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Olayemi Cardoso’s dilemma, By Tunde Rahman
Written By: Tunde Rahman, senior presidential aide.
In the wake of the floating of the naira, some of the variables shaping the value of the national currency – including limited production in the country as a result of insecurity, the high taste for imported products, dwindling exports, poor dollar remittances, humongous school fees of Nigerian students abroad and medical tourism, all of which engendered a strong demand for dollar, far outweighing supply – seem to be clearly beyond his control.
Those who know Mr Olayemi Cardoso will agree he got his current job as the governor of Central Bank of Nigeria on the platter of a solid professional background and strong personal attributes. His pedigree is rich as his character is unsullied. Cardoso had a remarkable private sector career, where he shone brilliantly in banking, stockbroking and consulting.
Cardoso also comes from a very solid family pedigree. Nigeria’s late Prime Minister, Sir Abubakar Tafawa Balewa, appointed his late father, Mr Felix Bankole Cardoso, as the first accountant-general of the federation in 1963. The late elder Cardoso served with enviable record till 1971.
Part of the remarkable private sector career of Olayemi Cardoso was his appointment as the chairman of the Board of Citibank in Nigeria.
Cardoso began his public service journey when he became the commissioner for Budget and Economic Planning in the cabinet of Asiwaju Bola Tinubu, governor of Lagos State, as he then was in 1999. In addition to superintending that ministry, Cardoso was charged with several other responsibilities, including heading important cabinet committees that birthed landmark agencies in the state. Cardoso was known for enforcing strict budgetary discipline that contributed significantly to the overall success of the Tinubu administration in Lagos. He refused to authorise the release of funds for projects or programmes that had no budgetary head. For all of that and many more, Cardoso was nicknamed the “Headmaster.”
Armed with a Bachelor of Science degree in Managerial and Administrative Studies and a Masters in Public Administration from the prestigious Harvard Kennedy School of Government, and parading strong personal attributes, Cardoso is obviously a perfect fit for the CBN top job. He is calm but firm, strict but fair, prudent but practical, straightforward and honest, with loads of integrity. These are the unique qualities he carried unto his job at the apex bank and his major selling points when on 23 September, 2023 he officially assumed office with the Senate confirmation of his appointment.
However, it appears Cardoso will need much more than the foregoing to succeed in his present assignment. Under him, the CBN seems to be doing the right thing or doing things right: thinking and working on coming up with appropriate monetary policies, moving to rein in the rising foreign exchange rates and to particularly achieve an appropriate value for the naira, which Cardoso believes has been undervalued.
But in the wake of the floating of the naira, some of the variables shaping the value of the national currency – including limited production in the country as a result of insecurity, the high taste for imported products, dwindling exports, poor dollar remittances, humongous school fees of Nigerian students abroad and medical tourism, all of which engendered a strong demand for dollar, far outweighing supply – seem to be clearly beyond his control.
Until these situations change for the better, no amount of monetary policies by the CBN will work any miracle, hence Cardoso’s predicament. For instance, in his presentation at the sectoral debate organised by the House of Representatives two weeks ago, the CBN governor lamented that the growing number of Nigerian students abroad, increasing medical tourism and food imports, have led to the depreciation of the naira against the dollar. According to him, over the past decade, the foreign exchange demand for education and healthcare totalled nearly $40 billion, surpassing the total current foreign exchange reserves of the CBN, while personal travel allowances accounted for a total of $58.7 billion during the same period.
Another critical, yet intriguing, factor but seemingly odd in Cardoso’s reckoning, is the perception in some quarters of some of the decisions of the CBN, which the apex bank considers purely administrative, but which some others give strange connotations.
One of such is the decision to move some departments of the bank, notably banking supervision, other financial institutions supervision, consumer protection department and payment system management, from Abuja to Lagos.
Indeed, until the Emir of Kano, Alhaji Aminu Ado Bayero, spoke on this issue last week, I had reckoned that the imperative of the planned relocation of some CBN departments and the headquarters of the Federal Airport Authority of Nigeria from Abuja to Lagos was evident enough. I had reasoned that the Northern politicians, including Senator Ali Ndume from Borno State, who had moved to bring down the roof over the development, were merely playing politics.
The Emir of Kano, a highly revered royal father, raised the ante last Monday while receiving the First Lady, Senator Oluremi Tinubu, who was in Kano to inaugurate the School of Law Building named after her by Maryam Abacha American University of Nigeria, and had stopped by to pay a courtesy call on the Emir.
Emir Bayero, whose speech was translated from Hausa to English Language by a senior palace counsellor, had told the First Lady to convey his message to President Tinubu. He said among other things: “We are indeed suspicious on why Mr President single-handedly relocated key departments of CBN, and outright relocation of FAAN to Lagos.
