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What Cardoso’s legacy at CBN would look like

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Cardoso

Yemi Cardoso economic reforms focus on restoring trust, stabilising markets and attracting foreign investment into Nigeria’s economy

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When Yemi Cardoso, Central Bank of Nigeria (CBN) Governor, stepped out to take his seat on the stage for a conversation at The Peninsula, London, on a sunny but cold Tuesday afternoon on March 17, 2026, the room already sensed the weight of the moment.

Also read: Cardoso: Nigeria’s Economy Gains Resilience Through CBN Reforms

The Africa Capital Forum, held on the sidelines of President Bola Tinubu’s recent historic state visit to the United Kingdom, had drawn bankers, global investors, diaspora fund managers, and development finance experts.

Jointly hosted by the CBN and UK’s Foreign, Commonwealth and Development Office, in partnership with several Nigerian banks and international financial institutions, the event carried a clear theme: Moving Nigeria from economic stabilisation to capital mobilisation.

Cardoso’s mellifluous voice remained calm, and pleasant to the ears, yet it carried across the room a powerful message of assurance.

After nearly two and a half years on the saddle as CBN Governor, he spoke with the confidence of a man who had steered Nigeria’s monetary policy through turbulent times.

Cardoso sounded confident and surefooted. You could tell he was not just ticking boxes he has been methodically building a legacy that would outlast him.

On that day in London, Cardoso was joined on the stage for the conversation by Odile Renaud-Basso, a French civil servant who has been serving as President of the European Bank for Reconstruction and Development (EBRD) since 2020.

The theme of the Forum pointed in the direction of wooing investors and attracting capital to Nigeria. Indeed, Cardoso announced during the conversation that 32 Nigerian banks had achieved the recapitalisation threshold.

But just before the Easter weekend, CBN announced that 34 Nigerian Banks had raised their capital to N4.65 trillion, with 28 percent of the funds coming from foreign investors in what has been praised in several quarters as a major consolidation effort in the banking sector.

Cardoso has never declared in a single soundbite, “I want to be remembered for so, so and so,” yet his public statements, from early keynote addresses to the measured updates shared with investors in London, reveal a consistent vision: a transformed Central Bank that prioritises credibility, transparency, and rules-based policy over short-term interventions.

On his watch, CBN has refocused on its core mandates of price stability, financial system integrity, and sustainable growth. Cardoso inherited an institution marked by institutional deficiencies, governance lapses, reduced autonomy, ethical challenges, and a drift from its statutory roles.

“I want a level playing field for all players,” he disclosed at the London meeting.

“You do not need to know anyone at CBN or knock on my door to get what you want,” he continued.

Cardoso’s clear message was “fairness,” it doesn’t matter who you are, or whether you have access to privileges.

That attribute is a key ingredient for excellent reputational management needed to protect the integrity of an organisation.

From the outset, he made it very clear that he would chart a new course.

“We will vigorously address institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies,” he stated early on.

He positioned the CBN as irrevocably committed to rebuilding public and market trust, shifting away from opacity and quasi-fiscal experiments toward transparency, forward guidance, and accountability.

Analysts have pointed to this philosophical change, from discretionary approaches to rules-based policy, as potentially his most enduring contribution.

Cardoso has described his role as “the second hardest job in the world” and a “long-term call,” signaling that he views institutional reset as his central task.

The five pillars of his intended legacy

First comes restoring credibility and trust.

Cardoso has repeatedly described the CBN’s recent past as marred by governance failures and deviation from core mandates.

His explicit goal: rebuild the institution so that markets and citizens view it as reliable once more.

Second is delivering price stability.

Inflation control stands as his paramount mission. In his November 2023 CIBN keynote, he announced the adoption of an explicit inflation-targeting framework, developed in coordination with fiscal authorities.

Conventional tools, including liquidity management, policy rate adjustments, and open market operations, have been applied aggressively to repair transmission mechanisms and anchor expectations, but Cardoso prefers to humanise his strategy.

“The economy belongs to everyone,” he said, emphasising that monetary policy must ultimately ease access to food, shelter, healthcare, education, and financial services for ordinary Nigerians.

Price stability becomes not merely a technocratic target but a foundation for improved living standards.

Third is building a stable, transparent, and liquid foreign-exchange market.

Early actions, such as clearing FX backlogs, unifying exchange windows, introducing a new FX code and Electronic Matching System, and lifting certain import bans, were framed as cleaning up legacy distortions.

