CBN confirms Emefiele’s resignation as Yemi Cardoso assumes office

The Central Bank of Nigeria (CBN) has confirmed the resignation of Godwin Emefiele as its governor, three months after being suspended from office by President Bola Tinubu.

President  Tinubu in September 15 nominated Olayemi Cardoso as the new CBN Governor, pending his confirmation by the Nigerian Senate.

“President Bola Tinubu in September 15 approved the nomination of Dr Yemi Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance.

Pending his confirmation by the Nigerian Senate, the apex bank has issued another statement on Friday, announcing Yemi Cardoso’s assumption of office as acting governor.

The bank also said that the “Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”

Cardoso was the former chairman of Citibank Nigeria. He is a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations.

With diverse corporate governance experience, Mr Cardoso has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.

He served in government as Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenues.

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