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Supreme Court Judgment: Buhari, Emefiele Mum As Naira Crisis Persists

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By Eric Elezuo

More than one week after the apex Supreme Court ruled that the old N1000 and N500 notes be allowed to exist side by side with the newly redesigned notes, President Muhammadu Buhari and the Central Bank governor, Mr. Godwin Emefiele, have remained silent, and unable to give Nigerians the directives to follow amid prolonged suffering occasioned by the cash crunch.

On March 3, 2023, after a long drawn legal battle between some state governors against the Federal Government, the Supreme Court had ruled that the validity of the N200, N500, and N1,000 Naira notes be extended till December 31 when they would have been easily eased it.

A seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians, stressing that the directive of President Muhammadu Buhari for the redesign of the new notes and withdrawal of the old notes without due consultation is invalid.

Reading the lead judgement, Emmanuel Agim, a member of the panel, also condemned the President’s disobedience of the court’s February 8 order that the old N200, N500, and N1,000 notes should continue to circulate alongside the new ones.

He said the president’s broadcast of 16 February that only N200 notes should remain legal tender made Nigeria’s democracy look like a mere pretension while democracy is replaced with autocracy.

He said: “It is not in doubt that the President refused to comply with the order of the court that the old 200, 500, and 1,000 naira notes should continue to be legal tender,” the court said.

“Interestingly, there is even nothing to show that that the President’s directive for the release of N200 notes was implemented.

“I agree that the first defendant ought not to be heard when the president has refused to obey the authority of this court.

“Disobedience of order of court shows the country’ democracy  a mere pretension and now replaced by autocracy. This suit is meritorious.”

Recall that the CBN in October 2022 introduced what many has labelled a controversial monetary policy which birthed newly redesigned 200, N500, and N1,000 notes with tight deadline to mop up the old notes from circulation. A January 31 deadline was initially set for the complete mopping up of the old naira notes. The policy and its implementation was challenged at the Supreme Court.

As envisaged, the policy led to scarcity of currency notes, bringing untold hardship to millions of citizens in an economy significantly driven by the informal sector with a large proportion of unbanked persons.

The end of January deadline initially set for ending the legal tender status of the old Naira notes was extended to February 10 as the supply of the new notes fell far short of the volume needed by citizens to meet their most basic needs across the country.

On February 3, three state governments – Kaduna, Kogi, and Zamfara – citing the hardships the continued scarcity of naira notes brought to their people – sued the federal government at the Supreme Court for a reversal of the policy.

Five days later, the court issued an interim order suspending the implementation of the deadline set by the federal government, and directed that the old and new Naira notes should continue to circulate pending the resolution of the case.

Unmoved by the court’s order, the CBN insisted that the old notes had stopped being legal tender after the February 10 deadline while the scarcity of the new notes persisted.

But the final judgement of March 3, which allowed the old naira notes back into circulation has been kept on mute mode by the executive as neither the president or the CBN governor has given a clear cut directive as to the next step to take. This act has returned the masses to the pre-judgment era and money has remained scarce and standard of living a total mirage, especially for families that depend on daily transactions to make a living.

At various banks across the country, customers line up endlessly to collect cash, but are disappointed at the end of every day. A cross section of the customers, who spoke to The Boss, lamented that appearing at the banks has remained a daily routine, and after each day, it remains a tale of woe as the much sought after naira notes are nowhere to be found.

But some customers, who were able to get access to the bank vaults lamented that they were paid the old bank notes, which in rejecting tried to lodge it bank with the bank. But the banks themselves rejected it.

“So the old bank note is just good to give to the customer, but cannot be deposited in the banks,” an angry customer lamented. Those that risked taking the money to the markets or to buy one thing or another are still telling sad stories as its rejection remains paramount. Yet, Buhari and Emefiele have remained silent.

“I don’t understand why Mr President and CBN governor would keep silent this long on a matter this sensitive. Yes, the Supreme Court has ruled. Am I the executive that will execute the judgement? Is it no longer the duty of the executive to execute judgements of the courts?” Another customer querried.

