Senate screens, confirms Cardoso as CBN Governor

Senate, Tuesday, officially confirmed President Bola Tinubu’s nominee for the  position of Governor of Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso.

The senate also same day confirmed the nomination of four deputy governor nominees at the CBN.

Dr. Cardoso appeared before the Senate on Tuesday, September 26, 2023, for confirmation of his nomination.

During his screening, the lawmakers asked him several questions regarding inflation, fiscal and monetary policies, foreign exchange and how he would as a CBN governor grow the economy of Nigeria.

In answering questions bordering on inflation, Dr. Cardoso promised to put measures in place to address the issues.

“I know that you all see your various constituents regularly, you’ll be hearing a lot of complaints. Again, there are long-term measures, there are medium-term measures and I believe that some of those measures are being taken already on the fiscal side to at least address a lot of the things that had happened in the past. You look at the removal of oil subsidy, you look at the tightening up on payments being made by on taxes and a whole host of other areas,” he said.

Cardoso also promised that the CBN under his leadership would enact policies that would be economically friendly and make the Naira stable.

“Our growing Country’s foreign debt is alarming, will work out friendly policies that will promote local production. We will work with relevant stakeholders to our Naira is stable,” Dr Cardoso said.

Senate subsequently confirmed Cardoso as the 11 Governor of the CBN.

The Upper Chamber also confirmed the nomination of Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala Bello as Deputy Governors of the CBN.

The Nigerian Senate is resuming for another session of plenary after a week’s break.

The senate had, earlier on Monday announced that it would screen Cardoso, this Tuesday, along with the nominated deputy governors of the regulatory bank.

The screening comes days after all the officials had already assumed office, since last Friday.

The CBN officials had, last Friday, taking their oath of office without the statutory screening and confirmation by the senate as required by law.

A statement by the Media Office of the Senate Leader, Senator Michael Opeyemi Bamidele, said the senate will screen all the nominees following its resumption from its annual recess.

The Upper Chamber of the Nigeria’s National Assembly has been on recess since August 17 2023.

“The Senate of the Federal Republic of Nigeria will resume plenary on Tuesday, September 26. We will consider the screening of Dr. Cardoso at the Committee of the whole.

“Dr. Cardoso will be screened alongside four deputy governors namely Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

“Besides, the Senate has scheduled to screen the ministerial nominees – Dr. Jamila Bio Ibrahim and Mr. Ayodele Olawande, respectively designated as Minister of Youth and Minister of State for Youth on October 3.”

It would be recalled that on September 15, President Bola Tinubu approved the nomination of Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN) on acting basis pending confirmation by senate.

President Tinubu also approved the nomination of four deputy governors for a term of five years each at the first instance, pending their confirmation by the Senate of the Federal Republic of Nigeria.

However, controversy was stirred when last Friday, Cardoso formally assumed office at the CBN headquarters in Abuja after taking his oath of office, without screening and confirmation by the senate.

Cardoso, Friday, took the oath of office at a brief ceremony at the CBN headquarters in Abuja without receiving the statutory confirming of the Nigerian senate.

Cardoso’s nomination followed the reported resignation by Mr Folashodun Shonubi, who was appointed in an acting capacity to replace embattled Mr. Godwin Emefiele, along with other CBN chiefs; Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.

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, on Friday, September 2023, and have since settled down to the task of administering monetary and financial sector policies of the Nigerian Government.

The nomination of Dr. Cardoso as CBN Governor comes amidst the suspension of Emefiele as CBN Governor in June 2023. He has since been held in the custody of the Department for State Services (DSS), while a Deputy Governor of the CBN, Folashodun Shonubi took over as Acting CBN Governor.

According to section 11 of the CBN Act 2007, the Governor, a Deputy Governor or Director of the CBN may cease to hold office for several grounds, including removal by the President, supported by two-thirds majority of the Senate.

The latter requirement appeared to be left unsatisfied in the removal process of Emefiele’s predecessor, Sanusi Lamido Sanusi. Sanusi served as CBN Governor between 2009 and 2014 and was also suspended by President Goodluck Jonathan without the two-thirds majority vote of the Senate.

Cardoso is an Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos State. He brings over three decades of managerial experience on board.

Cardoso will run the CBN for the next five years.