List of CBN Governors in Nigeria From 1958 Till Date
All 12 governors of the Central Bank of Nigeria in order, from Roy Pentelow Fenton in 1958 to the present one, with the dates the CBN gives for each.
The Governor of the Central Bank of Nigeria is Mr. Olayemi Cardoso. The CBN records him as serving since 5 October 2023, after two weeks as Acting Governor. Eleven people held the office before him.
The names, titles and dates below are the ones on the CBN’s own website: its Past Governors page for the first eleven, and its board page for Mr. Cardoso.
CBN governors from 1958 till date
| No. | Governor | From | To | Time in office |
|---|---|---|---|---|
| 1 | Roy Pentelow Fenton | 24 July 1958 | 24 July 1963 | 5 years |
| 2 | Alhaji Aliyu Mai-Bornu | 25 July 1963 | 22 June 1967 | 3 years 10 months |
| 3 | Dr. Clement Nyong Isong | 15 August 1967 | 22 September 1975 | 8 years 1 month |
| 4 | Mallam Adamu Ciroma | 24 September 1975 | 28 June 1977 | 1 year 9 months |
| 5 | Mr. O. O. Vincent | 28 June 1977 | 28 June 1982 | 5 years |
| 6 | Alhaji Abdulkadir Ahmed | 28 June 1982 | 30 September 1993 | 11 years 3 months |
| 7 | Dr. Paul A. Ogwuma, OFR | 1 October 1993 | 29 May 1999 | 5 years 7 months |
| 8 | Chief (Dr.) J. O. Sanusi, CON | 29 May 1999 | 29 May 2004 | 5 years |
| 9 | Prof. Chukwuma C. Soludo, CFR | 29 May 2004 | 29 May 2009 | 5 years |
| 10 | Mallam Sanusi Lamido Sanusi (CON) | 3 June 2009 | 2 June 2014 | 5 years, less a day |
| 11 | Mr. Godwin Emefiele (CFR) | 3 June 2014 | 25 September 2023 | 9 years 3 months |
| 12 | Mr. Olayemi Cardoso | 5 October 2023 | In office | Still serving |
The CBN gives each of the first eleven the title Former Governor and Mr. Cardoso the title Governor. The names are written as the CBN writes them, honours included. Time in office is our arithmetic from the CBN’s dates, in completed years and months.
The numbering is ours, though it agrees with the CBN’s own count: its profile of Mallam Sanusi Lamido Sanusi calls him the 10th Governor.
Where a CBN profile and the CBN list give different dates, the table follows the list. The profile of Alhaji Abdulkadir Ahmed puts his appointment on 27 June 1982, a day before the list does, and the profile of Mallam Adamu Ciroma gives his years as 1976 to 1977.
The current CBN governor
The CBN’s board page lists Mr. Olayemi Cardoso as Governor, serving since Thursday, 5 October 2023. The same page records that he was Acting Governor from 21 September to 4 October 2023. A CBN press release of 22 September 2023 says he formally assumed duty that day in an acting capacity, pending his confirmation by the Senate.
His CBN profile says he spent over 29 years in commercial banking and was Chairman of Citibank Nigeria from 2010 to 2022. Before that he was Commissioner for Economic Planning and Budget in Lagos State from 1999 to 2005. He studied at the University of Aston in Birmingham and at Harvard.
The board page lists four Deputy Governors with him: Dr. Muhammad Sani Abdullahi (Corporate Services), Mr. Philip Ikeazor (Economic Policy), Ms. Emem Usoro (Operations) and Mr. Lamido Yuguda (Financial System Stability).
The first CBN governor
Roy Pentelow Fenton was the first. The CBN’s profile says he worked at the Bank of England and was seconded to Nigeria in 1958 to build and launch its central bank. An earlier version of the CBN’s board page, saved by the Internet Archive, calls him the first and the only expatriate Governor. His term began on 24 July 1958, almost a year before the bank came into full operation on 1 July 1959.
The first Nigerian in the post was Alhaji Aliyu Mai-Bornu, from 25 July 1963. The CBN’s profile says he was seconded to the bank in 1959 as an Assistant Secretary, became Deputy Governor in 1962, and became its first indigenous Governor in 1963.
