Senate Confirms Olayemi Cardoso As CBN Governor

Posted on September 26, 2023

The Senate on Tuesday confirmed the appointment of Dr. Olayemi Michael Cardoso as the substantive governor of the Central Bank of Nigeria (CBN).

The Senate also confirmed the appointments of Emem Usoro, Muhammed Abdullahi-Dattijo, Philip Ikeazor and Bala Bello as deputy governors of the CBN.

The Senate President, Godswill Akpabio, announced confirmation of Cardoso and the deputy governors of the CBN after they were cleared by a voice vote by senators at the plenary.

President Bola Tinubu had nominated them for the positions on 15 September pending confirmation of the Senate.

The request of President Tinubu seeking for the confirmation of the nominees was read by the senate president at the plenary earlier on Tuesday and it was passed to the senate committee of the whole for immediate consideration.

The nominees were therefore screened and cleared by the senators at the committee of a whole.

During the screening, the senators asked questions bordering on economic activities and foreign exchange from the nominees.

In response, the nominees pledged to reform the financial system of the CBN upon confirmation of their appointments.

Before the screening started, Akpabio explained that the Senate decided to hold the screening and confirm the nominees immediately because of the role CBN plays in Nigeria ‘s financial system.

The senate president also said the gesture was in the interest of Nigeria.

The screening lasted for almost three hours. It started around 2:58 p.m. and ended at 5:45 p.m.

Cardoso, the new CBN governor while responding to questions, said his major goal is to refocus the Apex Bank through his short, medium and long term measures.

He assured that the bank under his watch will operate transparent monetary policies with respect to data.

The CBN governor also stressed that his administration will not tolerate the errors made by past administrations of the bank.

Cardoso promised that the CBN under his watch will comply with all constitutional duties and ensure that financial policies of the country are of international standard.

He assured that the CBN will not be hijacked or used by politicians as a tool of propaganda.

Cardoso assumed duty last Friday ahead of his confirmation by the Senate.

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