I saw another write up about Yemi Cardoso on this platform and its rather watery with no details on his professional accomplishment hence I'm here to present a comprehensive and unsensational profile of the man.

You would agree with me that he is a good choice and Tinubu is again proven as a talent hunter. Actually, the fact that you can work with Tinubu is a proof that you are a great resource. Yes there could be elements of nepotism and other under the table skills but he would never put an incompetent hand in position just because he is an ally

Here goes:
WHO IS DR YEMI CARDOZO?

Cardoso, a Lagosian, grew up and attended Corona School Ikoyi and St. Gregory’s College in Lagos for his primary and secondary education, respectively.

He completed his undergraduate studies upon obtaining a Bachelor’s degree (B.Sc.) in Managerial and Administrative Studies from Aston University in 1980. He later furthered his education at the Harvard Kennedy School of Government (HKS), earning a Master’s degree in Public Administration in 2005 as a Mason Fellow.

In recognition of his outstanding achievements in the private and public sector, Cardoso was granted a Doctorate in Business Administration (DBA) (honoris causa) by Aston University in 2017. He is also esteemed as a Fellow of the Chartered Institute of Stockbrokers.

His dedication to lifelong learning has garnered recognition from various educational institutions, including as:

•Trustee of the Harvard club of Nigeria from 2022 till present
•Trustee of the Harvard Kennedy School Nigeria Alumni from 2020 till present
•Board advisor of the Lagos Business School from 2019 till present
•Trustee of St. Augustine University from 2018 till present
•Global Alumni-elected Board member of Harvard Kennedy School from 2006 – 2010
Public Service: Commissioner for Economic Planning & Budget, Lagos State
When Nigeria transitioned to civilian and democratic governance in 1999, Cardoso was appointed a Commissioner in Lagos State, a state of significant economic importance within Nigeria and the broader African continent. He set up and oversaw Nigeria’s first stand-alone Ministry of Economic Planning & Budget, which became the think-tank of the administration and the champion of the reform process. That model has been replicated in most of the nation’s states. As Commissioner for Economic Planning & Budget, he spearheaded reforms and introduced innovative analytical and consultative mechanisms to enhance governance. He also raised awareness about the complexities of managing the world’s sixth-largest megacity.
He designed and developed a strategy document for the state (based on poverty alleviation and growth), and wrote the 10-point economic agenda that helped catalyse the ongoing reforms and transformations in the state. He monitored performance and compliance of all ministries, as well as managed the expenditure patterns of the state.
Cardoso pioneered the Ehingbeti Lagos economic summit in the year 2000, as a platform that enabled business leaders and other multi-stakeholders, including international development partners and not for profit civil society groups, to contribute to solving the peculiar problems of a megacity in a non-partisan and result-oriented way. In recognition of his pioneering role and the success of his initiative, he was back in 2022, on the 20th Anniversary of the summit, to co-chair the anniversary summit.
During his tenure, Cardoso chaired various cabinet-level committees, including but not limited to:
•Cabinet Project Monitoring Committee
•Lagos Urban Transport Project Office (which later evolved into LAMATA)
•Privatization Committee
•Lagos Water Corporation
•State Security Trust Fund Committee (which he pioneered), and
•State Pension Fund Committee

In July 2017, Cardoso joined the renowned Cities Alliance Think Tank, dedicated to shaping and influencing policy and decision-making regarding urban development in Africa. Cities Alliance, formed by the World Bank, UN, and other donors, stands as a gold standard global partnership in this field. Additionally, he served as chairman of the board for the DFID and Gates Foundation’s EFinA, an organization devoted to financial inclusion.

Cardoso’s engagement extends to various advisory roles. He is a member of the Nigerian National Advisory Board on impact investing and serves on the advisory board of Lagos Business School. In 2018, he assumed the role of founding Chairman of the board for the Africa Venture Philanthropy Alliance (AVPA), an organization committed to unlocking new capital for social impact across the continent. With headquarters in Nairobi and smaller offices in Lagos and Johannesburg, AVPA provides continent-wide support to social investors by facilitating connections within broader networks.

