How New CBN Directors Were Selected

Details have emerged regarding the selection process for the newly appointed Directors at the Central Bank of Nigeria (CBN), with sources indicating that the process was more rigorous and merit-based than in previous exercises.

According to a source within the bank, the Management engaged the global consultancy firm PricewaterhouseCoopers (PwC) to oversee the selection process, ensuring fairness and eliminating bias.

While the CBN has yet to make an official statement on the appointments, the source, who spoke to Daily Trust on condition of anonymity, emphasized that the process was conducted without ethnic or religious considerations.

“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 stated.

Breakdown of the Appointments

On March 3, 2025, the CBN appointed 16 new directors across key departments. Notably, over 35 percent of the new appointees are women.

Among the newly appointed directors are:

• 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
• Mrs. Omoyemen Avbasowamen Jide-Samuel – Information Technology Department

Others include:

• Mr. Hamisu Abdullahi – Banking Services Department
• Dr. Usman Moses Okpanachi – Statistics Department
• Dr. Obom Victor Ugbem – Monetary Policy Department
• Mr. Farouk Mujtaba Muhammad – Reserve Management Department

Additionally, Dr. Adetona Sikiru Adedeji, who previously served as the Acting Director of Banking Supervision, has been appointed Director of the Currency Operation and Branch Management Department.

Similarly, Mr. Mohammed-Jamiu Olayemi Solaja, who oversaw activities in the Currency Operations Department, now leads the Other Financial Institutions Supervision Department.

Other appointments include:

• Mr. Musa Nakorji – Trade and Exchange Department
• Mr. Kayode Olarewaju Makinde – Procurement and Support Services Department
• Mr. Ibrahim Hassan – Development Finance Institutions Supervision Department
• Dr. Olubukola Akinniyi Akinwunmi – Banking Supervision Department

New Directors Join Existing Leadership

These newly appointed directors will join the existing corps of substantive directors at the CBN, including:

• Mrs. Rashida Jumoke Mongonu – Bank Secretary and Director, Corporate Secretariat
• Mr. Kofo Salam-Alada – Bank’s Legal Adviser and Director, Legal
• Mr. Muhammad Abba – Director, Human Resources Department
• Dr. Blaise Ijebor – Director, Risk Management Department
• Dr. Omolara Duke – Financial Markets Department
• Aderinola Shonekan – Research Department
• Mrs. Lydia Ifeanyichukwu Alfa – Internal Audit Department
• Mr. Musa Itopa Jimoh – Payments System Department
• Mr. Musa Rabiu – Finance Department