FULL PROFILE Of Yemi Cardoso, UK-trained Banker Set To Be Nigeria’s Next CBN Governor

FULL PROFILE Of Yemi Cardoso, UK-trained Banker Set To Be Nigeria’s Next CBN Governor

On Friday, President Bola Tinubu put forward the nomination of Yemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN).

Cardoso’s nomination follows three months after Godwin Emefiele’s suspension from the position of the apex bank’s governor. During this period, Folashodun Adebisi Shonubi, the Deputy Governor of the Operations Directorate, took up the role on an interim basis.

Born into a family of Brazilian returnees with a rich heritage in Popo Aguda, Lagos Island, the 66-year-old Olayemi Michael Cardoso hails from esteemed lineages. His father, Felix Bankole Cardoso, held the distinction of being the first indigenous Accountant-General of Nigeria in 1963, and also served as the inaugural indigenous Vice-Chairman and Managing Director of Barclays Bank of Nigeria.

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For his early education, Cardoso attended Corona School, Ikoyi, and St. Gregory’s College in Lagos. He went on to secure a bachelor’s degree in Managerial and Administrative Studies from Aston University in 1980. In 2005, he furthered his studies and earned a master’s degree in Public Administration from Harvard Kennedy School of Government (HKS) as a Mason Fellow.

LONG CAREER IN FINANCE AND BANKING

Cardoso boasts an extensive career in the banking sector, accumulating substantial experience with renowned institutions such as Chase Bank, Citibank, and Citizens International Bank, among others. His professional journey commenced at Howard Tilly & Co. in London, where he began as a chartered accountant before transitioning into the banking sphere. Notably, in 1981, he secured a position at the prestigious Citibank, which was the world’s largest financial services organization at the time.

Upon his return to Nigeria in 1982, Cardoso joined Chase Merchant Bank, an affiliate of Chase Manhattan. In 1984, he rejoined Citibank, following the organization’s acquisition of a license to operate as a fully-fledged commercial bank in Nigeria. Alongside some of his colleagues from Citibank, Cardoso played a pivotal role in the establishment of Citizens Bank in 1990. Within the institution, he held key positions as the head of corporate banking and head of treasury and financial institutions.

Beyond his banking roles, Cardoso has held significant leadership positions. He served as the Chairman of the Board for the African Venture Philanthropy Alliance. More recently, he assumed the role of Chairman for Citibank Nigeria Ltd. Additionally, Cardoso played a foundational role as the Chairman and Co-chair of the Ehingbeti Summit, which is the Lagos State Economic Summit. He also holds a position on the Advisory Board of Lagos Business School (LBS).

PUBLIC SERVICE

Cardoso boasts an extensive career in the banking sector, accumulating substantial experience with renowned institutions such as Chase Bank, Citibank, and Citizens International Bank, among others. His professional journey commenced at Howard Tilly & Co. in London, where he began as a chartered accountant before transitioning into the banking sphere. Notably, in 1981, he secured a position at the prestigious Citibank, which was the world’s largest financial services organization at the time.

Upon his return to Nigeria in 1982, Cardoso joined Chase Merchant Bank, an affiliate of Chase Manhattan. In 1984, he rejoined Citibank, following the organization’s acquisition of a license to operate as a fully-fledged commercial bank in Nigeria. Alongside some of his colleagues from Citibank, Cardoso played a pivotal role in the establishment of Citizens Bank in 1990. Within the institution, he held key positions as the head of corporate banking and head of treasury and financial institutions.

Beyond his banking roles, Cardoso has held significant leadership positions. He served as the Chairman of the Board for the African Venture Philanthropy Alliance. More recently, he assumed the role of Chairman for Citibank Nigeria Ltd. Additionally, Cardoso played a foundational role as the Chairman and Co-chair of the Ehingbeti Summit, which is the Lagos State Economic Summit. He also holds a position on the Advisory Board of Lagos Business School (LBS).

TINUBU’S PROTEGE

In a 2023 opinion piece titled ‘The Jagaban I know’, Cardoso reflected on his association with Tinubu, recalling their first encounter when he served as a bank officer managing oil accounts, and Tinubu held the role of treasurer at Mobil.

Cardoso highlighted that what drew him to Tinubu was “his unwavering support for Chief M.K.O. Abiola during the final days of the abrogated Third Republic”.

Their connection extended beyond Tinubu’s tenure in the private sector and his stint as a senator, ultimately leading to his appointment as commissioner in Tinubu’s administration.

Pending confirmation by the senate, Cardoso is poised to become Nigeria’s next CBN governor.