Controversy, as Cardoso bypasses senate confirmation, assumes office as CBN governor
President Bola Tinubu’s recently nominated acting Governor for the Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso, has formally assumed office in Abuja, but without the official confirmation of the senate.
President Tinubu had on September 15, this year announced nomination Dr Cardoso to replace the embattled former CBN governor, Mr Godwin Emefiele, who remains in the custody of the Department of State Security (DSS)
However, 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.
The senate is still in its extended recess and has yet to announce a date for resumption for plenary.
Cardoso’s nomination followed the reported resignation by Mr Folashodun Shonubi, who was appointed in an acting capacity to replace 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.
Cardoso has additionally nominated four others as Deputy Governors of the CBN, who include; Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala Bello.
The nomination of Dr. Cardoso as CBN Governor comes amidst the suspension of Godwin 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.
The acting CBN Governor is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.
It is not known if the senate led by its President, Godswill Akpabio will have any need to confirm Cardoso, or, according to political experts, if the Upper Chamber will rubberstamp the confirmation.