“We are receiving a series of messages from my subjects, and most of them expressed concern over the relocation of CBN and FAAN to Lagos. President Tinubu should come out clean on this matter and talk to Nigerians in the language they would understand. Do more enlightenment on this matter. I, for one, cannot tell the actual intentions of the government. We should be made to actually understand why the relocation of the CBN and FAAN offices back to Lagos.”
Many will wonder why some members of the northern elites are losing their cool, misinterpreting this move and, perhaps inadvertently, heating up the polity on this rather elementary matter. Is their reservation altruistic? Or are they just being sincerely mistaken and reading unnecessary motives into the policy? With the benefit of hindsight, one can say that Cardoso and his team should have understood the political dimensions of the decision better and undertaken a more effective public enlightenment on it, rather than treat it as a purely administrative matter. Knowing the kind of people and country that we are and the fact that ours is a multi-ethnic, multi-religious and multicultural society, where every action or decision is viewed from ethnic and religious lenses, the CBN ought not to have released the news about the movement of the departments concerned in a routine manner as it did.
It should have released the news with the detailed information and explanation behind the move. The CBN Communication Department should have deployed all in its arsenal to explain the movement to its critical stakeholders and the general public. The apex bank should have seen the movement beyond a mere administrative move, which is within its remit to do. The bank should have situated the movement and anticipated the social and political meanings some may give it. That is how things run in Nigeria.
A deeper and detailed explanation was later provided when Cardoso appeared on the floor of the House of Representatives in Abuja. I was there at the session and witnessed it all. Asked by one of the members of the House from the North the rationale behind the movement, the CBN governor said: “There is nothing political in the movement. We didn’t change any plan. It has always been like that to ease banking supervision. Most of the banks are based in Lagos. So it works well for supervision if our officials are there with them and close to them and close to those the banks interact with. It’s for administrative convenience. It’s also cheaper for the CBN.” He also disclosed that the movement of the departments concerned to Lagos is also important because, according to him, the country is at the point where there is a need for more banking surveillance.
It is important that the CBN governor draws the appropriate lesson from this. He should learn from this experience that though his job of superintending the country’s monetary system is a professional and economic one, yet it has its political aspects. His decisions have consequences not only on the economy but also on the political front. As such, the CBN governor must always pay attention to the political ramifications of his decisions.
He must be political without being partisan.
Indeed, his situation is also not helped by the fact that he has had very political predecessors-in-office, including the high-sounding Professor Chukwuma Soludo, the soft-spoken but loud former Emir of Kano, Khalifa Sanusi Lamido Sanusi, and the immediate-past governor, Godwin Emefiele (this one even attempted to contest for president while holding the office as CBN governor).
There are a couple of things to say on the hoopla about the staff transfer though.
One, President Tinubu is receiving attacks over the movement. Emir of Kano says he must reverse it, urging the First Lady to deploy the feminine soft power to actualise this. Yet, to all intent and purposes, the President that is being asked to reverse the transfer may not have been apprised of the decision because he does not micromanage those he gives responsibilities to where their unique expertise and experience are called to service. The CBN, on its part, may not have briefed the President because Cardoso had seen the planned movement as purely administrative.
Secondly and more importantly, those who are responding negatively to the policy are treating Abuja as if it belongs to the North, rather than being the symbol of the entire country as the Federal Capital Territory. In that capacity, as the FCT, Abuja belongs to all and belongs to no one. In the same vein, as the economic capital and nerve centre of the country, Lagos is a melting pot where representatives of virtually all ethnic and cultural groups in the country reside and earn a living.
There is absolutely nothing that says that the headquarters of all federal agencies must be located in the Federal Capital, even when economic considerations and efficiency dictate otherwise. Some federal agencies reside neither in Abuja nor Lagos at present and their work go on unimpeded.
In any case, President Tinubu’s pan-Nigerian outlook and credentials are too well known. His ability to build political and personal networks and relationships across the length and breath of the country were partly responsible for his victory in the keenly contested 2023 presidential election. He will be the last person to approve or support any policy designed to be detrimental to any part of the country.
But for CBN Governor Cardoso, all of that represents his baptism of fire and a wake-up call for him to be a little more flexible, particularly in matters that have wider political connotations.
In response to the action taken by U.S. President Donald Trump on October 31, 2025, designating Nigeria as a country of particular concern, the ADC has released its statement.
According to the statement signed by Bolaji Abdullahi, the National Publicity Secretary African Democratic Congress (ADC), the party stated as follows:
1. We are guided by the painful reality that what is really at stake on this issue are the thousands of human lives that have been lost to insecurity in Nigeria, irrespective of their tribe, religion or region.
