Nigeria announces new central bank head

By Olanrewaju Kola

ABUJA, Nigeria (AA) - Nigeria announced a new central bank head Friday, three months after his predecessor was suspended, according to an official.

Olayemi Micheal Cardoso, a chartered accountant and international financial manager, emerged as the new governor of the apex bank following his nomination by the country’s president.

"President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance," the president’s spokesperson Ajuri Ngelale said in a statmment.

He said four new deputy directors were appointed to assist the governor in line with the country's law.

The president suspended the former governor June 9 for allegations of corruption, abuse of office and illegal possession of firearms. He is standing trial in court.