Looking for a list of all the past CBN governors in Nigeria? This article provides you with a complete and up-to-date list of CBN governors since independence.
Complete List of Past CBN Governors in Nigeria (1958–2025)
Since its creation in 1958, the Central Bank of Nigeria (CBN) has guided the nation’s economic policy and financial direction. Each governor brought unique reforms, ideas, and leadership styles that reflected the country’s shifting economic realities. See them all from the early years of currency stabilization to today’s push for transparency and investor confidence.
1. Roy Pentelow Fenton (1958–1963)
A British economist and the pioneer governor of the CBN. Before his appointment, he worked with the Bank of England, where he gained the expertise needed to set up Nigeria’s central banking structure.
He established the operational framework of the CBN and introduced the Nigerian pound. His work laid the foundation for monetary policy independence after Nigeria’s 1960 independence.
2. Alhaji Aliyu Mai-Bornu (1963–1967)
The first Nigerian to lead the CBN, born in Borno State. He studied economics at Bristol University and began his career in the public service before joining the bank.
He focused on strengthening financial regulation and developing local expertise. He helped stabilize the national currency and expand domestic monetary policy control.
3. Dr. Clement Nyong Isong (1967–1975)
A Harvard-trained economist from Akwa Ibom State and a former IMF staff member.
He managed the economy during the Nigerian Civil War. Introduced the naira and kobo, replacing the Nigerian pound. His monetary restraint policies helped Nigeria avoid post-war inflation.
4. Mallam Adamu Ciroma (1975–1977)
From Yobe State, Ciroma studied history at the University of Ibadan and later joined the public service.
He strengthened foreign exchange management and advocated fiscal discipline. His leadership prepared the ground for future banking reforms.
5. Mr. Ola Vincent (1977–1982)
An economist and seasoned administrator who had served as Deputy Governor before his appointment.
He tightened banking supervision and emphasized accountability in fiscal management. Promoted capital market development and enhanced policy transparency.
6. Alhaji Abdulkadir Ahmed (1982–1993)
A financial administrator from Bauchi State with experience in both public and private finance.
He introduced the Structural Adjustment Programme (SAP) in collaboration with the federal government. Liberalized the exchange rate system and modernized financial sector policies. His 11-year tenure remains the longest in CBN history.
7. Dr. Paul Agbai Ogwuma (1993–1999)
A banker from Abia State and former Managing Director of Union Bank. Educated in the UK, he was known for his technical knowledge of credit and risk management.
He strengthened monetary controls and improved oversight of commercial banks. Maintained currency stability during the political transitions of the 1990s.
8. Chief Joseph Oladele Sanusi (1999–2004)
An accountant from Ogbomosho, Oyo State. He joined the CBN in the 1960s and worked across departments before becoming governor.
He introduced new prudential banking guidelines and recapitalization measures. Promoted transparency and began early efforts toward financial inclusion.
9. Professor Charles Chukwuma Soludo (2004–2009)
An economist and university professor from Anambra State who served as Chief Economic Adviser to the President.
He consolidated Nigeria’s banking industry from 89 to 25 banks through recapitalization, requiring a minimum ₦25 billion capital base. Strengthened supervision and positioned Nigeria as a regional financial hub.
Currently, he is serving as the Governor of Anambra State (since 2022).
10. Mallam Sanusi Lamido Sanusi (2009–2014)
From Kano State, Sanusi was a former CEO of First Bank and a career risk management expert.
He led a major cleanup of the banking system after the 2009 financial crisis. Introduced the cashless policy, enforced transparency, and championed corporate governance reforms.
At the moment, Sanusi reigns as the Emir of Kano since 2014.
11. Mrs. Sarah Alade (Acting Governor, 2014)
An economist and long-serving Deputy Governor for Economic Policy.
He kept monetary operations steady during the short transition between Sanusi and Emefiele’s administrations.
12. Godwin Emefiele (2014–2023)
Born in Lagos, Emefiele studied finance at the University of Nigeria, Nsukka, and served as CEO of Zenith Bank before becoming governor.
He introduced the Anchor Borrowers’ Programme to support agriculture, developed the RT200 export proceeds initiative, and promoted financial inclusion. Adopted a multi-tier exchange rate to manage reserves.
President Tinubu disgraced and suspended him in June 2023 during a federal probe into CBN operations.
13. Folashodun Adebisi Shonubi (Acting Governor, June–September 2023)
An engineer turned banker, with experience at Ecobank, MBC International Bank, and Union Bank.
He focused on stabilizing the naira and ensuring operational continuity ahead of a new appointment.
14. Dr. Olayemi Michael Cardoso (2023–Present)
An economist, former Lagos State Commissioner for Economic Planning and Budget, and one-time Chairman of Citibank Nigeria.
He is concentrating on restoring monetary stability, rebuilding investor confidence, and addressing inflation. His leadership has prioritized foreign exchange transparency and coordination with fiscal policy to achieve sustainable growth.
List of Past CBN Governors in Nigeria
| No. | Name | Tenure / Notes |
|---|---|---|
| 1 | Roy Pentelow Fenton | 24 July 1958 – 24 July 1963 |
| 2 | Aliyu Mai-Bornu | 25 July 1963 – 22 June 1967 |
| 3 | Clement Nyong Isong | 15 August 1967 – 22 September 1975 |
| 4 | Adamu Ciroma | 24 September 1975 – 28 June 1977 |
| 5 | Ola Vincent | 28 June 1977 – 28 June 1982 |
| 6 | Abdulkadir Ahmed | 28 June 1982 – 30 September 1993 |
| 7 | Paul Agbai Ogwuma | 1 October 1993 – 29 May 1999 |
| 8 | Joseph Oladele Sanusi | 29 May 1999 – 29 May 2004 |
| 9 | Chukwuma Charles Soludo | 29 May 2004 – 29 May 2009 |
| 10 | Sanusi Lamido Aminu Sanusi | 3 June 2009 – 20 February 2014 |
| 11 | Sarah Alade (Acting) | 20 February 2014 – 3 June 2014 |
| 12 | Godwin Emefiele | 3 June 2014 – 9 June 2023 |
| 13 | Folashodun A. Shonubi (Acting) | 9 June 2023 – 15 September 2023 |
| 14 | Olayemi “Yemi” Cardoso | 15 September 2023 – present |
Article updated 2 days ago. Content is written and modified by multiple authors.
