President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso to assume the role of Governor for the Central Bank of Nigeria (CBN).

This five-year appointment is subject to the endorsement of the Nigerian Senate, in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007.

The act, which serves as the guiding framework for the nation’s central banking system, grants the President of the Federal Republic of Nigeria the legal mandate to nominate the Governor as well as four Deputy Governors of the Central Bank of Nigeria. These appointments, once confirmed, are for an initial term of five years.

In addition to nominating Dr. Cardoso, President Tinubu has also approved the selection of four individuals to serve as Deputy Governors of the Central Bank of Nigeria. These esteemed candidates, who will also serve a five-year term pending Senate confirmation, are as follows:

1. Mrs. Emem Nnana Usoro
2. Mr. Muhammad Sani Abdullahi Dattijo
3. Mr. Philip Ikeazor
4. Dr. Bala M. Bello

If approved, Cardoso will replace the current central bank governor, Godwin Emefiele who is suspended and facing criminal charges. Emefiele was due to serve out his second term by 2024 but is now facing a battle to get out of prison.

Cardoso’s appointment has been the worst kept secret as most analysts had fingered him as the president’s likely choice for central bank governor.

The Nigerian Electricity Regulatory Commission (NERC) has granted approval for an upward adjustment in the prices of prepaid electricity meters within the nation, according to the Daily Trust.  

According to a circular dated September 5, 2023, signed by the Chairman, Sanusi Garba, and the Commissioner of Legal, Licensing, and Compliance, Dafe Akpeneye, the commission has announced revised prices for prepaid meters.

A single-phase prepaid meter will now be priced at N81,975.16k, up from the previous N58,661.69k, while the cost of a three-phase prepaid meter has been raised to N143,836.10k from the previous N109,684.36k. 

As detailed in the circular, the motivation behind the price adjustment was to create an equitable and sensible meter pricing system that would be fair to both Meter Asset Providers (MAPs) and end-user customers. 

The circular highlights the following, 

• “Ensure MAP’s ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment. 
• “Evaluate the affordability of meter services for consumers, aiming to prevent excessive pricing that could burden end-users.  
• Ensure that MAPs are able to provide meters to end-use customers in the prevailing economic realities.” 

The Nigeria Labour Congress (NLC) has declared a two-day warning strike over the impact of petrol subsidy removal on the masses.

The strike is scheduled to commence on Tuesday, September 5.