Yemi Cardoso is proposed by President Bola Tinubu as the new CBN governor.

Ajuri Ngelale, the presidential spokesperson, said as much in a statement.

“President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” the statement on Friday said.

In addition to the Cardoso, who was born in Lagos, Tinubu also named four deputy governors for the top bank.

According to Ajuri, the action was taken “in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants the President of the Federal Republic of Nigeria the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.”

According to him, Tinubu’s Renewed Hope program is in line with the directive, and the Nigerian president expects them to “successfully implement critical reforms at the Central Bank of Nigeria.”

After President Tinubu nominated Folashodun Shonubi the acting governor of the CBN, the appointments were made a few months later. He formerly held the position of vice governor of the bank, in charge of the operations directorate.

His new position followed Godwin Emefiele’s removal as the CBN governor.

Willie Bassey, Director of Information for the Office of the Secretary to the Government of the Federation, confirmed Emefiele’s suspension by saying, “This is a sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.”