The aim: restore market confidence, rebuild reserves through sustainable accretion, and create a predictable environment that supports genuine investment rather than speculation.

Fourth involves strengthening the banking sector to support Nigeria’s ambition of reaching a one trillion-dollar economy.

The 2024 to 2026 bank recapitalisation programme highlighted above raised minimum capital requirements so that banks can finance larger-scale projects in a growing economy.

Cardoso has directed bank leaders to prepare explicitly for the one trillion-dollar GDP target within the current administration’s horizon.

A sound, well-capitalised financial system, he argues, is essential for private-sector-led growth, MSME financing, and broader financial inclusion.

Fifth, and perhaps most defining in a philosophical sense, is repositioning the CBN as a catalyst for sustainable and inclusive growth, rather than a direct development financier.

Large-scale quasi-fiscal interventions, which had previously exceeded 10 trillion naira across sectors such as agriculture and power, have been wound down.

The bank has refocused on its statutory responsibilities: maintaining price and financial stability, managing external reserves, and providing candid advice to government.

The broader objective is to create an enabling environment for private investment, higher GDP growth, reduced unemployment (benchmarked against BRICS and MINT peers two different waves of emerging market economies identified by economist Jim O’Neill to highlight countries with significant potential to influence the global economy), and tangible improvements in citizens’ living standards that align with macroeconomic gains.

In London, Cardoso summarised the shift plainly: “The financial system we had is dead and buried. What we have now is a new system that has brought liquidity and transparency.”

The human realities on the ground

None of these reforms, as we are aware, have come without cost.

Nigerians continue to grapple with high living expenses at the market, fuel stations, and dinner tables. Inflation, though showing signs of moderation in trajectory, remains elevated.

Poverty levels and the cost-of-living crisis dominate everyday conversations.

The security challenges in the North-East and North-Central regions persist, with analysts noting patterns of heightened violence during election cycles as 2027 approaches.

Global factors, including geopolitical tensions and rising fuel prices, have added further pressure.

During a Channels TV Sunrise Daily live interview with Maupe Ogun-Yusuf and Ayo Makinde on March 20, I acknowledged these micro-level hardships while highlighting progress at the macro level.

Foreign exchange reserves have improved, and the naira has shown greater stability.

I also said that investor sentiment at the London forum was notably positive rather than skeptical. Discussions centered on exchange rate unification, fuel subsidy removal, and their impacts on the economy.

They were excited about moving capital into Nigeria.

The recapitalisation numbers offer concrete evidence.

If 28 percent of new bank capital was sourced from abroad, it signals confidence in the economy which is clear potential for growth.

A patient global financial architect at work

Cardoso’s record aligns closely with the vision he outlined from the beginning: orthodox monetary tightening, FX liberalisation, reserve building, governance reforms, and a banking sector repositioned for ambition rather than crisis management.

He has never claimed quick victories or denied the challenges. Instead, he speaks of patience, adaptability, and the long-term view.

The true measure of his legacy, he has suggested, will be whether these changes endure beyond his tenure.

I left the Peninsula forum that March afternoon sensing a subtle but important shift not a dramatic rhetoric or political spin, but a quiet institutional reform with results.

Investors are convinced and ready to engage, rather than be deterred by what others see as risk.

Whether history will ultimately credit Cardoso with taming inflation permanently, helping deliver the one trillion-dollar economy, or simply restoring the guardrails that prevent future crises remains to be seen.

However, what is evident from his words and actions are the legacy he consciously pursues: a Central Bank that is trusted, transparent, and focused on the stability ordinary Nigerians and investors need to plan, build, and thrive.

Also read: Ehi Braimah: Nigeria Investor Confidence Growing Even with Security Threats

May Cardoso succeed with his mission and build an enduring legacy.

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Seven prime ministers in a decade: What Nigeria can learn from Britain’s chaos

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By Dr Toju Ogbe,

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The resignation of British Prime Minister Keir Starmer, less than two years after leading the Labour Party to  a landslide electoral victory, was dramatic, yet reflected a pattern we have become familiar with in recent British politics.

Also read: Church Leader Who Ushers: Low-Key Lifestyle of A Loud Prophet, Elijah Ayodele

Starmer now joins a procession of fallen prime ministers stretching back to 2016 – from David Cameron to Theresa May, Boris Johnson, Liz Truss, and Rishi Sunak.

