With the Central Bank of Nigeria (CBN) under investigation and ‘house cleaning’, exchange rate at record high of over N950/$, arbitrage at over N200/$, runaway inflation at 25.8%, President Bola Tinubu yesterday tapped experienced former CitiBanker, Olayemi Cardoso, as new Governor at uncertain times. He surrounded Cardoso with the experienced banker Philip Ikeazor; development economist, Muhammad Dattij; renowned accountant Bala Bello; and the young/daring Emen Usoro, as deputy governors. Cardoso was at various times Chairman of CITIBANK and also served as Commissioner for Budget and National Planning when Tinubu was Governor of Lagos State,1999 to 2007. He takes over from Godwin Emefiele, who has been on suspension as CBN Governor since June 9, 2023. According to a press release issued yesterday by presidential spokesperson, Ajuri Ngelale, Cardoso’s nomination will be forwarded to the Senate for confirmation in line with the provisions of the 1999 constitution of the Federal Republic of Nigeria (As amended). “Cardoso’s appointment 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 Deputy Governors for the CBN, subject to confirmation by the Senate of the Federal Republic of Nigeria,” said the statement. In line with this, President Tinubu also nominated four new Deputy Governors for the CBN for a term of five years at the first instance, subject to the confirmation of their appointment by the Senate. The new CBN deputy governors are Mrs. Emem Nnana Usoro, Mr. Muhammad Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello. “In line with his government’s Renewed Hope agenda, the President expects the new appointees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” said the statement from the Presidency. Cardoso studied managerial and administrative studies at Aston University, where he obtained a Bachelor of Science (B.Sc.) degree. He holds a Master’s degree from the Harvard Kennedy School in public administration. He is a member of the Cities Alliance’s Africa Think Tank Group, a group created to solve urban development challenges. Cardoso has served as a board member of MRS Oil and was the chairman of the board of EFinA. He is a member of the advisory board of Lagos Business School and chairman of the board of African Venture Philanthropy Alliance. The new CBN governor is the founding chairman and co-chair of Ehingbeti Summit, the Lagos State economic summit. He is also a former executive lead at Harvard Kennedy School alumni association.
Emem Usoro An alumna of Harvard Business School and Lagos Business School, Usoro’s banking career spans over 20 years with experience in Operations, Credit and Marketing, Branch Management, Relationship Management, Corporate and Commercial Banking. Until her appointment, she was UBA’s Group General Manager and the Strategic Business Group (SBG) Head, in Abuja. She was also the Regional Head, Lagos Bank 2. Usoro has won multiple awards at the annual UBA CEO Awards.
Philip Ikeazor Philip Ikeazor has over 30 years’ experience in the financial services industry. He holds a BSc. Economics from the University of Buckingham, UK. He is also an Alumnus of Wharton-CEIBS-IESE Business School Global CEO Programme and attended executive programmes at Harvard Business School and Wharton School of Business. Ikeazor has held various board positions, notably as the CEO of Keystone Bank Limited, CEO of Ecobank Kenya Limited, Executive Director, Union Bank Nigeria, Director of Union Bank UK PLC, and Director of the Orient Bank Uganda. Philip also served as a member of the governing board of ICRISAT –International Crop Research Institute for the Semi-Arid Tropics, India (a member of the World Bank-led Consultative Group on International Agric. Research). He is a Fellow of the Institute of Chartered Accountants of Nigeria, Fellow Chartered Institute of Bankers of Nigeria, and a Fellow of the Chartered Institute of Taxation of Nigeria.
Bala Bello A native of Taraba State, Dr. Bala Mohammed Bello is an industry leader, whose career has spanned Banking, Capital Markets, and Pension Fund Management: Bello is a well-respected public official and a renowned accountant. In April 2017, Bello was appointed by former President Muhammadu Buhari as the Executive Director of Corporate Services at the Nigerian Export-Import Bank Bello has an excellent performance record brimming with excellence. He is well known for surpassing his competition to achieve the greatest level of success in his field.
Muhammad Dattijo Abdullahi is an international development expert who served as a policy adviser at the Executive Office of United Nations Secretary-General Ban Ki-Moon in New York and also as Commissioner for Budget and Planning in Kaduna State. He obtained his Master’s degree in Development Economics and Policy from the University of Manchester and obtained a second Master’s from Ahmadu Bello University where he studied International Affairs and Diplomacy. Abdullahi obtained certificates including in Public Finance at the London School of Economics; Sustainable Development at Columbia University and Advanced Project Management at Oxford University. Emefiele’s Departure Emefiele was suspended from office on June 9, 2023 by President Bola Tinubu. Few days later he was arrested by men of the Department of State Services (DSS) and taken from Lagos to Abuja. The DSS on July 13 filed a two-count charge of illegal possession of firearms and ammunition against the suspended CBN governor.
On July 25, a Lagos court admitted Emefiele to N20 million bail on the two-count charge of illegal possession of firearms and ammunition and ordered his remand at the Ikoyi Correctional Centre, pending when he is able to perfect his bail conditions. But the DSS operatives rearrested the embattled bank chief after fighting off NCoS officials on the court’s premises. The DSS eventually withdrew the case of illegal possession of firearms against Emefiele. It said this was informed by “emerging facts and circumstances that need further investigations.”
A fresh 20 charges of alleged procurement fraud, conspiracy and conferring corrupt advantages on his associates was later filed against Emefiele by the DSS. Emefiele was charged alongside a female CBN employee, Sa’adatu Yaro and her company, April1616 Investment Limited. The expected arraignment of the suspended CBN governor has since been stalled. The case was first stalled on August 17 following the absence Yaro, the second defendant in the case.
