As Dr. Olayemi Michael Cardoso assumes the role of Governor of the Central Bank of Nigeria (CBN) for an initial term of five (5) years following his appointment by President Bola Tinubu, all eyes are now on the Senate to confirm him for the role.
Cardoso, who comes with an impressive work history, is a Nigerian professional with a background in banking, chartered stockbroking and public policy. At various times, he was Chairman at Citibank Nigeria and Commissioner, Lagos State Ministry of Economic Planning and Budget.
He can be described as a chip off the old block as his father, Felix Bankole Cardoso, made history by becoming Nigeria’s first indigenous Accountant-General of the Federation in 1963. He was also the first indigenous Vice Chairman and Managing Director of Barclays Bank of Nigeria (Union Bank of Nigeria) in 1972 and a distinguished Fellow of the Chartered Institute of Stockbrokers.
The younger Cardoso has followed the trail, having been Chairman on the board of Citibank Nigeria, a member of the Cities Alliance’s Africa Think Tank Group, dedicated to addressing urban development challenges, board member of MRS Oil, chairman, board of EFinA, currently serves as a member of the advisory board at Lagos Business School and currently holds the position of Chairman on the board of the African Venture Philanthropy Alliance.
He is the founding Chairman and Co-Chair of the Ehingbeti Summit, an economic summit in Lagos State.
With this profile, hopes are high that the new CBN chief will bring a turnaround in the economy of Nigeria through introduction of monetary policies that will drive progress in the sector, improve businesses and provide stability to the naira.
Unlike his predecessor, Godwin Emefiele, who was deeply political, Nigerians will be expecting to see a Central Bank head that is apolitical in discharging his duties, without inconsistent regulations.
As the National Assembly prepares to reconvene from its 2-months annual recess on September 26, it is expected that it will give his screening and confirmation expedited hearing.
