In the latest development, the Senate of the Federal Republic of Nigeria will screen Dr. Olayemi Michael Cardoso, the former Chairman of the Board of Citi Bank Nigeria, for the position of the Governor of the Central Bank of Nigeria (CBN) on Tuesday, September 26, 2023. Alongside Cardoso, four nominees for the positions of CBN Deputy Governors will also be screened. The nominees are Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
President Bola Ahmed Tinubu had approved the nomination of Cardoso as the new Governor of CBN on September 15, 2023. He also approved the nomination of four deputy governors for a term of five years each at the first instance, pending their confirmation by the Senate.
This move follows a recent controversy surrounding the appointment process at the Central Bank. On Friday, September 22, 2023, Cardoso and his colleagues assumed duty in acting capacities following a press release issued by CBN announcing their resumption in office and swearing in with relevant oaths. This raised questions about whether nominees to the office can resume without a Senate confirmation.
The controversy was further fuelled by the lack of formal communication to the public regarding the resignation of previous Deputy Governors and circumvention of due process. According to section 11 subsection 3 of the CBN Act, Deputy Governors are required to give three months' notice should they choose to resign their appointment.
The President has been reminded that while he has power to appoint and remove an occupant of the office of Governor and Deputy-Governors following laid down procedures in the Act; removal and appointment without adhering to these processes could amount to an illegality.
The screening process by the Senate is expected to bring clarity to the situation and ensure adherence to due process in the appointment of key officials in Nigeria's apex bank.
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