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‘Don’t Follow The Path Of Your Predecessor’—Muda Yusuf Cautions New CBN Governor, Yemi Cardoso

Published

7 days ago

September 16, 2023

The Chief Executive Officer of the Centre for the Promotion of Private Enterprises, Muda Yusuf, has cautioned the newly appointed Central Bank Governor, Oluyemi Michael Cardoso against running the apex bank like his predecessor.

The changes in the apex bank did not come as a surprise as President Bola Ahmed Tinubu had hinted in his inaugural speech on May 29.

Cardoso’s appointment came after allegations of corruption and terrorism financing against the embattled former CBN governor, Godwin Emefiele, prompting the Tinubu-led government to launch an investigation through a special investigator.

The president appointed Folashodun Shonubi to act as the apex bank boss.

With the shake-up, all the deputy governors of the CBN have been replaced with Mrs. Emem Usoro, Muhammad Dattijo, Philip Ikeazor, and Dr. Bala M. Bello.

Yusuf said Cardoso is eminently qualified for the position, adding that he has the academic, intellectual, and industry credentials to head the apex bank.

But he said the new apex bank boss must not follow the path of his predecessor.

He said, “Nigeria inflation is driven more by structural, fiscal and security factors than monetary phenomena. The monetary space is already very tight, with CRR at 32.5 per cent. However, he needs to be very cautious and restrained in the monetization of fiscal deficit.

“Under the previous CBN leadership, there were serious issues around the transparency of foreign exchange management as well as the intervention funds of the CBN.

“The failure of the CBN to publish Audited Accounts for six years was also a major breach of corporate governance values and the CBN Act.”