We therefore seize this moment to pay tribute to the memory of all the victims and express our deepest sympathies to their families.
2. The statement by President Trump reminds us of the greater global concern about the sanctity of human life and the cardinal responsibility of national governments to protect the lives of people who live within their borders.
It reminds us that in the modern world, concern for human rights, for which right to life is the most fundamental, transcends national boundaries and that the dignity and respect of nations are no longer measured by their economic strength alone, but also by their willingness and capacity to protect their own citizens.
3. It is sad to note that it is in this most sacred mandate of government that this administration of President Bola Ahmed Tinubu has failed most. Available reports indicate that nearly 15,000 lives have been lost to sundry violent activities since this administration assumed office in 2023.
These deaths have occurred across regions and religions, underlining a national crisis that cuts across all divides and still endangers us all, regardless of tribe, region or religion.
Entire communities have been sacked, worshippers have been slaughtered in religious spaces, and bandits now control large territories in our country, waging war at will and levying taxes on citizens with impunity.
Boko Haram, once declared as “technically degraded,” is once again growing in strength, while another international terror group make open claims of carrying out successful attacks on Nigerian soil.
4. Under this administration, terror and violence have expanded their reach, from the extreme east and west of the north to its central part.
On October 31, 2025, the very day that President Trump announces his concern about Nigeria, another terror group, JNIM, an Al-Qaeda affiliate which had been active in the Sahel region, announced a successful attack in Kwara State, which serves as a gateway to the southern part of the country.
The crisis that we face is therefore not about any ethnic or religious group being targeted for killing; it is an existential crisis that imperils all Nigerians.
Quite significantly, it is also not about which region or religion has lost more lives; it is about every individual’s right to life. Life and death are absolutes and they must never be reduced to statistics.
The ADC believes that one life lost that could have been saved, is one death too many. 5. The problem of insecurity in Nigeria did not start with President Tinubu.
The problem is that President Tinubu has refused to acknowledge that the crisis has got worse under his watch and has refused to accept responsibility.
Instead, Nigerians have been met with excuses, cruel silence or utter indifference, and political posturing that mocks the tragedy of victims and their families.
7. The ADC will also like to draw attention to the structural and diplomatic failures that continue to deepen Nigeria’s vulnerability on the international stage.
We would like to ask, why has the Nigerian government failed to appoint ambassadors to key countries, more than two years into its term?
How can a government that has been boasting of unprecedented revenue success continue to give lack of fund as excuse for not appointing ambassadors?
Why has our foreign policy become so deeply personalised, focused on the image of the president and his interests, rather than the image of Nigeria and the interests of the Nigerian people?
Why are there still no unified national security strategy, no regional coordination, and no meaningful engagement with the communities most affected?
8. Under President Tinubu, Nigeria has declined both as a continental and a regional leader. Nothing underlines this decline more than the fracturing of the ECOWAS under his watch.
A region that once looked up to us for direction and leadership on issues of democratization and security now doesn’t think we matter anymore as smaller countries watch us fumble aimlessly with our own domestic crisis. These failures are not isolated.
They are all connected, pointing to a government that is so incompetent, so narrow-minded, and yet so blindly arrogant.
9. If this government had been less obsessed with politics, propaganda and self-celebration, it would have taken every single violent attack seriously.
It would have documented every single one of them, and in every single case, it would have demonstrated to Nigerians and to the world what it was doing to bring perpetrators to justice, it would have acknowledged its weaknesses, it would have asked for help; it would rallied Nigerians for the great challenge and it would have showed the world that it truly cared about every Nigerian life.
And perhaps, this situation would have been averted.
10. In conclusion, the African Democratic Congress would like to recommend the following:
i. A full overhaul of the national security apparatus, including an independent audit of operations, leadership, and strategy.
ii. Immediate appointment of qualified ambassadors, to restore Nigeria’s diplomatic presence and strategic influence.
iii. A reset of foreign policy, grounded in national interest, not personal promotion, with renewed engagement across ECOWAS, the AU, and the UN.
iv. Urgent economic reforms, focused on price stability, a credible plan to ease inflation, and verifiable social welfare system to ease the suffering of the poor across the country.
v. An end to the personalization of public institutions, and a return to accountable, citizen-focused governance.
11. We appreciate the American president and other world leaders for their concern about the security situation in our country.
We will however urge that such concerns should be translated into supporting Nigeria to grow her democracy and develop its capacity to solve its own problems.
We believe that mobilizing armed troops or even a mere threat of doing so would do more harm than good and ultimately prove counter-productive to our democratic aspiration and the long-term unity and stability of our country.
