Meet Olayemi Cardoso, Tinubu’s Nominee for Central Bank Governor

By Eric Elezuo

On Friday, President Bola Tinubu approved the nomination of Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN), to replace suspended Godwin Emefiele.

According to a press statement by presidential spokesman, Ajuri Ngelale, Cardoso will serve for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

A deputy governor of the Bank, Faloshodun Shonubi, has been the acting Governor of the apex bank since the suspension of Emefiele in June this year,

Popularly Cardoso, known as Yemi Cardoso, the nominee is a pioneer Commissioner of Economic Planning and Budget in Lagos State in 1999 upon return to democratic rule under the government of Tinubu as governor of Lagos State.

In this capacity, he is reported to have written and monitored the implementation of the blueprint which catalysed economic development in the Lagos, better known as world’s sixth largest megacity, including leading to the state’s development of independent tax revenues.

His private sector experience includes an illustrious career with Citibank, Chase and Citizens International Bank.

He has served on the board of several leading companies, including Texaco and Chevron Oil Plc. He is a member of the Belgian-based Cities Alliance Think Tank which aims to shape and influence policy and decision making on urban development in Africa and has strong relationships with key international donor agencies.

Cardoso’s first degree is from the University of Aston, United Kingdom and his second degree from Harvard University, USA.

In 2017, he was awarded an honorary doctorate degree in business administration by his alma mater, Aston University, in recognition of “his outstanding contributions to business and society”.

Hereunder are four other unique things about the next CBN Governor:

* Dr. Cardoso is a financial and development expert with over 30 years’ experience in the private, public and not-for-profit sectors.

* He is a Nigerian banker, chartered stockbroker and public policy maker.

* He is the first Commissioner for Economic Planning and Budget in Lagos State in 1999.

* Cardoso is the founding chairman and co-chair of Ehingbeti Summit, the Lagos State annual economic summit.

CARDOSO IN A NUTSHELL

1. Olayemi Cardoso, a Lagosian, grew up in Lagos and attended Corona School Ikoyi and St. Gregory’s College all in Lagos for his primary and secondary education, respectively.
2. His father, Felix Bankole Cardoso, was the first indigenous Accountant-General of the Federation of Nigeria in 1963; and, the first indigenous Vice Chairman and Managing Director of Barclays Bank of Nigeria shortly after joining the bank in 1972. Under his leadership, Barclays successfully transformed into Union Bank of Nigeria, a wholly-owned Nigerian entity
3. Yemi Cardoso completed his undergraduate studies upon obtaining a Bachelor’s degree in Managerial and Administrative Studies from Aston University in 1980.
4. He later furthered his education at the Harvard Kennedy School of Government, earning a Master’s degree in Public Administration in 2005 as a Mason Fellow.
5. In recognition of his outstanding achievements in the private and public sectors, Cardoso was granted a Doctorate in Business Administration (DBA) (honoris causa) by Aston University in 2017. He is also esteemed as a Fellow of the Chartered Institute of Stockbrokers.
6. Olayemi Michael Cardoso is a Nigerian banker, chartered stockbroker and public policy expert.
7. He has served for over four decades in the public, private and development sectors as a leader and innovator.
8. Among his most impactful roles are: Commissioner in the Lagos State Ministry of Economic Planning and Budget; Chairman of the board of the African Venture Philanthropy Alliance and, most recently, Chairman of Citibank Nigeria Ltd for 12 years, until his resignation in 2022.
9. Cardoso is a dedicated family man. He is married with five children and three grandchildren. His parents were descendants of Brazilian returnees and came from prominent families from Popo Aguda.

MORE ON CARDOSO

Mr Cardoso was the former chairman of Citibank Nigeria, and a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations.

With diverse corporate governance experience, Cardoso has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.

He served in government as Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenues.

In his capacity as a consultant and policy expert, Mr Cardoso has advised and collaborated with major international development organisations including the World Bank, Ford Foundation, UN Habitat, World Health Organisation and the Swedish Development Foundation.

He is the recipient of several awards including an honorary Doctorate Degree in Business Administration from Aston University, his alma mater, and the Global Distinguished Alumni award from Citi.

Mr Cardoso obtained a Masters in Public Administration from Harvard Kennedy School where he was a Fellow.

Though many has seen the appointment as Mr President’s sustaining trend in rewarding his loyalists, others has however, said that the nominee is a right choice.

Cardoso, who also will be assisted to perform by four nominated deputy governors, will assume full responsibility of the apex bank on confirmation by the Senate.