Olayemi Michael Cardoso hails from Lagos State. He spent his formative years in the vibrant city and received his primary education at Corona School Ikoyi, followed by his secondary education at St Gregory’s College, both within Lagos. His father, Felix Bankole Cardoso, made history by becoming Nigeria’s first indigenous Accountant-General in 1963.
Subsequently, he assumed the role of the first indigenous Vice Chairman and Managing Director of Barclays Bank of Nigeria in 1972. Under his stewardship, Barclays underwent a successful transformation into Union Bank of Nigeria, a wholly Nigerian-owned entity.
Cardoso, a former chairman of Citibank Nigeria, is a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations. With diverse corporate governance experience, 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 government as the first Commissioner for Economic Planning and Budget for Lagos State, where 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, Cardoso has advised and collaborated with major international development organisations including the World Bank, Ford Foundation, UN Habitat, World Health Organization 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
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.
Mr Cardoso obtained a Masters in Public Administration from Harvard Kennedy School where he was a Mason Fellow.Yemi Cardoso completed his undergraduate studies, earning a Bachelor’s degree in Managerial and Administrative Studies from Aston University in 1980. He continued his academic journey at the Harvard Kennedy School of Government, where he obtained a Master’s degree in Public Administration in 2005 as a Mason Fellow.
In recognition of his remarkable contributions to both the private and public sectors, Cardoso was conferred with an honorary Doctorate in Business Administration (DBA) by Aston University in 2017. Additionally, he holds the esteemed title of Fellow of the Chartered Institute of Stockbrokers.
Cardoso is a distinguished Nigerian banker, chartered stockbroker, and a seasoned expert in public policy. His illustrious career spans over four decades, during which he has demonstrated leadership and innovation across various sectors. Some of his most impactful roles include serving as a Commissioner in the Lagos State Ministry of Economic Planning and Budget when President Bola Tinubu governed Lagos.
He also chaired the board of the African Venture Philanthropy Alliance. Notably, he recently concluded a 12-year tenure as Chairman of Citibank Nigeria Ltd, resigning in 2022. He became 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.
Cardoso is a member of the advisory board of Lagos Business School and chairman of the board of the African Venture Philanthropy Alliance. He is the founding chairman and co-chair of Ehingbeti Summit, the Lagos State Economic Summit. He is also a former executive lead at the Harvard Kennedy School Alumni Association. Beyond his professional accomplishments, Cardoso is a devoted family man, happily married with five children and three grandchildren. His family has deep roots as descendants of Brazilian returnees, originating from prominent families in Popo Aguda.
Meet the new CBN Deputy Governors
- Mrs Emem Usoro
Emem Usoro, an accomplished banker with over two decades of experience in various banking sectors, was until her appointment, the executive director of UBA’s Nigeria North Bank. Usoro, who has held key positions within UBA, served as the Directorate Head for Abuja and the North Central Bank.
Usoro, a distinguished graduate of both Harvard Business School and Lagos Business School, boasts of a rich and illustrious banking career that has spanned more than two decades. Her expertise encompasses a wide array of domains, including Operations, Credit and Marketing, Branch Management, Relationship Management, as well as Corporate and Commercial Banking. During her tenure, Emem held pivotal roles within the organization. She served as the Group General Manager and led the Strategic Business Group (SBG) in Abuja, demonstrating her exceptional leadership skills.
Additionally, Emem distinguished herself as the Regional Head for Lagos Bank 2. Emem’s remarkable contributions to the banking industry have been acknowledged with numerous accolades, earning her multiple prestigious awards at the annual UBA CEO Awards.
Philip Ikeazor
Philip Ikeazor boasts over three decades of experience within the financial services industry. He obtained his Bachelor of Science in Economics from the University of Buckingham in the UK. He is also an esteemed alumnus of the Wharton-CEIBS-IESE Business School Global CEO Programme, and he has also completed executive programs at both Harvard Business School and the Wharton School of Business. In his impressive career, Philip has occupied several key board positions, including serving as the Chief Executive Officer of Keystone Bank Limited, the CEO of Ecobank Kenya Limited, an Executive Director at Union Bank Nigeria, a Director at Union Bank UK PLC, and a Director at Orient Bank Uganda.
