor’s degree (B.Sc.) in Managerial and Administrative Studies from Aston University in 1980. He later furthered his education at the Harvard Kennedy School of Government (HKS), 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 sector, 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.

His dedication to lifelong learning has garnered recognition from various educational institutions, including as:

•Trustee of the Harvard club of Nigeria from 2022 till present
•Trustee of the Harvard Kennedy School Nigeria Alumni from 2020 till present
•Board advisor of the Lagos Business School from 2019 till present
•Trustee of St. Augustine University from 2018 till present
•Global Alumni-elected Board member of Harvard Kennedy School from 2006 – 2010
Public Service: Commissioner for Economic Planning & Budget, Lagos State
When Nigeria transitioned to civilian and democratic governance in 1999, Cardoso was appointed a Commissioner in Lagos State, a state of significant economic importance within Nigeria and the broader African continent.

He set up and oversaw Nigeria’s first stand-alone Ministry of Economic Planning & Budget, which became the think-tank of the administration and the champion of the reform process. That model has been replicated in most of the nation’s states. As Commissioner for Economic Planning & Budget, he spearheaded reforms and introduced innovative analytical and consultative mechanisms to enhance governance. He also raised awareness about the complexities of managing the world’s sixth-largest megacity.

He designed and developed a strategy document for the state (based on poverty alleviation and growth), and wrote the 10-point economic agenda that helped catalyse the ongoing reforms and transformations in the state. He monitored performance and compliance of all ministries, as well as managed the expenditure patterns of the state.

Cardoso pioneered the Ehingbeti Lagos economic summit in the year 2000, as a platform that enabled business leaders and other multi-stakeholders, including international development partners and not for profit civil society groups, to contribute to solving the peculiar problems of a megacity in a non-partisan and result-oriented way. In recognition of his pioneering role and the success of his initiative, he was back in 2022, on the 20th Anniversary of the summit, to co-chair the anniversary summit.

During his tenure, Cardoso chaired various cabinet-level committees, including but not limited to:
•Cabinet Project Monitoring Committee
•Lagos Urban Transport Project Office (which later evolved into LAMATA)
•Privatization Committee
•Lagos Water Corporation
•State Security Trust Fund Committee (which he pioneered), and
•State Pension Fund Committee

In July 2017, Cardoso joined the renowned Cities Alliance Think Tank, dedicated to shaping and influencing policy and decision-making regarding urban development in Africa. Cities Alliance, formed by the World Bank, UN, and other donors, stands as a gold standard global partnership in this field. Additionally, he served as chairman of the board for the DFID and Gates Foundation’s EFinA, an organization devoted to financial inclusion.

Cardoso’s engagement extends to various advisory roles. He is a member of the Nigerian National Advisory Board on impact investing and serves on the advisory board of Lagos Business School. In 2018, he assumed the role of founding Chairman of the board for the Africa Venture Philanthropy Alliance (AVPA), an organization committed to unlocking new capital for social impact.