Home Business Without National Assembly confirmation, Cardoso, deputies assume duty at CBN

Without National Assembly confirmation, Cardoso, deputies assume duty at CBN

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By fabulous reports

Dr. Olayemi Michael Cardoso and other four deputy governors have assumed office at the apex bank. Director, Corporate Communications, Isa AbdulMumin, who revealed this in Abuja, said Dr Cardoso took over at the CBN yesterday.

He said: “Dr Cardoso has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.

“This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).”Similarly, 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.

He added that Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, and have since settled down to the task of administering monetary and financial sector policies of the Federal Government.

An Economic and Development Policy Advisor, financial sector leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos, Cardoso brings over three decades of managerial experience on board.

He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.

It will be recalled that Dr. Cardoso and his colleagues were appointed to their respective positions at the Bank on September 15, 2023, subject to their confirmation by the Senate.

The Chief Executive Officer of Dairy Hills Limited, Kelvin Emmanuel said the new CBN Governor and his team are confronting several challenges such as forward guidance on interest, inflation, exchange rates and coordination with the Government on management of debt.

He added: “They will be confronted with comprehensive overhaul of the CBN Act and BOFIA, clearing of outstanding forwards.” The new team will have to manage the encumbrances posed by the external reserves, legacy issues from the fall-out of the direct intervention programmes and audit challenges as well as re-examining the apex bank’s regulatory model.

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