In the same vein, DailyPost reported that a public analyst and economist, Dr. Charles Imole expressed dissatisfaction over the continued silence from President Muhammadu Buhari and the Central Bank of Nigeria Governor, Godwin Emefiele days after the Supreme Court judgment validating old Naira notes till 31 December.

According to Imole, the economic situation showed that the nation is drifting aimlessly.

“The Supreme Court gave a verdict and 5 days later, nothing has been done to officially give effect to that verdict by the President or the CBN Governor. What kind of nonsense is this? The nation just appears to be drifting and coasting aimlessly. How long will this madness continue?” He tweeted.

Meanwhile, The Punch gathered on Friday that cash had dried up in most banks in Lagos and Ogun states due to what senior bankers described as the inability of the CBN to supply them with new naira notes.

It wrote: “A branch manager of a Tier-1 bank told Saturday PUNCH that his branch last received cash last week Tuesday, adding that bankers were also frustrated about the currency crisis affecting the nation.

“The Lagos-based branch manager said, “There have been no supplies of new naira notes to my branch and other neighbouring branches this week. The last supply we got was N5m last week Monday and another N5m the following day. Members of our bullion van team have been on standby throughout this week awaiting signals to come to the CBN to pick cash, but there has been no signal. The N10m we got last week didn’t last up to Wednesday.

“Following the Supreme Court judgment, we were initially paying out the old N1,000 and N500 notes deposited with us and which had not been deposited with the CBN to desperate customers, but we had to stop when the customers came back to complain that people were not accepting the old notes from them.”

“Another senior banker corroborated this, adding that his first generation bank had not been supplied new naira notes to disburse to customers.

“He said, “Even me as a banker, I can only boast of N100 as I am speaking to you. We have not been supplied with cash this week. The Nigeria Inter-Bank Settlement System Instant Payment platform is not working; the digital payment systems are overwhelmed. When you see crowds at our branches now, we are not giving them cash, what we are doing is to deal with complaints arising from digital payments.

“I think it is deliberate not to supply naira notes to the banks because the government and the CBN don’t want politicians to mop them up. Politicians are desperately looking for cash to pay their agents now. I know of a candidate for the Lagos State House of Assembly, who has launched a passionate appeal to his friends to raise money to pay his party agents, who were not paid after the presidential and National Assembly elections and threatened not to take part in the governorship and state House of Assembly.”

It is still not known how much longer Nigerians will be made to go through the sorrow of naira scarcity or how much longer their patience will linger as reports of unavoidable deaths, illnesses and many other vices have made the rounds as a result of the naira scarcity, and Buhari and Emefiele’s undignified silence.

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Mike Adenuga Does It Again! Names Asake, Kizz Daniel, Chike As Brand Ambassadors

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By Eric Elezuo

Chairman Globacom Group, Chief Mike Adenuga has once again proved that the description ascribed to him as the most generous Nigerian alive, is no fluke. In fact if philanthropy was a person, his name would be Chief (Dr.) Mike Adenuga. This is a man, who gives ceaselessly, and is unequivocally an angel of mercy, to whom giving and lifting others are excellent means he proves that grace abounds.

In adding more feathers to his cap of generosity, the selfless giver, has again through his global brand, Globacom, added three more Nigerian entertainers as brand ambassadors to a long list of ambassadors attached to the group.

They are Ahmed Ololade a.k.a Asake; Oluwatobiloba Anidugbe Daniel popularly known as Kizz Daniel and Chike Ezekpeazu Osebuka.

A statement released by the organisation, reads as follows:

“Total telecommunications solutions provider,  Globacom, on Friday explained that it appointed the trio of Ahmed Ololade, a.k.a Asake; Oluwatobiloba Anidugbe Daniel popularly known as Kizz Daniel and Chike Ezekpeazu Osebuka as ambassadors

“Asake, a graduate of Theatre Arts from the prestigious  Obafemi Awolowo University, Ile Ife, Osun State; Kizz Daniel, a degree in Water Engineering from the Federal University of Agriculture, Abeokuta, Ogun State and  Chike, a Computer Engineering graduate of Covenant University, Ota, Ogun State were signed to the Glo family  at the Mike Adenuga Towers, Victoria Island head office of the telecommunications giant.

