How New Central Bank Directors Emerged

Details have emerged on how the newly appointed directors at the Central Bank of Nigeria (CBN) were selected. Sources close to the bank revealed at the weekend that the selection process was more rigorous than previous exercises and was based purely on merit.

According to the source, the bank’s management, in a total departure from the past, engaged the services of global consultancy firm, PricewaterhouseCoopers (PwC), to ensure a bias-free exercise.

Although the bank has yet to issue a formal statement on the appointment, the source, who pleaded anonymity, said the two-phase appointment process was devoid of ethnic or religious sentiments.

The source stressed that only the best candidates were selected from among eligible deputy directors within the bank.

“No objective-minded person at the CBN will criticise the transparency in selecting the new directors, nor will anyone question their pedigree within the system. If you go around the departments, the consensus is that the management got it right this time. It was a merit-based process in the management’s renewed commitment to transparency,” the source disclosed.

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The CBN appointed 16 new directors on March 3, 2025, across key departments. A breakdown indicates that over 35 percent of those appointed are women. They include Dr. Rakiya Yusuf (Payment System Supervision Department), Dr. Adenike Olubunmi Ojumu (Medical Services Department), Dr. Aisha Isa-Olatinwo (Consumer Protection Department), Mrs. Rita Ijeoma Sike (Financial Policy and Regulation Department), Mrs. Monsurat Vincent (Strategy Management and Innovation Department), and Mrs. Omoyemen Avbasowamen Jide-Samuel from the Information Technology Department.

Others appointed as directors are Mr. Hamisu Abdullahi of the Banking Services Department; Dr. Usman Moses Okpanachi (Statistics); Dr. Obom Victor Ugbem (Monetary Policy); and Mr. Farouk Mujtaba Muhammad, who will oversee the Reserve Management Department.

Dr. Adetona Sikiru Adedeji, who previously served as the Acting Director of Banking Supervision, is now the substantive director of the Currency Operation and Branch Management Department. Similarly, Mr. Mohammed-Jamiu Olayemi Solaja, who oversaw the activities of the Currency Operations Department before the exercise, now leads the Other Financial Institutions Supervision Department. Mr. Musa Nakorji is the new director of the Trade and Exchange Department, while Mr. Kayode Olarewaju Makinde is now the Director of the Procurement and Support Services Department.

The appointments, which took effect from March 3, 2025, also included Mr. Ibrahim Hassan, who heads the Development Finance Institutions Supervision Department and Dr. Olubukola Akinniyi Akinwunmi of the Banking Supervision Department.

These new directors join the existing corps of substantive directors listed on the bank’s website: the bank’s Secretary and Director, Corporate Secretariat, Mrs. Rashida Jumoke Mongonu; the  bank’s Legal Adviser and Director Legal, Mr. Kofo Salam-Alada; the Director, Human Resources Department, Mr. Muhammad Abba; the Director, Risk Management Department, Dr. Blaise Ijebor; Dr. Omolara Duke (Financial Markets); Aderinola Shonekan (Research); Mrs. Lydia Ifeanyichukwu Alfa (Internal Audit); Mr. Musa Itopa Jimoh (Payments System) and Mr. Musa Rabiu (Finance).