Cardoso holds a position of responsibility and influence as a member of the Board of Trustees for DRASA Health Trust, a public organization established in honour of the late Dr. Ameyo Adadevoh.
Chairman of Citibank: 2010-2022
In 2007, Cardoso was selected to chair the audit committee of the board of Citibank. He held this position until 2010, when he transitioned to board member and subsequently Chairman of the board.
His tenure as Chairman of the Board of Citibank Nigeria Limited from 2010 to 2022 was marked by exemplary leadership and technical expertise, leading to significant improvements in both financial and non-financial aspects of the bank’s operations. During this period, Citibank experienced remarkable growth, with total assets increasing by an impressive 308.3%, total revenue surging by 235.6%, and shareholders’ equity showing an outstanding improvement of 231.2%.
Under his watch, Citibank Nigeria Limited successfully executed several substantial transactions for its clients, including for MTN through its 2017 US$1.5 billion Eurobond, in the capacity of joint Lead Manager, demonstrating its influential role in the financial landscape.

Beyond his dedication to financial growth, Cardoso was a strong advocate for diversity and gender inclusion during his tenure as Chairman. His efforts resulted in a significant increase in the percentage of women on Citibank’s board, rising from 8% to a remarkable 50%. His ardent support for Citi’s annual diversity and Citi Women’s initiatives further emphasized his commitment to fostering an inclusive work environment irrespective of gender or position.

Cardoso’s commitment to corporate social responsibility was evident during his tenure as Chairman, as he ensured that the bank made regular contributions to charitable and non-political organizations, making a positive impact within the community.
Under his visionary leadership, Citibank Nigeria Limited received prestigious awards and recognitions both locally and internationally. Some of the noteworthy accolades include being named Euromoney’s Best Investment Bank in Africa in 2015 and 2017, receiving the Lifetime Achievement Award at the African Banker Awards in 2017, and achieving Global Finance’s Best Corporate/Institutional Digital Bank in Nigeria in 2017, 2018, and 2019, among several other esteemed honours.
Cardoso’s transformative leadership and commitment to excellence have, without doubt, left a lasting legacy at Citibank Nigeria Limited, making it a shining example of success and recognition in the financial industry.
In September 2022 Citigroup Inc., headquartered in New York, awarded Mr. Cardoso the Distinguished Alumni Award for leadership and ingenuity. This was the first time such an award had been bestowed to anyone in sub-Sahara Africa; it was awarded “in recognition of his outstanding contributions to business and society over the course of a distinguished career within Nigeria’s private, public and not-for-profit sectors, as well as academia, and for fostering the country’s financial stability and development”.

Next please

https://businessday.ng/opinion/article/can-yemi-cardoso-save-the-cbn/

There’s no doubt that the bank’s reputation has been severely damaged in the nine years that Emefiele ran it. The last time the CBN was harmed was during the regime of Sani Abacha when Paul Ogwuma was the governor. Last year, I wrote two articles criticizing Emefiele for dabbling into partisan politics and pointed out the danger he’s plunged the institution into. I am sure that he’s learned his lessons the hard way.

However, others believe that the scope of the challenges is well beyond the former governor. ‘’Our problem is systemic and so every solution should go to the very root of the matter. How can we have a functional Central Bank when the country is buffeted by all sorts of systemic problems?’’, asks a former director of the bank who retired last year after 33 years of service, in a long conversation with this writer.

If it is so easy to take money from the vault of the Bank, then this country stands no chance of survival. There is no assurance that the practice will not continue, no matter who the Governor is

He goes on: ‘’The Central Bank does not operate in a vacuum. It is part of Nigeria, and is managed by Nigerians; so, the bank would have all the tendencies that we are known for; which exist in other Nigerian institutions. For a long time, NNPC refused to remit crude oil export proceeds into the federation account. How then could the CBN have built up the reserves? Why are we blaming Emefiele for the high exchange rate whereas the country’s crude oil sales were going elsewhere? Does anybody in his right sense believe that Emefiele had embarked on the Naira redesign on his own; without the approval of his bosses? Why has the government not arrested and prosecuted Emefiele’s bosses who asked him to do the Naira redesign? How can the government borrow a staggering N23 trillion through Ways and Means, and you don’t expect to have a run-away inflation? The fundamentals of this economy are very faulty. We have a very weak economy; high levels of corruption; low productive capacity; low export base and massive imports; yet you expect Emefiele to perform magic and bring about a low exchange rate? Why is Emefiele the fall guy? Where are the people who gave him the approval for his actions’’?

Read also: Who is Yemi Cardoso, the nominee for CBN governor?

