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Nigerian President, Tinubu appoints Cardoso as central bank governor  

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Nigerian 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).

Cardoso’s nomination is for a term of five (5) years at the first instance, subject to his confirmation by the Nigerian parliament.

President Tinubu also approved the nomination of Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr Bala M. Bello as statutory four new Deputy Governors of the Central Bank of Nigeria (CBN).

This nomination aligns with Section 8(1) of the Central Bank of Nigeria Act, 2007, which grants the President the power to appoint the Governor and four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

The office of Nigeria’s central bank governor has been hit with controversies in the recent past with previous occupants, Godwin Emefiele who oversaw years of controversial monetary policies and was at some point believed to be interested in contesting to become Nigeria’s President was suspended ten days after the president’s sworn-in. He has also been docked for unlawful possession of arms and financial-related crime. 

Nigeria hopes that Cardoso will bring his experience as chairman of the board of Citibank Nigeria and a former commissioner for economic planning and budget in Lagos state where President Tinubu was a governor between 1999 and 2007, to transform Nigeria’s monetary and fiscal space which has been greeted with inconsistent policies lately.

Politics

Mozambique’s top court affirms governing party’s victory in recent election

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The highest court in Mozambique affirmed Monday that the incumbent Frelimo party won the October election, sparking widespread demonstrations from opposition parties who claim the vote was manipulated.

Fears of fresh bloodshed have been raised in the nation already shaken by weeks of fatal protests after Mozambique’s top electoral court mostly confirmed the results of the country’s contentious October elections, reinforcing the Frelimo party’s decades-long hold on power.

The final decision on the election process rests with the Constitutional Council. Mozambique, a nation of over 35 million people in Southern Africa that Frelimo has ruled since 1975, is expected to see more protests in response to its judgement.

Mozambique operates a framework of a semi-presidential representative democratic republic in a multi-party system. The president of Mozambique serves as both the head of state and the head of government.

The government exercises executive power. The administration and the Assembly of the Republic have the authority to enact laws.

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Alliance of Sahel States opposes ECOWAS disengagement schedule

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The Economic Community of West African States (ECOWAS) withdrawal timeline has been rejected by the Alliance of Sahel States (AES), which is made up of Mali, Burkina Faso, and Niger.

The AES claims that the ECOWAS is attempting to destabilise their newly formed organisation.

During a meeting last week in Abuja, Nigeria, the regional organisation announced a six-month withdrawal period to give the three nations time to change their minds after their official departure date at the end of January 2025.

However, this decision is “nothing more than yet another attempt by the French and its auxiliaries to continue planning and carrying out destabilising actions against the AES,” according to the heads of state of the AES.

“This unilateral decision is not binding on the ESA countries,” the statement continues. Before the conference, they stated that their choice to leave the organisation was “irreversible.”

According to the president of the Ecowas Commission, this will be a “transition period” that ends on “July 29, 2025” to “keep the doors of Ecowas open.”

The three nations accused the bloc of neglecting to assist them in resolving their domestic security challenges and of imposing “inhumane and irresponsible” sanctions related to the coup.

The three nations that were involved in the coup have mostly rejected ECOWAS’ attempts to undo their withdrawal. They are creating their alliance and have begun thinking about how to issue travel passports independently of ECOWAS.

It is anticipated that they will finish giving their one-year notice of departure in January.

Visa-free travel to other ECOWAS members is a significant perk of membership, and it is unclear how this would alter after the three nations exit the group.

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