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Senate confirms Cardoso as CBN Governor



Cardoso approves reviewed CBN service charter

The Senate has confirmed the appointment of Yemi Cardoso as governor of the Central Bank of Nigeria (CBN) and four additional deputy governors.

Following a screening by the highest parliamentary body, they were confirmed on Tuesday.

Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello have been confirmed as deputy governors.

“The nomination of Olayemi Cardoso is hereby confirmed as governor of the Central Bank of Nigeria (CBN),” Senate President Godswill Akpabio declared.

Prior to their confirmation, the nominees had answered questions about economic and other policy.


During the screening, Cardoso committed to embrace compliance, promising that the apex bank will remain apolitical under his tenure.

“I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance,” he said.

“We will not wait for oversight to come and tell us what to do. We will ensure that by the time the system is passing through us, we catch it and we deal with it,” said Cardoso who promised zero tolerance for abuse of compliance.

“That is a cultural shift, a change in mindset, but we will make sure it happens,” the former Citibank Nigeria chairman assured.

Cardoso’s confirmation comes just weeks after President Bola Tinubu appointed him as acting governor of the Central Bank of Nigeria and four others as deputies.


He took over as interim governor of the Central Bank of Nigeria last week, succeeding Folashodun Shonubi.

The current appointments follow Godwin Emefiele’s suspension and resignation as the top bank’s chairman. The Delta native began his reign in 2014, however he faced criticism due to the naira redesign strategy.

Emefiele, who was later detained by the DSS but released on bail, is being tried for an alleged N6.9 billion fraud.

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