President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN).
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
The nomination is for a term of five years at the first instance, pending his confirmation by the Senate.
A statement by his spokesman Chief Ajuri Ngelale explained the 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.
Tinubu also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN) for a term of five years at the first instance, pending their confirmation by the Senate.
The new Deputy Governors are:
(1) Mrs. Emem Nnana Usoro
(2) Mr. Muhammad Sani Abdullahi Dattijo
(3) Mr. Philip Ikeazor
(4) Dr. Bala M. Bello
Cardoso, commonly known as Yemi Cardoso, is a pioneer Commissioner of Economic Planning and Budget in Lagos State in 1999 upon return to democratic rule under the then Governor Bola Tinubu.
In this capacity, he wrote and monitored the implementation of the blueprint which catalysed economic development in the world’s sixth largest megacity, including leading to the state’s development of independent tax revenues.
His private sector experience includes an illustrious career with Citibank, Chase and Citizens International Bank.
He has served on the board of several leading companies, including Texaco and Chevron Oil Plc. He is a member of the Belgian-based Cities Alliance Think Tank which aims to shape and influence policy and decision making on urban development in Africa and has strong relationships with key international donor agencies.
Cardoso’s first degree is from the University of Aston, United Kingdom and his second degree from Harvard University, USA.
In 2017, he was awarded an honorary doctorate degree in business administration by his alma mater, Aston University, in recognition of “his outstanding contributions to business and society”.
Hereunder are four other unique things about the next CBN Governor:
* Dr. Cardoso is a financial and development expert with over 30 years’ experience in the private, public and not-for-profit sectors.
* He is a Nigerian banker, chartered stockbroker and public policy maker.
* He is the first Commissioner for Economic Planning and Budget in Lagos State in 1999.
* Cardoso is the founding chairman and co-chair of Ehingbeti Summit, the Lagos State annual economic summit.
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