None of these prime ministers was ousted through military intervention, popular insurrection, or a court order. Rather, each was ultimately brought down by the same political system that elevated them to electoral glory.

To the casual observer, the rapid turnover of British Prime Ministers in the last decade may appear chaotic, or even a symptom of political instability. Some argue that the British electorate has become ungovernable.

However, beneath the apparent chaos at Westminster lies an uncomfortable truth that African democracies would do well to examine, particularly Nigerians who wonder why our democracy has delivered so little despite almost three decades of uninterrupted civilian rule.

The turbulence of British politics over the last decade, presents an important lesson on democratic accountability beyond successful elections.

Once the prime minister is deemed a liability by their own political party, the mechanics of accountability are activated. The daggers are quietly drawn and the ruthless pressure to resign begins.

Every poll and survey on public opinion is closely monitored, local election results are taken as a referendum on leadership. Cabinet resignations begin to gain momentum and backbenchers get restless.

Once the news media smells an internal uprising, they amplify scrutiny of the prime minister, subjecting every move – speech, public appearance, political misstep etc to relentless examination.

Pressure gradually mounts until the prospect of bitter internal leadership challenge becomes impossible to resist. The Prime Minister falls.

For every British Prime Minister, winning an election is merely the beginning of examination, not the end. Political survival lasts only for as long as the prime minister maintains the confidence of his party and the parliament.

This is the muscle of British democratic accountability; a political culture that prioritises institutional survival over individual ambition. Starmer recognised this reality in his resignation speech:

“The question my party is asking now is whether I am best placed to lead us into the next general election. I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.”

That closing sentence alone is a masterclass in British institutional democracy. The party spoke. The leader listened. The correction comes from within.

 

Nigeria presents a strikingly different political logic.

Nigeria on the other hand, presents an interesting contrast with a different political logic and culture.

The notion that a governing party would overtly interrogate the performance of its own leader and engineer a transition to someone better equipped to maintain public confidence, is in most cases politically unthinkable in Nigeria.

Political parties in Nigeria do not coalesce  around ideological principles; rather, they operate more as electoral instruments organised around powerful individuals.

Internal dissent is often dealt with as betrayals rather than as part of healthy democratic engagement. Godfatherism and transactional loyalties shape political succession and leadership retention.

Once elected in Nigeria, there is an inherent assumption that a governor or president has a fixed two-term lease on power.

While 10 Downing Street is preparing to welcome its seventh Prime Minister in a decade, Nigeria, in contrast, has had only two democratically elected presidents during the same period – one of whom is still serving.

Social and economic conditions may deteriorate. Insecurity may worsen. Campaign promises may be ignored.

Public frustrations may become unbearable. Yet, incumbent governors and presidents often remain insulated from meaningful internal scrutiny and are even routinely anointed as ‘consensus’ candidate for second terms provided loyalties to godfathers, rather than the electorates are maintained.

The consequence is that loyalty, instead of performance is often rewarded at the expense of accountability.

This is not an argument for a revolving door at Aso Rock, as frequent leadership changes, by themselves, do not guarantee good governance.

Rather it is a case for making accountability an integral aspect of party politics in Nigeria.

Although the Nigerian presidential system provides for a fixed four-year term regardless of party confidence, political parties should however, be more than instruments for election campaigns, activated to simply retain or take over power every four years.

Electoral victory, should not be the ultimate goal, but the starting point of public service where democratic legitimacy must be continuously earned.

Equally important, political parties must develop the institutional maturity to honestly evaluate their own leaders. They must prioritise public interest and institutional credibility over loyalty to ‘Godfathers’.

The ultimate lesson from Westminster’s revolving door is clear: the true strength of a democratic system, lies not in the ability to produce leaders, but the capacity to effectively replace them, when they no longer command confidence.

Protecting failing leaders from accountability weakens democracy and political parties must ensure that no leader is more powerful than the institution.

Also read: Zamfara Governor, Dauda Lawal Shakes Up Cabinet, Moves Budget Commissioner to Education

As political parties gear up for the 2027 general elections, the political class must decide what matters more: we can continue to reward blind loyalty and endure predictable decline, or discover the courage to demand accountability from those who seek to lead us.

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Chief Obafemi Awolowo and the fabric of Nigeria’s history and society

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By Sabella Ogbobode Abidde,

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As a scholar, I have always wanted to edit or co-edit a book on the Big Ten of Nigerian nationalists, focusing on their lives, times, and generational impact from the nineteenth to the twenty-first century.

