Yemi Cardoso

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Yemi Cardoso
Governor of the Central Bank of Nigeria
Assumed office
15 September 2023
PresidentBola Tinubu
Preceded byFolashodun Shonubi (acting)
Personal details
Born
Olayemi Micheal Cardoso

(1957-07-10) 10 July 1957 (age 66)
Lagos, British Nigeria
NationalityNigeria
SpouseAbimbola Chima Cardoso
Children5[1]
ParentFelix Cardoso
EducationBachelor of Science
Alma mater
WebsiteOfficial website

Olayemi Michael "Yemi" Cardoso (born 10 July 1957) is a Nigerian banker who is the governor of the Central Bank of Nigeria.[2] He previously served as the Commissioner for Economic Planning and Budget of the Lagos State Government.[3]

Cardoso's private sector career included banking, stockbroking, consulting, and an appointment as the Chair of the Board of Citibank Nigeria.[4] He also served as a member of the Cities Alliance’s Africa Think Tank Group;[5] board member of MRS Oil;[6] Chairman, board of EFInA;[7] member, advisory board of Lagos Business School;  and Chairman, board of the African Venture Philanthropy Alliance. He was also an Executive Lead at Harvard Kennedy School Alumni Association and the founding chairman and co-chair of Ehingbeti Summit, a Lagos State Economic Think Thank.[8]

On 15 September 2023, Bola Tinubu appointed Cardoso to serve as the governor of the Central Bank of Nigeria, for a term of five years pending his confirmation by the Nigerian Senate.[9] On 23 September 2023, Cardoso was officially confirmed as the Governor of the Central Bank of Nigeria.[10]

Education[edit]

Olayemi Cardoso was educated at Corona School Ikoyi and St. Gregory’s College, Lagos. He thereafter attended Aston University, United Kingdom,  earning a Bachelor’s degree (B.Sc.) in Managerial and Administrative Studies in 1980.[11] He also studied for a Master’s degree in Public Administration from the Harvard Kennedy School of Government (HKS) graduating in 2005 as a fellow of the distinguished Michael Romer Memorial Scholarships.

Career[edit]

Banking and financial services[edit]

Cardoso had a brief spell with Howard Tilly & Co., Chartered Accountants in London before taking up a role with Citibank.[12] Cardoso went through the Citibank credit training program in Athens, Greece, and was subsequently mobilised to Citibank in Abidjan, Ivory Coast in 1982. He operated within the West Africa Regional Office/Non-Presence Country desk, which encompassed multiple countries in the sub-region where Citibank had exposure to sovereign debt but no physical presence. In 1982, Cardoso returned to Nigeria and joined Chase Merchant Bank, an affiliate of Chase Manhattan. Within the bank, he worked as a member of the credit and marketing team, focusing on trading, construction, and oil and gas relationships.

In 1984, he rejoined Citibank as a founding member of Nigeria International Bank Limited assuming the role of Head of the World Corporation Group, responsible for managing crucial global relationships for Citibank. He also became a member of the bank’s credit committee with responsibility for assessing and approving credit limits.

In 1988, Cardoso was charged with setting up Citibank’s first branch outside Lagos, in Kano, Nigeria. From Kano, he led the bank’s operations across the north of Nigeria. Subsequently, Cardoso was appointed Vice President.

In 1990, Olayemi, along with fellow Citibank colleagues, founded Citizens Bank, Nigeria where he assumed leadership roles as the Head of Corporate Banking and Head of Treasury and Financial Institutions consecutively. In addition, he served as an Executive Director of the bank for eight years.

Lagos State government[edit]

In 1999, with the transition to democratic rule in Nigeria,[13] Cardoso was appointed a Commissioner in Lagos State. He set up and oversaw the Ministry of Economic Planning & Budget,[14] which functioned as the think-tank of the administration.

