Olayemi Cardoso Wins African Banker Award for Outstanding Central Bank Leadership

 

Governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been named Central Bank Governor of the Year at the 2025 African Banker Awards, held in Abidjan, Côte d’Ivoire. The award recognizes Cardoso’s outstanding leadership and reform-driven approach in steering Nigeria’s monetary policy and financial sector stability during a critical period.

Cardoso, who assumed office as CBN Governor in September 2023, has overseen a string of key policy interventions designed to tackle long-standing macroeconomic challenges. These include bold steps to stabilize the naira, improve transparency in the foreign exchange market, combat inflation, and rebuild investor and public confidence in Nigeria’s financial institutions.

The award ceremony took place on Wednesday, May 28, during the African Development Bank’s Annual Meetings, bringing together top leaders in African finance, development, and governance. The African Banker Awards, now in their 19th edition, are widely regarded as the continent’s premier recognition for excellence in banking and financial leadership.

Cardoso was not present at the ceremony but was represented by Dr. Nkiru Balonwu, his Adviser on Stakeholder Engagement and Strategic Communication. She accepted the award on his behalf, accompanied by senior officials from the Central Bank, including Dr. Victor Oboh (Director of Monetary Policy), Dr. Olubukola Akinwumi (Director of Banking Supervision), and Dr. Aloysius Uche Ordu (Monetary Policy Committee member).

In her remarks, Dr. Balonwu described the award as a validation of the reforms being implemented under Cardoso’s leadership. “This recognition speaks to the credibility and effectiveness of the Governor’s strategic reforms aimed at returning Nigeria to a path of financial stability, inclusive growth, and long-term investor confidence,” she said.

Since assuming office, Cardoso has made it a priority to re-establish policy credibility at the apex bank. One of his first moves was to tackle the opacity in the foreign exchange market, which had been plagued by multiple exchange rates and poor transparency. Under his leadership, the CBN has moved toward a more unified exchange rate regime and has committed to allowing market forces play a more dominant role in price discovery.

Additionally, Cardoso has pursued tighter monetary policy to tame inflation, which has remained elevated. He has also taken steps to address structural inefficiencies in the financial system, improve regulatory oversight, and reposition the CBN as a credible and independent institution.

These efforts have not gone unnoticed. International investors and local stakeholders alike have praised the CBN under Cardoso’s leadership for making tough but necessary decisions. Although the reforms have come with some short-term discomfort, such as higher interest rates and temporary volatility in the foreign exchange market, many believe the long-term benefits will be significant.

Cardoso’s background includes a blend of public and private sector experience. Prior to becoming CBN Governor, he served as Commissioner for Economic Planning and Budget in Lagos State and later chaired Citibank Nigeria. His experience in economic planning, banking, and governance has been instrumental in shaping his pragmatic and reform-oriented approach to monetary policy.

The African Banker Awards also recognized other institutions and leaders for their contributions to the continent’s financial development. Patricia Ojangole, Managing Director of Uganda Development Bank, was named Banker of the Year. Ecobank was awarded the AFAWA Bank of the Year for its role in financing women-led enterprises. The event highlighted a growing trend toward inclusive finance, sustainability, and institutional resilience across Africa.

In a post-award statement, African Banker magazine noted that Cardoso’s reforms had been “instrumental in restoring macroeconomic stability and improving the credibility of Nigeria’s financial system.” The magazine commended his efforts to anchor expectations and build a more transparent and efficient central banking environment.

As Nigeria continues to face headwinds such as inflationary pressures, external debt challenges, and sluggish economic growth, the role of the Central Bank remains pivotal. Analysts believe that with continued discipline and reform implementation, Nigeria is positioned to gradually restore investor confidence and stimulate growth in critical sectors.

Cardoso’s recognition as Central Bank Governor of the Year sends a strong signal to both domestic and international observers that Nigeria is taking concrete steps to regain control of its economic narrative. For many, the award is not just a celebration of past achievements, but also an encouragement to push forward with deeper reforms that ensure long-term economic resilience and financial inclusion.

As the CBN enters its next policy cycle, attention will now focus on how Cardoso and his team manage the delicate balance between growth stimulation and inflation control, while deepening trust in Nigeria’s monetary system. The honor he has received places him among Africa’s most respected financial leaders and further raises expectations for transformative leadership in Nigeria’s central banking space.