CBN Insiders Reveal: Appointment Of New Directors Based Purely On Merit, Over 35% Are Women

The appointments, which took effect from March 3, came about nine months after the bank relieved the previous directors of their appointments.

Prior to the final selection, the central bank had in September 2024 published an internal advertisement seeking to fill strategic departments that were headed by coordinators.

According the CBN, the exercise was a total departure from the past, as it deployed the services of renowned global consultancy firm PricewaterhouseCoopers (PwC) to ensure a bias-free exercise.

Although the bank has yet to issue a formal statement on the appointment, sources who pleaded anonymity, said the two-phase appointment process was devoid of ethnic or religious sentiments, clarifying that only the best candidates were selected from among eligible deputy directors within the apex bank.

One of the CBN sources stated: “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.”

A breakdown of the recent appointment indicated that over 35 per cent of those appointed were women.

These included Dr. Rakiya Yusuf (Payment System Supervision Department), Dr. Adenike Olubunmi Ojumu (Medical Services Department), and Dr. Aisha Isa-Olatinwo (Consumer Protection Department).

Others are 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 were 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.

Also, 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.

In addition, 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 central bank’s website.

Also appointed were the apex bank’s Secretary and Director, Corporate Secretariat, Mrs. Rashida Jumoke Mongonu; the CBN Legal Adviser and Director Legal, Mr. Kofo Salam-Alada; Director, Human Resources Department, Mr. Muhammad Abba; and Director, Risk Management Department, Dr. Blaise Ijebor.

Others are 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).