During his tenure within the Lagos State Government, Cardoso chaired various cabinet-level committees, including but not limited to:

  • Cabinet Project Monitoring Committee
  • Lagos Urban Transport Project Office (which later evolved into Lagos Metropolitan Area Transport Authority)
  • Privatization Committee
  • Lagos Water Corporation
  • State Security Trust Fund Committee (which he pioneered), and
  • State Pension Fund Committee

Board membership of Citibank[edit]

In 2007, Cardoso chaired the audit committee of the board of Citibank. He held this position until 2010, when he was appointed as board member and subsequently Chairman of the Board.[15]

As Chairman, Cardoso was a strong advocate for diversity and gender inclusion.[16]

Development work[edit]

Cardoso founded the Africa Institute for Leadership and Public Administration (AILPA), which focused on promoting private-public partnerships.[17][better source needed]

He is a member of the Nigerian National Advisory Board on impact investing[18] and serves on the advisory board of Lagos Business School.[19]

Cardoso is also a member of the Board of Trustees for DRASA Health Trust, a public organization established in honour of the late Dr. Ameyo Adadevoh.[20]

References[edit]

  1. ^ Adeduyite, Okiki (15 September 2023). "Meet Yemi Cardoso, newly appointed CBN governor". The Punch. Retrieved 15 September 2023.
  2. ^ "Central Bank of Nigeria:: Board of Directors". www.cbn.gov.ng. Retrieved 10 November 2023.
  3. ^ "New Governor of Central Bank of Nigeria - InnateMarketer". innatemarketer.com. 3 December 2023. Retrieved 3 December 2023.
  4. ^ "Yemi Cardoso - Public Policy Expert | Banker & Chartered Stockbroker". Olayemi Cardoso. Retrieved 10 November 2023.
  5. ^ "New Cities Alliance Africa Think Tank Puts City Development First". Cities Alliance. Retrieved 10 November 2023.
  6. ^ "About Us - Board Of Directors". mrsoilnigplc.net. Retrieved 10 November 2023.
  7. ^ "Grantees End of the Year Dinner". EFInA: Enhancing Financial Innovation and Access. Retrieved 10 November 2023.
  8. ^ "CLOSING CEREMONY OF LAGOS ECONOMIC SUMMIT 2021 (EHINGBETI)". Lagos State Government. Retrieved 10 November 2023.
  9. ^ Adeduyite, Okiki (15 September 2023). "Meet Yemi Cardoso, newly appointed CBN governor". Punch Newspapers. Retrieved 15 September 2023.
  10. ^ Bala-Gbogbo, Elisha (22 September 2023). "Nigeria's Olayemi Cardoso becomes acting central bank governor". Reuters.
  11. ^ "Olayemi Cardoso | Aston University". www.aston.ac.uk. Retrieved 10 November 2023.
  12. ^ "The bankers that define the decades: John Reed, Citibank". Euromoney. 18 June 2019. Retrieved 10 November 2023.
  13. ^ "The Legacy of Nigeria's 1999 Transition to Democracy". Council on Foreign Relations. Retrieved 10 November 2023.
  14. ^ "Ministry of Economic,Planning and Budget". Ministry of Economic,Planning and Budget. Retrieved 10 November 2023.
  15. ^ Popoola, Nike (2 August 2022). "Citibank appoints new chairman". Punch Newspapers. Retrieved 10 November 2023.
  16. ^ Ayodele, Bunmi Bailey, Mercy (19 September 2021). "How women can progress in chosen careers – Citibank MD". Businessday NG. Retrieved 10 November 2023.{{cite web}}: CS1 maint: multiple names: authors list (link)
  17. ^ "Yemi Cardoso - Public Policy Expert | Banker & Chartered Stockbroker". Olayemi Cardoso. Retrieved 10 November 2023.
  18. ^ Unit, UNILAG Communication (17 June 2023). "Impact Investing: The Way of the Future in Nigeria". University of Lagos. Retrieved 10 November 2023.
  19. ^ "Dr Yemi Cardoso - Lagos Business School". Lagos Business School - Pan-Atlantic University. 26 April 2019. Retrieved 10 November 2023.
  20. ^ "Dr. Ameyo Stella Adadevoh (DRASA) Health Trust". DRASA (Dr. Ameyo Stella Adadevoh) Health Trust. Retrieved 10 November 2023.

External links[edit]

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