President Bola Tinubu has announced the removal of the suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and his deputies. He has appointed Dr. Olayemi Michael Cardoso as the new Governor of the CBN.
Dr. Cardoso, a former Citibank executive, previously served as Commissioner for Budget during Tinubu’s first term as Lagos governor from 1999 to 2003. According to a statement from Tinubu’s spokesperson, Ajuri Ngelale, Cardoso will assume the role of CBN Governor for an initial term of five (5) years, pending confirmation by the Nigerian Senate.
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Additionally, President Tinubu has made other key appointments to various positions. These include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
It’s worth noting that Tinubu’s decision to remove Emefiele might raise legal concerns, similar to the situation involving Sanusi Lamido Sanusi and the Jonathan government. Sanusi was removed from his position as CBN Governor before completing his term, and he subsequently took legal action. The court ruled in his favor, directing the government to pay him all the entitlements for the full term he was supposed to serve.
Likewise, although Emefiele was suspended and under investigation, he still had several months left in his tenure when he was removed from his position.
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