Nigeria is not beyond saving, but time is running out. We must act now, with courage, clarity, and a commitment to protect the lives and dignity of every Nigerian. Certainly, Nigeria can not continue like this.
The Presidency on Monday dismissed claims that President Bola Tinubu is set to visit the United States on Tuesday to meet with US Vice President J.D. Vance, describing the report as false and misleading.
Temitope Ajayi, the Senior Special Assistant to the President on Media and Publicity, said in a post on his official X handle that the report had sparked unnecessary speculation and “uninformed commentaries.” He clarified that if President Tinubu were to visit the White House, he would meet with President Donald Trump, not the Vice President.
“There’s a Sahara Reporters story that President Tinubu is going to the U.S. on Tuesday to see U.S. Vice President J.D. Vance. That story is not true. If President Tinubu is going to the White House, he won’t be going to see a Vice President,” Ajayi stated.
The clarification comes amid heightened international attention following allegations of persecution of Christians in Nigeria and a controversial statement by former US President Donald Trump. In a post on his Truth account over the weekend, Trump warned that the United States might “go in guns blazing” if Nigeria fails to halt attacks on Christians, threatening to stop aid and even engage militarily against perpetrators of violence.
Reacting to growing international concern, President Tinubu denied claims of a “Christian genocide” in Nigeria. In a statement via his X handle, he reaffirmed that the Nigerian Constitution guarantees freedom of religion and highlighted his administration’s ongoing efforts to foster interfaith dialogue and security across the country.
“Nigeria stands firmly as a democracy governed by constitutional guarantees of religious liberty,” Tinubu said. He emphasized that since taking office in 2023, his government has maintained active engagement with Christian and Muslim leaders alike, addressing security challenges that affect citizens across all regions and faiths.
Tinubu also rejected narratives portraying Nigeria as religiously intolerant, describing them as inaccurate and unreflective of the nation’s diverse population. He stressed that religious tolerance has always been central to Nigeria’s national identity and remains a core principle of his administration.
“The characterisation of Nigeria as religiously intolerant does not reflect our national reality, nor does it take into consideration the consistent and sincere efforts of the government to safeguard freedom of religion and beliefs for all Nigerians,” the President said.
In addition, Tinubu assured the international community of Nigeria’s commitment to collaborate with the United States and other partners in protecting citizens of all faiths. “Nigeria is a country with constitutional guarantees to protect citizens of all faiths. Our administration is committed to working with the United States government and the international community to deepen understanding and cooperation on the protection of communities of all faiths,” he stated.
The Presidency’s clarification underscores Nigeria’s stance on upholding religious freedom while also emphasizing that diplomacy—not confrontation—remains the cornerstone of its foreign policy. Officials stress that external reports should be carefully verified to avoid inflaming tensions or misrepresenting the country’s internal affairs.
This development comes amid heightened global scrutiny of Nigeria’s security situation, particularly regarding attacks in the country’s northern and central regions, and the political significance of Tinubu’s engagements with international partners.
Abuja witnessed a tense standoff on Monday as supporters of the faction loyal to Peoples Democratic Party (PDP) National Vice Chairman (North Central), Mohammed Abdulrahman, stormed the party’s national secretariat at Wadata Plaza.
The group, chanting solidarity songs and waving party flags, demanded the immediate resignation of the National Working Committee (NWC) led by Umar Damagum, accusing the leadership of mismanaging party affairs.
Abdulrahman was recently appointed Acting National Chairman, following the suspension of the party’s National Secretary, Senator Samuel Anyanwu, and Legal Adviser, Kamaldeen Ajibade, for a period of one month. The suspension and leadership shuffle have escalated a brewing crisis within the party, raising fears of further fragmentation.
In a dramatic countermove, supporters loyal to Anyanwu convened at a separate location in Abuja and announced the suspension of the Damagum-led NWC, intensifying the internal power struggle.
Protesters at Wadata Plaza vowed to reclaim control of the secretariat for the Abdulrahman-led faction, warning that they would not back down until the NWC stepped aside.
Security forces have been deployed to the area to prevent clashes and ensure public safety, as both factions jostle for control of the party headquarters.
The leadership tussle exposes deep divisions within the PDP, which has long struggled to maintain cohesion amid internal rivalries and competing ambitions. Analysts say the ongoing crisis could have significant implications for the party’s unity and electoral prospects in upcoming elections.
Party members and stakeholders have called for dialogue and mediation to resolve the impasse peacefully, warning that continued unrest could damage the party’s image and weaken its political influence.
Further developments are expected as both factions continue their standoff at the national secretariat.
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