Also read: Abolish state of origin: A prerequisite for true national integration

An august list would include greats such as Aminu Kano, Herbert Macaulay, Nnamdi Azikiwe, Alvan Ikoku, Anthony Enahoro, Ahmadu Bello, Egbert Udo Udoma, Tafawa Balewa, Obafemi Awolowo, Eyo Ita, and Nnamdi Azikiwe. Two or more scholarly volumes would be ready before I bid farewell to my academic career.

But for now, this column briefly sheds light on a philosopher and mystic, who was also a political and economic giant: Chief Obafemi Awolowo.

His impact is multigenerational and wondrously woven into the fabric of Nigeria’s history, culture, and society.

Publicly available records indicate that the Nigerian nationalist movement began in the 1920s (Awolowo was born in 1909), so he had forebearers in the movement.

He later became one of the movement’s central figures, and by independence in October 1960, he had perhaps become the dominant personality shaping Nigeria’s political development and economic growth.

Awolowo was also a federalist. The first Premier of the Western region of Nigeria. The founder of the Yoruba nationalist group Egbe Omo Oduduwa.

He was the leader of the Action Group (AG), a political party and an opposition leader in the federal parliament, from 1959 to 1963.

A noted lawyer, author, journalist, and the founder and publisher of the Nigerian Tribune newspaper.

And in later years, under the first military regime, he served as the federal commissioner for finance and as vice chairman of the Federal Executive Council during the Nigerian-Biafran Civil War, 1967-1970.

Much later, Awolowo founded the Unity Party of Nigeria (UPN) and became the party’s presidential candidate in 1979 and 1983.

The consensus was that, on both occasions – especially in 1979 – the electoral body, acting at the behest of the then military regime, put its foot and thumb on the ballot-counting machines to the detriment of Awolowo.

In other words, those who voted didn’t count; the military counted and secured the votes for their preferred candidate.

Those officially sanctioned electoral irregularities, many Nigerians have asserted, partially account for why Nigeria has remained politically and economically miserable and socially chaotic in the years since.

And in the years since his passing, many of the so-called Awoists — men and women who claimed to be adherents and practitioners of his precepts — have fallen by the wayside.

They failed! By 1997, one rarely finds a school of politicians parading themselves as students of or members of the Awolowo Cathedral.

In the second decade of the twenty-first century, many politicians lack the impudence to call themselves Awoists.

The irony is that in the northern part of Nigeria, one can rarely find a pool of politicians who, today, adhere to the teachings and practices of Mallam Aminu Kano. And in the east, there are no more followers of Dr. Nnamdi Azikiwe.

Many politicians, from the east to the west, from the north to the south, and from the middle belt to the south-south, have done away with ethics, morality, ideology, or remaining faithful to their political parties.

Most no longer care about party manifestos or going to the State House, National Assembly, or the Presidency with the people’s burden on their hearts or shoulders.

In public or in private, participants in the Nigerian political and economic space think nothing about integrity, posterity, nation-building, or national interest. It is mostly about self-interest now.

That is what Nigeria has become! Many of the good, effective, efficient, visionary, and purposeful Nigerians are in hiding, while the audaciously corrupt are masters of the game, leaders at various levels of governance.

And we expect to change for the better? Heck no! It is a painful three-ring circus at all three levels.

I do not for once contend that the Federal Republic of Nigeria is a lost cause, a lost experiment, a lost entity, or a forsaken project. No! It can be saved; it can be brought back from the edge of the cliff.

And I also do not for once think that Nigeria should be partitioned into three or four separate countries.

Oh, no! I believe that sustained, first-rate, courageous, and visionary leadership can turn the Nigerian ship around. It is doable. This is not a hopeless country. It is not!

Many of the institutions Awolowo built are still going strong. Many of his policies have been proven right and correct. Many of his teachings have been found to be the appropriate panaceas for Nigeria.

And many of the physical infrastructure projects he built lasted for more than four decades.

And so, imagine where Nigeria would be today on the development scale – on the same level as Taiwan, South Korea, New Zealand, China, and Australia? Or the oil-rich Middle East countries.

Not having Chief Obafemi Awolowo as the president of this federation set her back three to four decades.

Examined dispassionately, his economic and political achievements have yet to be rivaled for several decades after his premiership of the western region, and neither has his commissionership (now minister) of the finance portfolio.