Additionally, Philip contributed his expertise as a member of the governing board at ICRISAT – the International Crop Research Institute for the Semi-Arid Tropics in India, which is part of the World Bank-led Consultative Group on International Agricultural Research. Philip Ikeazor is recognized as a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of the Chartered Institute of Bankers of Nigeria, and a Fellow of the Chartered Institute of Taxation of Nigeria.
Dr Bala Bello
Dr Bala Bello is from Taraba State. He has been a distinguished figure in various sectors, encompassing Banking, Capital Markets, and Pension Fund Management.
Dr. Bello boasts a stellar reputation as a prominent public servant and a renowned accountant. In a significant development in April 2017, he received the prestigious appointment as the Executive Director of Corporate Services at the Nigerian Export-Import Bank, courtesy of former President Muhammadu Buhari. With an impressive track record marked by unparalleled excellence, Dr. Bello consistently outshines his peers, consistently reaching the pinnacle of achievement within his respective field.
Muhammad Sani Abdullahi
Muhammad Sani Abdullahi is a distinguished professional in the realm of international development, boasting an illustrious career. His impactful contributions span various prestigious roles, including serving as a policy adviser at the Executive Office of the United Nations Secretary-General, Ban Ki-Moon, in New York, as well as holding the esteemed position of Commissioner for Budget and Planning in Kaduna State. Mr. Abdullahi’s academic journey is a testament to his unwavering commitment to knowledge acquisition. He earned a Master’s degree in Development Economics and Policy from the University of Manchester and further enriched his academic portfolio with a second Master’s degree in International Affairs and Diplomacy from Ahmadu Bello University.
His dedication to lifelong learning is evident through his acquisition of certificates from renowned institutions such as the London School of Economics (in Public Finance), Columbia University (in Sustainable Development), and Oxford University (in Advanced Project Management).
He also joined the 2017 cohort of Georgetown University’s Leadership Seminar. Career-wise, prior to his appointment as Commissioner in Kaduna State, Mr. Abdullahi collaborated closely with Secretary Ban and UN Deputy Secretary-General Amina Mohammed, forging a mentor-mentee relationship.
Earlier in his career, he served as an Economist and Deputy National Program Manager for the Millennium Development Goals at the Nigerian Presidency, subsequently becoming the Economic Adviser of the Nigeria Governor’s Forum following the MDGs.
In 2018, he was one of only two Nigerians, alongside Sahara Group co-founder Tonye Cole, appointed to the World Bank Expert Advisory Council on Citizen Engagement. Among his remarkable accomplishments, Abdullahi played a pivotal role as a member of the UN Secretary-General’s team in designing the Sustainable Development Goals (SDGs).
During his tenure as Commissioner of Budget and Planning in Kaduna, he conducted a comprehensive analysis of local SDGs data to propel goal implementation. Kaduna State gained recognition from the United Nations as “one of the first subnational governments in the world” to achieve this feat.
Under his leadership, Kaduna became the first Nigerian state to embrace the Open Government Partnership, and the ministry consistently presented budgets ahead of schedule, setting a precedent as the first state to do so.
Furthermore, Abdullahi was selected as a fellow of the African Leadership Institute – West Africa in 2017, a collaborative initiative with the Aspen Global Leadership Network.
In 2011, he was also engaged with the institute as an Archbishop Desmond Tutu fellow. In terms of political involvement, Abdullahi contributed to the All Progressives Congress Kaduna transition committee in 2015 and was appointed as a member of the Kaduna Central campaign directorate for the reelection of Governor Nasir El Rufai in 2018. His multifaceted career reflects a profound dedication to advancing international development and leadership initiatives.
The responsibilities of the deputy governor include that of Financial System Stability, Deputy Governor for Corporate Services, Deputy Governor for Economic Policy, and Deputy Governor for Operations.
The deputy governor for Operations will oversee various areas, including banking operations, branch operations, currency operations, currency operations information technology, and reserve management.
The deputy governor responsible for Financial System Stability will be in charge of tasks such as banking and other financial institution supervision, consumer protection, financial policy and regulation, as well as payments systems and management.
In the realm of financial markets, the deputy governor for Economic Policy will supervise activities related to monetary policy, research, statistics, trade, and exchange.
The fourth deputy governor’s portfolio will encompass capacity development, corporate communications, finance, human resources, legal services, medical services, procurement and support services, as well as security services.