“Globacom noted that the announcement of the three brand ambassadors was part of its celebration of the 20th anniversary of Glo and added that it appointed the new ambassadors. “to project the power of youth and enterprise and how much they can achieve with the right focus, passion and dedication that can come from seeing others who have succeeded. This is very much part of our tradition as we believe the strength of a nation lies in the ability and potentials of its youth”.

“The engagement of these three stars as ambassadors “is meant to project the best Nigerians as models for younger people who are tirelessly aspiring to succeed. This is more important in an era where positive heroes and mentors are scarce and hard to come by. The intention is not just to promote the growth of music, Nollywood and sports where we have been very prominent, but also to encourage our teeming youths to aspire toward realizing their dreams by looking up to these ambassadors as mentors”, the company disclosed.

“Globacom, Nigeria’s  biggest corporate supporter of arts and entertainment in Nigeria, has, over the years developed and sustained the culture of empowering talented and outstanding Nigerian artistes as ambassadors.

“While congratulating the new ambassadors, Globacom urged  youths not to relent until they achieve their dreams like Asake, Kizz Daniel and Chike. It added that  “this is our way of inspiring a whole generation of young people with vision who can do better and achieve more without losing hope along the way, even when confronted with challenges”.

“The new ambassadors expressed appreciation to the Chairman of Globacom, Dr Mike Adenuga Jr., promising to represent the Glo brand well by constantly projecting its ideals.”

The billionaire business man has been projected as a man, whose love for the youths of Africa is palpable, and in reciprocation, they love him too. He is a man Nigerians will forever be grateful to him for breaking the seemingly impossible per second billing on telephone services.

“His heavy investments in laying submarine cables from Europe to Africa also stretches the imagination. The number of our youths who became GLO Ambassadors and superstars on CNN run into hundreds. He has also really done so much too for African football. He has taken our football to greater heights and African football has suddenly become a global phenomenon that can no longer be held back. It is no wonder that Africa continues to get more slots in the FIFA World Cup competition. Despite his unmatched support for the media, Dr Adenuga often suffer savage attacks from those seeking his attention but he has a solid principle: never indulge a blackmailer!” Veteran journalist, Dele Momodu, once wrote.

Indeed, no individual or corporate organization has had the kind of assemblage of entertainment heavyweights as it brand ambassadors as Globacom. All through the years, the cream of the country’s musicians, footballers, actors and comedians have either been signed on as brand ambassadors or featured in the company’s television commercials.

The long list includes veterans such as late Osita Osadebe, late Oliver d’Coque, King Sunny Ade, Ebenezar Obey, Nelly Uchendu, Mikel Obi, Victor Moses, Osaze Odemwingie  and Emmanuel Emenike.

Others are MI Abaga, D’Banj, PSquare, Rita Dominic, Ini Edo, Flavour, Wizkid, Davido, Basketmouth, Gordons, I go Dye, Juliet Ibrahim, Matter Ankomah, Joselyn Dumas, Michael Essien, former World Heavyweight Boxing Champion, Anthony Joshua and track queen, Tobi Amusan. The trio of Asake, Kizz Daniel and Chike become the newest entrants.

In retrospect, Adenuga’s Globacom has always been associated with the development of the Nigerian music industry, since its inception, from its involvement with Nollywood and leading African and Nigerian music talents to the sponsorship of music shows such as Rock ‘n’ RuleGloNaija Sings, Laffta Fest, and the world’s number one music singing talent reality TV show, X Factor. Others are Slide and Bounce concert, an entertainment tour which went round all the Geo-political zones of the country as well as Glo mega Music show, another platform through which Globacom entertains and delights Nigerians.

These programmes are meant to discover and help nurture budding talents. The company also supports the movie industry in Nigeria (Nollywood) and in Ghana (Ghollywood). Many of the actors and actresses in both countries have been chosen as Glo Ambassadors, thus projecting the continent in a refreshing light through African movies.