He was good, he was great, and he was miles above his contemporaries in the development of their various regions and in their generational legacies.

Without Awolowo’s policies, much of southern Nigeria – especially the western region — would perhaps be one of the least developed in today’s Nigeria.

Directly and indirectly, Awolowo was the man who made it possible for millions of Nigerians and their offspring to dream of and have a better life.

He promised, he delivered; he built and encouraged others, such as Michael Adekunle Ajasin (Ondo State), Lateef Kayode Jakande (Lagos State), Bola Ige (Oyo State), and Olabisi Onabanjo (Ogun State), to be builders.

If General Yakubu Dan-Yumma Gowon was the most consequential military leader Nigeria has ever had, Chief Obafemi Jeremiah Oyeniyi Awolowo, was the single most consequential leader and public figure beginning with his premiership in 1954.

Above all else, he was a family man, a good man, a good Nigerian, and a Pan-Africanist. He was better than most and far better than we thought. That’s Awo for you, a man who’s woven into our consciousness.

Also read: Abolish state of origin: A prerequisite for true national integration

Chief Obafemi Awolowo would have been 117 this year, but he died at 78 in 1987 at his home in Ikenne, Ogun State. Chief Hannah Idowu Dideolu Awolowo, affectionally called HID, was Awolowo’s “jewel of inestimable value.” He had said of her: “I do not hesitate to confess that I owe my success in life to three factors: the Grace of God, a Spartan self-discipline, and a good wife. Our home is to all of us, a true haven; a place of happiness, and of imperturbable seclusion from the buffetings of life.” HID was born in Ikenne, in1915 and passed in 2015 in the same locality. She was 99. It was a union and a marriage that lasted for five glorious decades.

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Church Leader Who Ushers: Low-Key Lifestyle of A Loud Prophet, Elijah Ayodele

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-by Folorunsho Hamsat

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In today’s clout-chasing world, everyone wants to flaunt their connections, and demonstrate influence. But one famous spiritual leader is completely changing the game on what fame should look like. Meet the leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, the Lagos based mega prophet who chooses to blend into the crowd.

Primate Ayodele is completely redefining spiritual leadership. While his prophetic voice thunders with undeniable authority on the global stage, his personal life is defined by deep, quiet humility. Those in his inner caucus say he does not chase trends or clout. He simply serves.

In a world where spiritual leaders are often expected to be showmen, Primate Ayodele presents a fascinating study in contrast. He is a man who is inherently reserved, yet his ministry commands global attention. He is a naturally quiet personality, but the sheer weight and precision of his prophecies make him appear like a remarkably loud person to the public.

Primate Ayodele’s prophetic ministry has expanded far beyond local borders, capturing the attention of nations across the globe. Renowned for his remarkably accurate insights into international politics, broad economic changes, and governance, Ayodele has quietly become a trusted confidant and friend to numerous men and women of timber and caliber.

Remarkably, Ayodele has direct access to top African presidents and world decision makers. The magic wand? His breathtaking accurate prophecies on global politics and economies that continue to win him honours across Africa, and beyond. However, he is hardly seen or heard bragging about it or dropping names to show off. He doesn’t chase clout, he delivers results, his people affirm. True power doesn’t need to make noise to be felt, Ayodele himself would say.

Church insiders squealed that if you walk into the Oke-Afa, Isolo headquarters of his ministry (where you almost always can find him) on a Sunday, good luck to you spotting him. This clearly shows how super shy and reserved Primate Ayodele really is. However, his voice only thunders when he stands on the altar to preach or drop his trademark prophetic warnings.

The true mark of Ayodele’s unique personality is, he can act as a president’s adviser on a Saturday, and happily serves as an ordinary usher in his own church on a Sunday!

Insiders confirm that once he steps off the altar, Primate Ayodele completely withdraws from the public eye. First-time visitors are said to be stunned because the world famous prophet blends right into the crowd. Within and outside his church, no massive security squad, no fancy exclusive prestige, and no ego.

During church services, we learned, Ayodele would roll up his sleeves and acts as a regular church usher. Sometimes, insiders revealed, he even stands right at the church’s entrance, mounting guard at the door to welcome guests and church members. Talk about ultimate servant leadership.

For Primate Ayodele, indeed, true spiritual power is beyond making a loud noise, but rather about making the biggest impact.

-Folorunsho Hamsat is a Lagos based journalist

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