Olayemi Cardoso has been appointed as Nigeria’s new CBN governor alongside four new deputies: Nnana Usoro, Muhammad Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello.
According to Section 6 Subsection 2 of the CBN Act 2007, the CBN’s board of directors, which is responsible for the policy and general administration of the bank, consists of the governor, who is the chairman, four deputy governors, the permanent secretary ministry of finance, five directors, and the accountant general of the federation.
With a combined experience of over 130 years in financial services, economics, and public policy, meet the team set to confront woes troubling the CBN.
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Bala Mohammed Bello
Bala Mohammed Bello is the Executive Director of Corporate Services at the Nigerian Export-Import Bank appointed by His Excellency President Muhammadu Buhari (GCFR).
Philip Ikeazor
A banker with over 30 years of experience in the financial services industry. He has held various board positions, notably as the CEO of Keystone Bank Limited, CEO of Ecobank Kenya Limited, Executive Director of Union Bank Nigeria, Director of Union Bank UK PLC, and Director of the Orient Bank Uganda.
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Muhammad Abdullahi Dattijo
Muhammad Abdullahi Dattijo is a development economist with over two decades of experience in policy formulation, public finance, and project implementation.
He has served in various positions, including as a Policy Adviser at the United Nations Secretary-General Ban Ki-Moon Executive Office in New York. He was a core team member in this role that designed the Sustainable Development Goals (SDGs). He also serves as a World Bank Expert Advisory Council member on citizen engagement.
Emem Nnanna Usoro
The only female on the team has two decades of banking experience spanning retail, commercial, corporate banking, and public sector. Emem Nnanna Usoro currently holds the executive director position at United Bank for Africa (UBA), in charge of the Bank’s Northern operations.”
Cardoso’s and his team’s confirmation at the CBN is pending till the senate’s return from its recess in October.
They will each take the roles of deputy governor of financial system stability, deputy governor of corporate services, deputy governor of economic policy, and deputy governor of operations.
The Deputy Governor of Operations oversees banking operations, branch operations, currency operations, currency operations information technology, and reserve management.
Banking and other financial institution supervision, consumer protection, financial policy & regulation, payments systems & management is handled by the Deputy Governor in charge of Financial System Stability.
Concerning the financial markets, the Deputy Governor of Economic Policy supervises monetary policy, research, statistics, trade & exchange.
The fourth deputy governor oversees capacity development, corporate communications, finance, human resources, legal services, medical services, procurement & support services, and security services.
The five-man team is expected to arrest the slump in the naira through customary steps by addressing FX issues, the operations of black-market vendors, the ban on cryptocurrency trading, and excessive printing of bills through Ways and Means, amongst several other matters under their jurisdiction.
The central bank governor is expected to appear before the National Assembly from time to time to make formal presentations on the activities of the bank and the performance of the economy, according to Section 8 Subsection 4 of the CBN Act, which Emefiele rarely did during his eight years of administration.
