Breaking
Breaking: New Leadership at the Central Bank of Nigeria.
Breaking: New Leadership at the Central Bank of Nigeria.
By Anthony Beauty,
In a significant development on September 15, Mr. Olayemi Cardoso was nominated by President Bola Tinubu for the position of Governor of the Central Bank of Nigeria (CBN). Just last week, the Senate confirmed not only Mr. Cardoso’s appointment but also those of his deputy governors, Emem Usoro, Muhammed Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. The thorough screening process that took nearly three hours provided an opportunity for the new CBN Governor to outline his vision for the apex bank.
Cardoso emphasized his primary goal of reshaping the CBN through a combination of short, medium, and long-term measures. His vision encompasses implementing transparent monetary policies, learning from past mistakes, and adhering to constitutional duties while ensuring alignment with international financial standards. He pledged to restore confidence in the autonomy and integrity of the CBN, focusing on price stability and shifting towards evidence-based monetary policies while discontinuing unorthodox monetary policies adopted by his predecessor to strengthen the naira.
In the midst of economic challenges, where the naira was nearing a rate of 1,000 per US dollar in the parallel market, and settling at N755.08 per US dollar in the official market, many Nigerians might understandably overlook this change in CBN leadership. However, given the CBN’s critical role in the economy’s functioning and well-being, the Senate’s responsibility is to diligently scrutinize the qualifications and performance of the nominees. Accountability for any misuse of CBN’s powers by its leadership is vital for a more effective and efficient CBN, which the Senate has occasionally fallen short of in the past. It is hoped that this time will be different.
Cardoso’s profile and his impressive performance during his confirmation process inspire hope. With over 30 years of experience in various sectors, including private, public, and not-for-profit organizations, he brings a wealth of knowledge and expertise to the role. His track record as a financial expert, consultant, and policy advisor to international organizations underscores his capacity to lead the CBN effectively.
Cardoso faces the daunting task of returning the CBN to its core mandate, especially in the face of economic challenges. His immediate focus, as advocated by the Centre for the Promotion of Private Enterprise (CPPE), should be on restoring confidence in Nigeria’s foreign exchange market and recapitalizing the banking industry. Addressing these issues will be a significant step toward fulfilling his leadership role at the CBN.
The new CBN Governor should also steer clear of the past practices of making divisive statements, engaging in politics, or misusing public funds, as these actions have historically undermined the CBN’s mandate. With the current state of the naira in international markets, a change in approach is not just advisable but necessary.
As Mr. Cardoso begins his tenure, the expectations are high. Nigerians will hold him accountable for his promise to promote transparency, uphold the CBN Act, and ensure the CBN’s success. It is incumbent on him to make a lasting, positive impact during his time in office.
By Admin
In a major shake-up of the Nigerian National Petroleum Company (NNPC) Limited, President Bola Tinubu has dismissed Group Chief Executive Officer (GCEO) Mallam Mele Kyari and Board Chairman Chief Pius Akinyelure, along with all board members appointed in November 2023.
This development was announced early Wednesday in a statement by presidential spokesman Bayo Onanuga. The statement revealed that a newly constituted 11-member board will now oversee the affairs of NNPC Limited, with Engineer Bashir Bayo Ojulari taking over as the Group CEO and Ahmadu Musa Kida assuming the role of Non-Executive Chairman.
Additionally, President Tinubu appointed Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer last year, as a board member. The board also includes six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa, former Managing Director of Nigerian Liquefied Natural Gas (NLNG), representing North Central. From the southern regions, Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East) were also named as non-executive directors.
Further, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources will represent their respective ministries on the board.
The statement emphasized that “all the appointments are effective today, April 2.” It also outlined Tinubu’s rationale for the restructuring, citing Section 59, subsection 2 of the Petroleum Industry Act, 2021. According to Onanuga, the move is aimed at “enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.”
Furthermore, President Tinubu has tasked the newly appointed board with conducting a “strategic portfolio review of NNPC-operated and joint venture assets to ensure alignment with value maximisation objectives.”
Under Tinubu’s leadership, the federal government has been implementing major reforms in the oil sector to attract more investment. In 2023, NNPC recorded $17 billion in new investments, with the administration now aiming to increase that figure to $30 billion by 2027 and $60 billion by 2030.
The government also has ambitious targets for oil and gas production. The goal is to raise daily crude oil output to two million barrels by 2027 and three million barrels by 2030. Likewise, gas production is expected to reach 8 billion cubic feet per day by 2027 and expand further to 10 billion cubic feet daily by 2030.
Additionally, Tinubu has charged the new board with increasing NNPC’s crude oil refining capacity. “The new board is expected to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,” the statement noted.
The newly appointed board chairman, Ahmadu Musa Kida, hails from Borno State. A graduate of Ahmadu Bello University, Zaria, with a degree in civil engineering, Kida also holds a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris.
His career in the oil and gas industry began at Elf Petroleum Nigeria before moving to Total Exploration and Production as a trainee engineer in 1985. He later rose to the position of Deputy Managing Director of Deep Water Services at Total Nigeria in 2015. Last year, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.
Beyond his contributions to the oil sector, Kida is well-known in the sports community as a former basketball player and the President of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari, the newly appointed NNPC Limited Group CEO, is from Kwara State. Before his appointment, he was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His recent efforts led a consortium of indigenous energy firms in the $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
Ojulari is also a graduate of Ahmadu Bello University, Zaria, with a degree in mechanical engineering. His career started at Elf Aquitaine, where he became the first Nigerian process engineer before transitioning to Shell Petroleum Development Company of Nigeria Ltd in 1991. Over the years, he worked in various roles in Europe and the Middle East, excelling as a petroleum process and production engineer, strategic planner, field developer, and asset manager.
In 2015, Ojulari was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO). He also served as chairman and a board trustee member of the Society of Petroleum Engineers (SPE Nigerian Council) and is a fellow of the Nigerian Society of Engineers.
President Tinubu expressed gratitude to the former NNPC board members for their contributions, particularly in overseeing the rehabilitation of the Port Harcourt and Warri refineries. Their efforts led to the resumption of petroleum product production after years of inactivity. He wished them success in their future endeavors.
By Divine Perezide
President Bola Tinubu has appointed Dr. Ibrahim Yahaya Oloriegbe, a former senator from Kwara Central, as the new Chairman of the National Health Insurance Authority (NHIA). The appointment, which took effect on March 11, 2025, is set for an initial term of four years.
The announcement was made by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on Sunday. Dr. Oloriegbe, a seasoned healthcare professional and policymaker, previously led the Senate Committee on Health between 2019 and 2023. He also chaired the Joint National Assembly Committee on Health, where he played a key role in shaping health policies.
Dr. Oloriegbe brings a strong academic background to his new role. He holds a Master’s degree in Coaching and Consultation from the University of Oxford and HEC Paris, along with a Bachelor’s degree in Medicine and Surgery from Ahmadu Bello University, Zaria. His professional affiliations include membership in the Nigerian Medical Association (NMA), the Association of General and Private Medical Practitioners of Nigeria (AGPMPN), and the International AIDS Society (IAS).
His appointment is expected to strengthen the NHIA’s leadership and enhance health insurance accessibility in Nigeria. This decision aligns with President Tinubu’s boader strategy of appointing experienced professionals to key positions in the health sector to drive meaningful reforms.
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