Tinubu sacks Emefiele, appoints Cardoso CBN Governor

President Bola Tinubu has sacked the suspended Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele.


In his stead, Dr. Olayemi Michael Cardoso was on Friday nominated to serve as the new Governor of the apex Bank by the President.

A statement by the Presidential spokesman, Mr Ajuri Ngelale said Cardoso will 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.

Similarly, 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, according to the statement.

They are Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello.

The President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria.

The appointees ate expected to enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all.

Recall that the Department of State services (DSS) has rearrested Emefiele after Justice Nicholas Oweibo of the federal High court, Abuja, granted the suspended CBN governor N20 million bail.

This was after a fight broke out between DSS officials and officials of the Nigerian Correctional Service (NSC) at the court premises over who takes Emefiele who was the CBN Governor on 4 June 2014 by Goodluck Jonathan into custody.

Emefiele was suspended as CBN Governor by President Tinubu for alleged corruption including the Naira redesigned economic policy under former President, Muhammadu Buhari, which plunged the nation into crisis shortly before the 2023 general elections.

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