President Bola Ahmed Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this in a statement on Friday.

According to the statement, Cardoso will serve for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

Olayemi Micheal Cardoso is a Nigerian banker, chartered stockbroker and public policy maker.

He formerly served as the chairman of Citibank Nigeria. Under his watch, Citibank Nigeria Limited successfully executed several substantial transactions for its clients, including for MTN through its 2017 US$1.5 billion Eurobond, in the capacity of joint Lead Manager, demonstrating its influential role in the financial landscape.

During his 12-year tenure as chair, Citibank’s total assets increased by 308.3%, total revenue surged by 235.6%, and shareholders’ equity showed an improvement of 231.2%

He was the Commissioner for Lagos State Ministry of Economic Planning and Budget in 1999 under the administration of Bola Tinubu.

The acting CBN governor studied managerial and administrative studies at the Aston University, where he obtained a Bachelor of Science (B.Sc.) degree in 1980.

Cardoso obtained a Master’s degree from the Harvard Kennedy School in public administration in 2005.

Cardoso was a member of the Cities Alliance’s Africa Think Tank Group, a group created to solve urban development challenges.

He has served as a board member of MRS Oil and was the chairman of the board of EFinA.

The CBN boss is a member of the advisory board of Lagos Business School and chairman of the board of African Venture Philanthropy Alliance.

He is the founding chairman and co-chair of Ehingbeti Summit, the Lagos state economic summit.

Cardoso is also a former executive lead at Harvard Kennedy School alumni association.