In a strategic effort to enhance the operations and regulatory oversight of the Central Bank of Nigeria (CBN), the management has recently appointed new directors to various divisions within the institution.
The recent appointments at the Central Bank of Nigeria (CBN) are part of a new plan for 2024-2028, which focuses on getting all employees actively involved in achieving the bank’s goals. Industry leaders have praised the involvement of PricewaterhouseCoopers (PwC), a well-known consulting firm, for their careful and responsible approach in helping with the selection process.
One of the most important factors for any successful organization is its workforce. The skills and capabilities of the employees play a vital role in how well the organization operates and succeed, whether in the private sector or public institutions. By appointing 16 new directors and ensuring a detailed selection process, the CBN shows its commitment to investing in high-quality talent and making human resources a top priority.
The recent appointment of 16 directors by the Central Bank of Nigeria (CBN) and the thorough process undertaken to achieve this goal reflect the institution’s dedication to prioritizing high-quality personnel. Under the leadership of Olayemi Cardoso, the CBN has introduced a new strategic plan for 2024 – 2028, highlighting the importance of active participation from all staff members to foster a sense of ownership and ensure the effective implementation of the strategy. The appointment of new directors at the bank is a crucial step in advancing its overall vision, which focuses on the effective implementation of policies and programs for the benefit of the economy. In a notable change from past procedures, the Central Bank of Nigeria (CBN) has engaged the global consulting firm PricewaterhouseCoopers (PwC) to manage the selection of 16 new directors. This decision aims to ensure a transparent and objective appointment process.
According to sources familiar with the situation, PwC executed a two-phase selection process specifically designed to mitigate any potential ethnic or religious biases. An insider at the bank expressed confidence in the integrity of this approach, stating that “no objective-minded person at the CBN will question the transparency of this selection process or the qualifications of those appointed.” There seems to be a shared belief within the bank that meritocracy was prioritized in these appointments.
Effective March 3, 2025, the new directors include a diverse group, with over 35 percent women representation. The appointed individuals and their designated departments are as follows: Dr. Rakiya Yusuf (Payment System Supervision), Dr. Adenike Olubunmi Ojumu (Medical Services), Dr. Aisha Isa-Olatinwo (Consumer Protection), Mrs. Rita Ijeoma Sike (Financial Policy and Regulation), Mrs. Monsurat Vincent (Strategy Management and Innovation), and Mrs. Omoyemen Avbasowamen Jide-Samuel (Information Technology).
The recent appointments include several notable directors: Mr. Hamisu Abdullahi will oversee Banking Services, Dr. Usman Moses Okpanachi will manage Statistics, Dr. Obom Victor Ugbem will focus on Monetary Policy, and Mr. Farouk Mujtaba Muhammad will take charge of Reserve Management. Dr. Adetona Sikiru Adedeji, who previously served as the Acting Director of Banking Supervision, has now been officially appointed as the Director of the Currency Operation and Branch Management Department. In an important shift within Nigeria’s financial landscape, Mr. Mohammed-Jamiu Olayemi Solaja, who previously commanded the Currency Operations Department, has taken on the prestigious role of heading the Other Financial Institutions Supervision Department. His signature will now accompany that of CBN Governor Olayemi Cardoso on the nation’s currency, marking a significant milestone in his career.
The Trade and Exchange Department has welcomed Mr. Musa Nakorji, who is now in charge of managing trading rules and handling foreign currency matters. At the same time, Mr. Kayode Olanrewaju Makinde has taken the lead in the Procurement and Support Services Department, focusing on making sure buying processes are efficient and open.
To further strengthen the leadership team, Mr. Ibrahim Hassan has been appointed to lead the Development Finance Institutions Supervision Department, The focus is on fostering growth and stability within the vital banking sector. In line with this commitment, Dr. Olubukola Akinniyi Akinwunmi has assumed the position of Director of Banking Supervision. In this capacity, To keep Nigeria’s banking industry honest and secure, Dr. Akinwunmi will be crucial in holding banks accountable for their actions and making sure they follow the rules.
The newly appointed directors are joining the current leadership team at the apex bank, which includes Mrs. Rashida Jumoke Mongonu (Bank Secretary and Director of Corporate Secretariat), Mr. Kofo Salam-Alada (Legal Adviser and Director of Legal), Mr. Muhammad Abba (Director of Human Resources), Dr. Blaise Ijebor (Director of Risk Management), Dr. Omolara Duke (Director of Financial Markets), Aderinola Shonekan (Director of Research), Mrs. Lydia Ifeanyichukwu Alfa (Director of Internal Audit), Mr. Musa Itopa Jimoh (Director of Payments System), and Mr. Musa Rabiu (Director of Finance). Although the Central Bank of Nigeria (CBN) has not yet released an official announcement regarding these appointments, many within the organization view this move as a way to enhance governance and improve operational efficiency.
It also prevents fears that the company’s leadership may try to circumvent the CBN Act by recruiting outside directors. Dr. Uju Ogubunka, President of the Bank Customers Association of Nigeria (BCAN), praised the process, noting that while the CBN has the right to choose how to appoint new directors, it opted for transparency by involving PwC. He highlighted that the most commendable aspect of these appointments is that all the new directors are existing staff members who are already engaged in executing the bank’s strategy.
It is important to note that the Central Bank of Nigeria (CBN) had also dissolved the management of several banks due to various compliance issues.
These problems include noncompliance with regulations, corporate governance shortcomings, license condition violations, and involvement in activities that jeopardize financial stability. In particular, the boards and management groups of Union Bank, Keystone Bank, and Polaris Bank have been dissolved by the CBN. After that, the CBN swiftly recruited new executive officers to head these organisations and put in place a regulatory framework designed to fight corruption and develop a unified set of policies to use the data at hand to boost the economy. The working group also includes key organizations such as the National Identity Management Commission (NIMC), the Federal Competition and Consumer Protection Commission (FCCPC), the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS).