CBN governors from 1999 till date
Five people have held the office since 29 May 1999:
- Chief (Dr.) J. O. Sanusi, CON: 29 May 1999 to 29 May 2004
- Prof. Chukwuma C. Soludo, CFR: 29 May 2004 to 29 May 2009
- Mallam Sanusi Lamido Sanusi (CON): 3 June 2009 to 2 June 2014
- Mr. Godwin Emefiele (CFR): 3 June 2014 to 25 September 2023
- Mr. Olayemi Cardoso: 5 October 2023 to date
Acting governors
The CBN’s Past Governors page lists only substantive governors. Its other pages and documents name three people who have led the bank in an acting capacity.
- Dr. Sarah Omotunde Alade. Her CBN profile says she was appointed Acting Governor on 20 February 2014, having been Deputy Governor (Economic Policy) since 26 March 2007.
- Mr. Folashodun A. Shonubi. He signed the CBN’s monetary policy communiqué of 25 July 2023 as Acting Governor. His CBN profile describes him as a former Deputy Governor, Operations Directorate.
- Mr. Olayemi Cardoso. Acting Governor from 21 September to 4 October 2023, before his tenure as Governor began.
The Past Governors list does not show these periods. Its dates for Mallam Sanusi Lamido Sanusi run to 2 June 2014 and for Mr. Godwin Emefiele to 25 September 2023, as in the table.
What each governor did before
These are taken from the profile the CBN publishes for each governor.
| Governor | Before becoming Governor, per the CBN |
|---|---|
| Roy Pentelow Fenton | Bank of England, Overseas Department |
| Alhaji Aliyu Mai-Bornu | CBN Deputy Governor from 1962 |
| Dr. Clement Nyong Isong | CBN Secretary and Director of Research, then the International Monetary Fund from 1962 |
| Mallam Adamu Ciroma | Director on the CBN Board from 1970 |
| Mr. O. O. Vincent | Vice President at the African Development Bank, 1966 to 1973 |
| Alhaji Abdulkadir Ahmed | CBN Deputy Governor from June 1977 |
| Dr. Paul A. Ogwuma, OFR | Managing Director and Chief Executive of Union Bank of Nigeria |
| Chief (Dr.) J. O. Sanusi, CON | CBN Deputy Governor in 1988, then Managing Director of United Bank for Africa and of First Bank of Nigeria |
| Prof. Chukwuma C. Soludo, CFR | Economic Adviser to the President and Chief Executive of the National Planning Commission |
| Mallam Sanusi Lamido Sanusi (CON) | Group Managing Director of First Bank of Nigeria |
| Mr. Godwin Emefiele (CFR) | Group Managing Director of Zenith Bank |
| Mr. Olayemi Cardoso | Chairman of Citibank Nigeria, 2010 to 2022 |
How a CBN governor is appointed
The CBN Act 2007 sets the rules. Section 8 says the Governor and Deputy Governors are appointed by the President, subject to confirmation by the Senate. The first term is five years, and each is eligible for one more term of not more than five years.
Under section 6 the Governor chairs the bank’s Board. The other members are the four Deputy Governors, the Permanent Secretary of the Federal Ministry of Finance, five Directors and the Accountant-General of the Federation.
Five of the eleven past governors are listed with five years in office, give or take a day. The longest in office was Alhaji Abdulkadir Ahmed, at 11 years 3 months, and the shortest was Mallam Adamu Ciroma, at 1 year 9 months.
Quick answers
Who is the current CBN governor?
Mr. Olayemi Cardoso. The CBN lists him as Governor since 5 October 2023.
Who was the first CBN governor in Nigeria?
Roy Pentelow Fenton, from 24 July 1958 to 24 July 1963. The first Nigerian governor was Alhaji Aliyu Mai-Bornu, from 25 July 1963.
How many CBN governors has Nigeria had?
Twelve, counting the present one. Acting governors are not in that count.
Who was CBN governor before Emefiele?
Mallam Sanusi Lamido Sanusi, whom the CBN lists from 3 June 2009 to 2 June 2014. Dr. Sarah Alade was appointed Acting Governor on 20 February 2014.
Who is the longest-serving CBN governor?
Alhaji Abdulkadir Ahmed, from 28 June 1982 to 30 September 1993.
