By Chinwendu Obienyi
Last week, the Central Bank of Nigeria (CBN), inspired by the bold move to strengthen its institutional capacity and enhance regulatory oversight, appointed 16 new directors across key departments. These appointments align with the bank’s recently unveiled 2024–2028 Strategy, which places a strong emphasis on staff involvement in policy execution and institutional efficiency.
Notably, the selection process was overseen by PricewaterhouseCoopers (PwC), a globally renowned consultancy firm, ensuring transparency and meritocracy in the recruitment process.
“No objective-minded person at the CBN will question the transparency of this selection process or the qualifications of those appointed,” a source within the bank disclosed.
“The consensus within the bank is that management got it right this time by prioritising merit,” it added.
The strategic reshuffling amplifies Governor Olayemi Cardoso’s commitment to positioning the bank as a trusted and respected institution that fosters confidence in Nigeria’s financial system. The new directors, drawn from within the bank, are expected to hit the ground running, driving critical policies and programs essential for economic stability.
Merit-driven appointments for institutional excellence
Fresh insights have surfaced regarding the rigorous selection process that led to the appointment of 16 new directors at the CBN.
In a marked departure from past practices, the apex bank enlisted the expertise of global consultancy firm PricewaterhouseCoopers (PwC) to oversee the recruitment exercise, ensuring an impartial and merit-driven approach.
A bank insider, speaking on condition of anonymity, revealed that the selection process was conducted in two phases, meticulously designed to eliminate ethnic or religious biases. “No objective-minded person at the CBN will question the transparency of this process or the competence of those appointed,” the source stated. “The consensus within the bank is that management got it right this time by making merit the primary criterion.”
Effective from March 3, 2025, the recent appointments at the Central Bank of Nigeria (CBN) reflect a strategic push for diversity and expertise, with women making up over 35 percent of the newly appointed directors.
Among those appointed are Dr. Rakiya Yusuf, who now leads the Payment System Supervision department; Dr. Adenike Olubunmi Ojumu, heading Medical Services; Dr. Aisha Isa-Olatinwo, overseeing Consumer Protection; Mrs. Rita Ijeoma Sike, in charge of Financial Policy and Regulation; Mrs. Monsurat Vincent, directing Strategy Management and Innovation; and Mrs. Omoyemen Avbasowamen Jide-Samuel, leading Information Technology.
Also named in the appointments are Mr. Hamisu Abdullahi as Director of Banking Services, Dr. Usman Moses Okpanachi for Statistics, Dr. Obom Victor Ugbem for Monetary Policy, and Mr. Farouk Mujtaba Muhammad for Reserve Management.
A particularly noteworthy appointment is Dr. Adetona Sikiru Adedeji, the former Acting Director of Banking Supervision, who now assumes a substantive role as Director of Currency Operations and Branch Management. His signature will now appear on Nigeria’s currency alongside that of Governor Cardoso.
Mr. Mohammed-Jamiu Olayemi Solaja, formerly in charge of the Currency Operations Department, has been appointed as the new Director of the Other Financial Institutions Supervision Department. Similarly, Mr. Musa Nakorji now leads the Trade and Exchange Department, while Mr. Kayode Olarewaju Makinde takes the helm at the Procurement and Support Services Department.
Further strengthening the apex bank’s leadership, Mr. Ibrahim Hassan has been appointed as Director of the Development Finance Institutions Supervision Department, while Dr. Olubukola Akinniyi Akinwunmi now heads the Banking Supervision Department.
These newly appointed directors join the existing leadership team, which includes Mrs. Rashida Jumoke Mongonu (Bank Secretary and Director, Corporate Secretariat), Mr. Kofo Salam-Alada (Legal Adviser and Director, Legal), Mr. Muhammad Abba (Director, Human Resources), Dr. Blaise Ijebor (Director, Risk Management), Dr. Omolara Duke (Director, Financial Markets), Aderinola Shonekan (Director, Research), Mrs. Lydia Ifeanyichukwu Alfa (Director, Internal Audit), Mr. Musa Itopa Jimoh (Director, Payment System), and Mr. Musa Rabiu (Director, Finance).
While the CBN has yet to issue an official statement on the appointments, internal sources describe the process as a strategic move to reinforce governance and enhance operational efficiency. The move is also seen as dispelling speculation that management intended to bring in external hires, contrary to the provisions of the CBN Act.
Stakeholders applaud transparent process
Industry leaders have commended the CBN’s approach to these appointments, citing it as a model of due process and institutional integrity. The President of the Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka, praised the decision to select directors from within the bank, emphasising that their familiarity with the CBN’s vision and policies will enable swift and effective implementation.
“The directors coming from inside the apex bank is a plus for the Cardoso-led CBN. They already know the CBN’s vision and plans. They will simply hit the ground running,” Ogubunka remarked.
Similarly, the Chartered Institute of Bankers of Nigeria (CIBN) lauded the CBN for its reforms, reassuring the public of the banking sector’s resilience and stability.
“CIBN would like to reassure the general public that Nigerian banks remain strong and resilient, and that the CBN is committed to ensuring a stable financial system,” said CIBN CEO, Mr. Akin Morakinyo.
CBN had dissolved some banks’ management over non-compliance issues, ranging from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their license was granted, and involvement in activities that pose a threat to financial stability.
The CBN dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank. Consequent upon the dissolution of the boards and management of the above-mentioned banks, the CBN swiftly appointed new executive officers for the affected banks and regulatory framework that can address the challenge of corruption and develop a policy framework that would harmonise available data to activate economic growth.
Other members of the working group are the National Identity Management Commission (NIMC), the Federal Competition and Consumer 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).
New strategy for robust financial system
Governor Cardoso’s 2024–2028 Strategy is structured around five core themes: price stability and monetary policy effectiveness – utilising data-driven monetary policy tools to curb inflation and ensure economic stability.
Another one is building a robust and resilient financial system – Strengthening financial institutions and broadening access to credit and financial services. Governance, Compliance, and Advisory Role to the Federal Government – Enhancing transparency and positioning the CBN as a reliable partner in economic policymaking.
Excellence in Central Banking Operations – Streamlining operations for efficiency and best practices. An Impact-Focused High-Performance Organization – Driving professionalism, integrity, and accountability within the bank.
Speaking on the strategy’s unveiling, Cardoso emphasised that “integrity, meritocracy, professionalism, accountability, courage, and tenacity” will be the guiding principles for achieving the bank’s objectives.
“This strategy is not just for the CBN—it belongs to every Nigerian. Our collective efforts will build a prosperous Nigeria and ensure that the bank remains a respected and highly credible institution,” he stated.
Strengthening regulatory oversight and market stability
Beyond internal restructuring, the CBN has intensified market surveillance to ensure compliance and eliminate unethical practices that undermine financial stability.
“Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” Cardoso affirmed.
He further noted that Nigeria’s banking sector remains robust, with key indicators reflecting resilience.
“The non-performing loan ratio remains within the prudential benchmark of five percent, showcasing strong credit risk management. The banking sector liquidity ratio also comfortably exceeds the regulatory floor of 30 percent, ensuring banks maintain adequate cash flow,” he added.
The CBN has also committed to strengthening Other Financial Institutions (OFIs) such as Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) to expand access to credit and stimulate economic growth.
New era
With these appointments and strategic realignments, the CBN is positioned for a new era of operational excellence and financial sector stability. By prioritising merit-based leadership, enhancing governance structures, and strengthening regulatory oversight, the apex bank, analysts note, is amplifying its commitment to ensuring Nigeria’s economic prosperity and financial integrity.