Globacom brought the world’s biggest dance reality show, Battle of the Year, to Nigeria. The winners in seven different categories went home with mega millions in cash, space wagon , and also bagged an opportunity to represent at the global edition of the competition.

One other area where Globacom has connected with its subscribers and Nigerians generally is loyalty-reward Promos. Over the years, the company has launched series of promos through which different types of empowerment prizes have been won by Nigerians across the country. From Glo Overload to Glo Allawee, Text4Millions, Made for Life, Recharge to Stardom, 180 cars in 180 days, Glo CAF Award promo, Recharge and Win Big popularly known as My Own Don Beta, Everyday Bonanza, and Joy Unlimited Extravaganza, Nigerians have benefitted massively from Globacom and many have been empowered through the Glo promos.

Between October, 2021, and January, 2022, Globacom held a life-changing promotion called Joy Unlimited Extravaganza. Thousands of Glo subscribers won brand new Kia Rio cars, refrigerators, television sets and generators across the country. Altogether, 500,000 prizes were given out.

Over the years, Adenuga’s Glo has partnered with several communities across the country on the sponsorship of major festivals and promotion of culture and traditions.  These include Ojude Oba in Ijebu-Ode, Ofala in Onitsha, Lisabi in Abeokuta, Imeori in Abiriba, Oru-Owerri in Imo state, Afia- Orlu In Nnewi and Abia-Ugwa in Isialangwa in Abia State. Through these sponsorships, Glo is giving a new lease of life to the festivals as well as empowering some lucky individuals in the communities through various prizes won at special promotions held during the festivals. The company has not only brought these festivals to international limelight, but has also turned them into major tourist attractions. This association has helped build up Globacom as an enviable brand.”

Glo’s phenomenal impact extends to hosting of comedy shows and encouragement of footballers to further their careers, not only in Nigeria, but across the West African suburb

In 2019, the brand’s sponsored comedy show, Bovi Man on Fire, was held in Warri, Delta State. The show was described by many as a perfect way to celebrate Easter. Not only that, the company delighted its subscribers with free tickets to attend the fun-filled event anchored by ace comedian, Bovi Ugboma. Other humour merchants that graced the show were Kelvin Sapp, Young Chief Odogwu, MC Shakara and Mr. Flexy.

In 2023 alone, Glo launched Glo Green Lotto, a service aimed at enhancing the opportunities for its gaming subscribers to play and win; partnered with PalmPay, to launch a new marketing initiative tagged: “PalmPay Bonanza – Recharge Glo and Win,” which offers Nigerians who buy Glo data and airtime bundles via the PalmPay platform, the chance to win fantastic prizes, and sponsored the African Voices Changemakers.

In 20 years the brand has been in existence, Glo has become a symbol of glory, and epitomizes growth and development.

The company is gearing up to sponsor once again the Ofala Festival in Anambra State.

For his contribution to economies and communities across the globe, Dr. Mike Adenuga has been appreciated with so many awards, traditional titles and honours. The most prominent are the national honours from Nigeria, Ghana and France.

In Nigeria, he holds the highest civilian honour of Grand Commander of the Order of the Niger (GCON), this honour was hitherto reserved for mostly vice presidents.

In Ghana, he was awarded the highest civilian honour of Companion of the Star of Ghana (CSG). According to  then President John Mahama, who conferred the indefatigable businessman with the honour at a state ceremony: ”You have touched many lives in Ghana. You have provided employment for our teeming youths, artistes, footballers and many more. I am particularly proud of you. This award is our way of a saying a simple thank you.”

The entrepreneur extraordinaire was also decorated with the Chavalier de la Legion d Honnuer (CdrLH),  the highest National honour of France, by French President, Emmanuel Macron.

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Abdulrasheed Bawa: The Hunter that Became the Hunted

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By Eric Elezuo

On February 16, 2021, former President Muhammadu Buhari made a basic change from the norms, when he named 41-year-old Abdulrasheed Bawa as the fourth chairman of Economic and Financial Crimes Commission (EFCC) following the corruption allegations levelled against his embattled predecessor, ex-acting EFCC chair, Ibrahim Magu, which led to his subsequent suspension.

