How New CBN Directors Were Selected – Sources

The Central Bank of Nigeria (CBN) has recently appointed 16 new directors across key departments, with new details emerging about the transparent and merit-based process that led to their selection. According to sources within the Bank, the appointments—effective from March 3, 2025—were the result of a rigorous two-phase process handled in collaboration with global consultancy firm PricewaterhouseCoopers (PwC), ensuring a departure from past practices often marred by bias.

The source, who requested anonymity, emphasized that the selection process was purely merit-driven, free of ethnic or religious sentiments, and involved only eligible Deputy Directors. The approach, described as a bold shift toward professionalism, was widely praised within the institution. “No one who understands the process will question the integrity or competence of the new appointees,” the source said, noting that the move reflects the Management’s renewed commitment to transparency and accountability.

The new appointments also reflect a significant push toward gender diversity, with over 35 percent of the new directors being women. Among them are 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).

Other newly appointed directors include Mr. Hamisu Abdullahi (Banking Services), Dr. Usman Moses Okpanachi (Statistics), Dr. Obom Victor Ugbem (Monetary Policy), and Mr. Farouk Mujtaba Muhammad (Reserve Management). Dr. Adetona Sikiru Adedeji, previously Acting Director of Banking Supervision, now heads Currency Operation and Branch Management, while Mr. Mohammed-Jamiu Olayemi Solaja, who oversaw Currency Operations, now leads the Other Financial Institutions Supervision Department. Mr. Musa Nakorji was appointed to head the Trade and Exchange Department, and Mr. Kayode Olarewaju Makinde now directs Procurement and Support Services.

The list also includes Mr. Ibrahim Hassan (Development Finance Institutions Supervision) and Dr. Olubukola Akinniyi Akinwunmi (Banking Supervision).

These new directors join a roster of experienced hands already serving in various departments, including Mrs. Rashida Jumoke Mongonu (Corporate Secretariat), Mr. Kofo Salam-Alada (Legal), Mr. Muhammad Abba (Human Resources), Dr. Blaise Ijebor (Risk Management), 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).