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CBN Appoints 16 New Directors Following Rigorous Screening by PwC

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2 weeks ago

Mar 9, 2025.

CBN Appoints 16 New Directors Following Rigorous Screening by PwC

The appointments, which cover key departments such as banking supervision, payment systems, and consumer protection, reflect the CBN’s commitment to strengthening its operations across various regulatory, supervisory, and policy-driven functions
The new directors, who assumed their roles effective March 3, 2025, are expected to play a vital role in shaping Nigeria’s financial sector and ensuring stability in the country’s monetary landscape.

The Central Bank of Nigeria (CBN) recently appointed 16 new directors, whose selections were ratified after undergoing a rigorous screening process conducted by PricewaterhouseCoopers (PwC), Eko Hot Blog reports.

According to a source who requested anonymity, this two-phase appointment process marked a departure from previous methods, ensuring a fair and unbiased evaluation of eligible CBN Deputy Directors.

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Although the Bank has yet to release an official statement, the source emphasized that the selection process was free of any ethnic or religious bias, focusing solely on identifying the most qualified candidates for these critical leadership roles within the CBN.

CBN Appoints 16 New Directors Following Rigorous Screening by PwC

The appointments, which cover key departments such as banking supervision, payment systems, and consumer protection, reflect the CBN’s commitment to strengthening its operations across various regulatory, supervisory, and policy-driven functions.

“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 disclosed.

A list breakdown indicates that over 35 percent of those appointed were women. 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), and Mrs. Omoyemen Avbasowamen Jide-Samuel from the Information Technology Department were all included in the appointments.

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.

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. 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.

These new directors join the existing corps of substantive directors listed on the Bank’s website: the Bank’s Secretary and Director, Corporate Secretariat, Mrs. Rashida Jumoke Mongonu; the Bank’s Legal Adviser and Director Legal, Mr. Kofo Salam-Alada; the Director, Human Resources Department, Mr. Muhammad Abba

The Director, Risk Management Department, Dr. Blaise Ijebor; 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).

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