The EFCC, which was established in the early 2000s during the administration of the then President Olusegun Obasanjo to combat economic and financial crimes like advance fee fraud (419), money laundering, terrorism financing and miscellaneous offences, was believed to have a new life with the coming of Bawa. But no one envisaged that Bawa, the crime and criminality hunter, will turn around to become the hunted.

Few weeks after his inauguration as President, Bola Tinubu approved the indefinite suspension from office of Bawa as the Chairman of EFCC, citing space to allow for proper investigation into his conduct while in office as excuse.

The new government had claimed that Bawa’s suspension was as a result of weighty allegations of abuse of office levelled against him by some stakeholders in the anti-corruption fight. The stakeholders however, have remained nameless till date except for the Department of State Services (DSS), which has held him incommunicado ever since, the court pronouncement notwithstanding.

Bawa was directed to immediately hand over the affairs of his office to the Director, Operations in the Commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation. But four months after, the man is still incarcerated.

In one of his articles, Constitutional lawyer, Mike Ozekhome, queried the rational behind Bawa’s continuous incarceration, noting that “section 35 of the 1999 Constitution, as amended, provides for only one day (24 hours) incarceration when there is a court of competent jurisdiction within a radius of forty kilometers from the Police Station; and where there is no court within a 40-kilometers radius from the station, the time is a period of 2 days (48 hours); or any longer period which the court considers reasonable given the particular circumstances of the case. See the case of AMOS & ORS V. DANIEL & ORS (2023) LPELR – 60454 (CA). The DSS, through its Director of Information, Willie Bassey, cited “weighty allegations of abuse of office levelled against him”, as the reason for Bawa’s continued captivity. This continued detention without trial is barbaric, atrocious and unconscionable, to say the least. Are we still living in the early caveman Australopithecus era? I do not know. Or, do you?

He added, “Till date, the DSS has not told Nigerians what Bawa’s specific offences are (if any), or the level of “investigation”. Investigation? Mtchew! Even if he committed some infractions of the law, can illegality beget legality? Can two wrongs make a right? Can the DSS continue to be the accuser, arrester, detainer, investigator, prosecutor and the Judge? What is going on here? The last time I checked, even amongst mad people, there is orderliness. DSS, for God’s sake, and for the sake of decency and our constitutional democracy, release Bawa immediately and forthwith.”

Bawa’s continous incarceration has become a pointer to the theory of illegal detention perpetrated by governments in power against oppositions or anyone perceived to have withheld loyalty to them whether for good or bad.

Bawa, a loyalist of the immediate past president, Buhari, is alleged to have worked against the emergence of the incumbent president, especially given the role he played during the naira redesign era, his imbroglio with the ousted governor of Zamfara State, who is presently the Minister of Defence, Bello Matawalle over $2 million bribe and accusations of levelled against sponsors of banditry in the country.

Matawalle has accused the EFCC boss of demanding a $2 million bribe from him following a case of corruption leveled against the governor, an allegation the Bawa denied.

Recall that the embattled governor, who lost his bid to return to office for second term, was being investigated by the anti-corruption agency for allegedly pocketing N70 billion from the Zamfara State government coffers. An amount said to have been borrowed supposedly for projects in the state

The EFCC said the former governor allegedly siphoned Zamfara’s funds sourced as a loan from an old-generation bank purportedly for the execution of projects in local governments in the state. Bawa’s EFCC said the governor used proxies who posed as contractors for the projects and got paid, but did not execute the projects.

The matter took a twist when the governor revealed that the boss of the anti-corruption agency, was demanding a whopping amount of $2 million to let him off the hook

Matawalle, in an interview with BBC Hausa on accused Bawa, of asking for the bribe, adding that the EFCC boss, who according to him, is not an honest person, was only busy targeting governors while turning a blind eye to federal officers with budgetary allocations.

