CBN Selected New Directors Through Merit-Based Process
By Patience Ikpeme
Details have emerged regarding the selection of the Central Bank of Nigeria’s (CBN) newly appointed directors. Contrary to rumors of external hires, the CBN used a rigorous, merit-based process.
Sources close to the CBN revealed that the bank’s management hired PricewaterhouseCoopers (PwC), a global consultancy firm, to conduct the selection process. This move aimed to ensure fairness and transparency, avoiding any bias.
The source said that the appointed directors went through a selection process more thorough than previous ones. The selection was based solely on merit.
While the CBN has not released a formal statement, the source, speaking anonymously, confirmed that PwC oversaw a two-phase process, free from ethnic or religious considerations.
“Anyone at the CBN will agree that the selection of the new directors was transparent, and their qualifications are unquestionable. Across departments, there’s agreement that the management made the right choices. It was a merit-based process, showing the management’s commitment to transparency,” the source said.
The CBN appointed 16 new directors on March 3, 2025, across key departments. The list shows that over 35 percent of the appointees are women. These include 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 (Information Technology Department).
Other appointees include Mr. Hamisu Abdullahi (Banking Services Department), Dr. Usman Moses Okpanachi (Statistics), Dr. Obom Victor Ugbem (Monetary Policy), and Mr. Farouk Mujtaba Muhammad (Reserve Management Department).
Dr. Adetona Sikiru Adedeji, formerly Acting Director of Banking Supervision, is now the Director of the Currency Operation and Branch Management Department. His signature will appear on national currencies alongside that of CBN Governor Olayemi Cardoso.
Mr. Mohammed-Jamiu Olayemi Solaja, who previously oversaw the Currency Operations Department, now leads the Other Financial Institutions Supervision Department. Mr. Musa Nakorji is the new Director of the Trade and Exchange Department, and Mr. Kayode Olarewaju Makinde is the Director of the Procurement and Support Services Department.
The appointments, effective March 3, 2025, also include Mr. Ibrahim Hassan (Development Finance Institutions Supervision Department) and Dr. Olubukola Akinniyi Akinwunmi (Banking Supervision Department).
These new directors join the existing team listed on the CBN’s website: 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).
