Probe report will expose rot in CBN, says Fed Govt

Nigerians will soon know the scale of what transpired at the Central Bank Nigeria (CBN) during the tenure of Godwin Emefiele with the release of the special investigator’s probe, the Federal Government said yesterday.

“We have a new team at the CBN and a special investigator has been in the CBN for sometimes now and his result will soon be released and Nigerians will know what really went wrong and what brought us to where we are today,” Secretary to the Government of the Federation (SGF), Senator George Akume said yesterday.

He spoke during a briefing on the programme for the 63rd  Independence Day anniversary of the country. Akume is the chairman of the organising committee.

The SGF added: “Most of these problems confronting us are because of bad governance. The present government has confronted and is confronting these challenges. When President Bola Tinubu came on board, he made a very sound decision at the CBN. That singular act led to the massive improvement in the capital market, as experts have told us, it is something that never happened in the past 15 years.

Tinubu on July 28 appointed Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN) Mr. Jim Obazee, as the special investigator for the CBN.

The President directed the investigator to submit weekly reports to his office to update him on the progress of the probe.

Cardoso, deputies for screening

Another era is likely to begin at the apex today, should the Senate confirm after screening, the appointment of Dr. Michael Olayemi Cardoso as governor of the apex bank.

Also to be screened are the banks four deputy governors-designate appointed alongside Cardoso by President Bola Ahmed Tinubu on September 15.

The CBN deputy governors-designate are Mrs. Emem Usoro (Southsouth), Mr. Muhammad Dattijo (Northwest), Mr. Philip Ikeazor (Southeast) and Dr. Bala Bello (Northeast).

Cardoso, a former chairman of City Bank, hails from Lagos State.

The designated officials moved into office on Friday to assume duties pending the Senate confirmation.

Senate Leader Opeyemi Bamidele in a statement yesterday said the Senate will resume plenary today and consider the screening of Cardoso and the deputy governors at the “Committee of the Whole”.

Bamidele added that “the Senate has scheduled screening of two ministerial nominees – Dr. Jamila Ibrahim and Mr. Ayodele Olawande, respectively designated as Minister of Youth and Minister of State for Youth for October 3, 2023”.

Cardoso and the deputies were at their desks at the CBN headquarters yesterday. They arrived as early as 7am. They held brief meeting with directors.

Cardoso comes to his new job with a rich pedigree. With certifications across the money and capital markets, he is a well-grounded professional with broad view of financial markets issues.

A former chairman of Citibank Nigeria, he is a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations.

He has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates Foundation.

Cardoso served in Lagos under the then Tinubu administration as Commissioner for Budget and Economic Planning.

He championed the financial reform process which led to the state’s development of independent tax revenues.

In his capacity as a consultant and policy expert, he advised and collaborated with major international development organisations including the World Bank, Ford Foundation, UN Habitat, World Health Organisation and the Swedish Development Foundation.

He started his banking career with Citibank where he eventually rose to the position of Vice President leaving to co-found Citizens International Bank where he was an Executive Director for eight years.

Cardoso did managerial and administrative studies at the Aston University, where he obtained a Bachelor of Science (B.Sc.) degree. He is the recipient of several awards including an honorary Doctorate Degree in Business Administration from Aston University, his alma mater, and the Global Distinguished Alumni Award from Citi.

Cardoso obtained a Masters in Public Administration from Harvard Kennedy School where he was a Mason Fellow.