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The Governor of the Central Bank of Nigeria (CBN) has the authority to grant licenses to individuals interested in establishing a banking enterprise in Nigeria, following designated procedures. Additionally, the Governor is authorized to promulgate regulations, guidelines, and policies for banks, specialized banks, and other financial institutions operating in Nigeria.
At the time Nigeria gained independence, the governor of CBN was an expatriate by the name — Row Pentelow Fenton. He served from 1958 till 1963. Aliyu Mai Bornu and Clement Isong are the first and second Indigenous Governors of the Central Bank of Nigeria respectively. Their faces can be seen on the N1000 note.
Who is the new CBN governor 2023?
The current governor of the CBN is in the person of Olayemi Cardoso. He formerly held the position of the Economic and Development Policy Advisor, Financial Sector Leader and former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos.
Olayemi Cardoso has over three decades of managerial experience on board. He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies.
He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.
List of CBN Governors in Nigeria
Below is a list of Central Bank governors in Nigeria since 1958:
| S/N | Governor | Previous Position | Term |
|---|---|---|---|
| 1 | Roy Pentelow Fenton | 1958 – 1963 | |
| 2 | Aliyu Mai-Bornu | Deputy Governor, CBN | 1963 – 1967 |
| 3 | Clement Nyong Isong | Advisor, International Monetary Fund (IMF) | 1967 – 1975 |
| 4 | Adamu Ciroma | 1975 – 1977 | |
| 5 | Ola Vincent | Deputy Governor, CBN | 1977 – 1982 |
| 6 | Abdulkadir Ahmed | Deputy Governor, CBN | 1982 – 1993 |
| 7 | Paul Agbai Ogwuma | CEO, Union Bank of Nigeria | 1993 – 1999 |
| 8 | Joseph Oladele Sanusi | CEO First Bank of Nigeria | 1999 – 2004 |
| 9 | Charles Chukwuma Soludo | Chief Executive, National Planning Commission | 2004 – 2009 |
| 10 | Sanusi Lamido Aminu Sanusi | CEO, First Bank of Nigeria | 2009 – 2014 |
| 11 | Sarah Alade (Acting) | Deputy Governor, Central Bank of Nigeria | 2014 |
| 12 | Godwin Emefiele | Chief Executive Officer, Zenith Bank | 2014 – 2023 |
| 13 | Folashodun Adebisi Shonubi (Acting) | Deputy Governor, Central Bank of Nigeria | 2023 |
| 14 | Olayemi Cardoso | Chairman Citi Bank Nigeria | 2023 till date |
Frequently Asked Questions
The first “indigenous” governor of the CBN is Aliyu Mai Bornu. Following his graduation in 1957 from Bristol University where he studied Economics, he returned to Nigeria and worked in the Northern Nigeria Public Service as an Administrative Officer.
He held various positions before being seconded to the Central Bank of Nigeria in 1959 as an Assistant Secretary. At the CBN, Mallam Mai Bornu was promoted to the roles of Deputy Secretary and Secretary, eventually being appointed Deputy Governor in 1962. He made history as the first indigenous Governor of the Bank in 1963 and concluded his service, retiring in 1967.
The Central Bank of Nigeria has four Deputy Governors. Since there are 5 (five) directorates under the CBN:
The CBN governor takes charge of the Governors’ Directorate, while his Deputy Governors take charge of the Corporate Services Directorate, Economic Policy Directorate, Financial System Stability Directorate and Operations Directorate.
Since its inception in 1959, there have been 12 governors of the Central Bank of Nigeria (CBN).
The names of the 4 deputy governors of CBN are Dr Bala M. Bello (Corporate Services Directorate), Mr Muhammad Sani Abdullahi (Economic Policy Directorate), Mr Philip Ikeazor (Financial System Stability Directorate) and Ms Emem Usoro (Operations Directorate).
Abdulbasit Toriola is an emerging voice in Nigerian cultural commentary and social analysis. From his corner in Lagos, he documents Nigerian history, current affairs, and explores the extraordinary journeys of Nigerians beating the odds. His works have been published on Africa Prime News and Opinion Nigeria. Connect with Abdulbasit on Twitter @blackboymusings for daily insights into Nigerian life and culture.