The Tinubu administration believes that the former CBN governor and some of his lieutenants have more serious questions to answer; and that a new institution will emerge from the ruins of the last nine years. Emefiele was appointed in June 2014 by President Goodluck Jonathan for a 10-year tenure of two terms. He would have completed the two terms next June. Soon after he assumed office, there were rumours that politicians and officials of the government of the day had looted the Bank massively to fund the election campaigns of 2014 and 2015. There were talks of dollars being withdrawn from the bank and distributed to party officials in Lagos and other South West states in what was termed “Operation Capture the South West”. Tinubu was then a chieftain of the opposition party. He saw it all. While some people argue that the Governor should have blocked the illicit withdrawals, others contend that the CBN Governor has no power to disobey a directive from the President. “If a President sends a memo to the CBN Governor that he needs $500,000 in cash this evening, the Governor will comply without hesitation or asking a question”, says a banker who does not want his name in print.

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If it is so easy to take money from the vault of the Bank, then this country stands no chance of survival. There is no assurance that the practice will not continue, no matter who the Governor is. I am one of those who believe that Emefiele should have stood up to the politicians who asked him to do wrong; otherwise, he should have resigned. The former governor is also accused of facilitating round-tripping of the dollar – buying cheaply at the official rate and selling at a huge margin at the market rate – for many influential members of the cabal of the last administration, in addition to many cases of abuse of office and dishonesty. But where was President Buhari? Was he not aware?

I have been greatly troubled by the revelations coming from the CBN since Emefiele was arrested in Lagos in June. It is quite an irony that it is President Tinubu, a man who is not renowned for any anti-corruption posturing, who is championing the investigations into the corrupt practices that occurred under President Buhari, a man who was honoured by fellow African leaders for his anti-corruption credentials. Wonders shall never end in this land! If Godwin Emefiele is eventually prosecuted and convicted, or if a plea bargain deal is struck between him and the authorities, President Buhari will have to explain if he was under a spell when all these were happening.

Now, can Yemi Cardoso rescue the Bank and redeem its reputation? The verdict is mixed. For ordinary Nigerians, nothing will change apart from the faces on the executive floor of the bank. They believe that the game will continue and will play out in different ways under this dispensation. Others are more hopeful. But Prof. Akpan Ekpo, an economist and former VC of the University of Uyo, who had been a board member and MPC member of the bank, says Mr. Cardoso and his team should focus on restoring the reputation of the institution; stick to monetary policy and exchange rate management and should stress managed float for the Nigerian currency. ‘’There is no convincing argument for floating the Naira argument for floating the Naira which is not a convertible currency’’, he told me. He notes that the Bank should extend the period of allowing both the old and new notes to be used simultaneously to next May and coordinate well with the fiscal side of the economy to ensure stability. Drawing from his experience, Ekpo says the CBN Board and MPC should be made up of technocrats (economists) rather than politicians because ‘’the CBN deals with money and financial matters, and to a large extent, should not be politicized. The MPC is the engine room of the bank and the outcomes of their meetings are derived from evidence-based research. It is a very technical committee’’. Serious countries the world over take measures and go to a great extent to hire the best to manage their Central Banks and insulate them from politics and political influences. The last Governor of the Bank of England was not even from the UK. He was a Canadian.



The banking industry has been quite befuddled and, in some cases, embarrassed, by the Emefiele saga, especially since he was one of them until his appointment in 2014, coming on the heels of other eminent bankers like Paul Ogwuma; Joseph Sanusi and Sanusi Lamido Sanusi who also became governor. However, bankers are typically reticent and deferential when it comes to matters concerning their regulators. No banker will publicly excoriate a regulator, whether CBN, SEC or NDIC. But I managed to speak to the CEO of one of the Big Five banks on condition of anonymity on what the Cardoso team should do to save the CBN. ‘’I am not sure that there is much to add to the suggestions that have been widely made, and that is that the new team should fix the FX liquidity crisis and the attendant FX rate issues’’, he spoke under his breath. ‘’They should execute consistent, disciplined and fairly applied monetary policy; better coordination between fiscal and monetary policy; and finally rebuild the integrity of the Bank to be achieved through proper governance in decision making and respect for contracts. On governance, the directors and deputy governors should be empowered to make decisions that are within their portfolios without delegating (or being asked to) delegate upwards’’. If the CEO’s thoughts and Prof. Ekpo’s suggestions sound alike, it is because the solutions are, as in many cases, within reach. But can Yemi Cardoso turn the CBN around? Does the administration have the political will? I shall be here in another five years to report it.