“It is not just to always blame governors. It is not only governors who have treasury, the federal government also has. What does the EFCC boss do to them? As he is claiming he has evidence on governors, let him show the world evidence of those at the federal level.

“If he exits office, people will surely know he is not an honest person. I have evidence against him. Let him vacate the office, I am telling you within 10 seconds probably more than 200 people will bring evidence of bribes he collected from them. He knows what he requested from me but I declined.

“He requested a bribe of two million dollars from me and I have evidence of this. He knows the house we met, he invited me and told me the conditions. He told me governors were going to his office but I did not. If I don’t have evidence, I won’t say this,” Matawalle had told the BBC.

However, in a swift response, Bawa denied the allegation through a statement signed by the Commission’s spokesperson, Wilson Uwujaren, and dared the governor to provide evidence to back his claim. Mr Uwujaren said the commission will not be drawn into a mud fight with a suspect under investigation for corruption and unconscionable pillage of the resources of his state.

Today, Matawalle is a Minister while Bawa is a prisoner without trial. It is obvious who the government of the day aligned with.

Matawalle, though a member of the ruling All Progressives Congress (APC), had accused the government of Buhari of using the military to rig the Zamfara governorship election for the opposition Peoples Democratic Party (PDP), the same Tinubu had accused Buhari and Emefiele of engaging in naira redesign to frustrate his ambition.

Bawa has had his fair share of scandals while in office. In November, 2022, he was convicted by Federal High Court, sitting in Abuja, presided over by Justice Chizoba Oji, and ordered to be committed to Kuje correctional facility.

He was convicted for contempt of court in relation to EFCC’s failure to comply with an earlier order of the court made on November 21 2018, directing the Commission to return to an applicant his Range Rover (Super charge) and the sum of N40, 000,000.00 (Forty Million Naira).

Agai, in February 2023, Bawa was jailed by the Kogi State High Court in Lokoja for disobeying its order.

The court also directed the Inspector General of Police to arrest Bawa and remand him in Kuje prison, Abuja, for the next 14 days.

The judge, Rukayat Ayoola, ordered that Bawa be detained in prison “until he purges himself of the contempt”, meaning until he clears himself of the contempt for which he was jailed.

It is not clear if these allegations are what the DSS are investigating or someone is hiding something from the public.

There are possibilities that Bawa may shown some infractions against Tinubu and his assets while in office to warrant his use of scapegoat in the administration.

He had followed up allegations of six Nigerians sponsoring terrorism by the United Arab Emirates. The Nigerians on the UAE’s terrorism were listed as Abdurrahaman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan and Surajo Abubakar Muhammad.

Also in March 2021, former presidential aide, Garba Shehu, had said the Nigerian Government arrested 400 Bureau De Change operators for allegedly funding Boko Haram insurgency in the country.

However, while on national television during a live interview, Bawa refused to mention names if terror sponsors, giving the impression that they were different from the one mentioned by UAE.

“If you are my adviser, will you advise me to come on national television to tell the whole world regarding matters of sensitive national security issue? Certainly, not. But what I want to assure is the fact that we are working tirelessly with other sister agencies to ensure that this country is free of terrorism,” he said, promising that their names will be revealed at the right time.

This was even as a former Navy Commodore, Kunle Olawunmi, said that Boko Haram terrorists mentioned names of then serving governors, senators and Aso Rock officials. Those have remained unknown till date, and Bawa, who likely knows better, has remained in detention.

It will also be recalled that Last a former deputy governor of the Central Bank of Nigeria, Obadiah Mailafia, also claimed that a then serving northern governor was a Boko Haram leader and moneybag. Obadiah died shortly after the pronouncement.

Bawa’s continuous detention is a proof of how the rule of law in Nigeria has suffered so much distortion, as brazen disobedience to Court orders has become the order of the day.

“If Governments treat court order with levity and contempt, the confidence of the citizen in the courts will be seriously eroded and the effect of that will be the beginning of anarchy in replacement of the rule of law,” Late Justice Mohammed Lawal Uwais had warned.

As at today, the crime hunter is still caged with little or no judiciary reference.

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

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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.

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