CBN Enhances Operational Efficiency with Strategic Director Appointments
In a decisive move to bolster its operational efficiency and regulatory oversight, the Central Bank of Nigeria (CBN) has appointed 16 new directors across various departments. This initiative aligns with the bank’s recently unveiled 2024–2028 strategy, which emphasizes active staff involvement in policy execution and institutional effectiveness. 
To ensure transparency and meritocracy, the CBN engaged the services of PricewaterhouseCoopers (PwC), a globally renowned consultancy firm, to oversee the selection process. This approach has been lauded by industry stakeholders as a commendable example of due process in key policy decisions and implementation. An insider noted that the rigorous, two-phase appointment process was designed to eliminate biases, with merit serving as the primary criterion. 
The newly appointed directors, all promoted from within the bank, are expected to seamlessly integrate into their roles, driving critical policies and programs essential for economic stability. Notably, over 35% of these appointments are women, reflecting the CBN’s commitment to diversity and inclusion. The appointees and their respective departments include:
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
Mrs. Omoyemen Avbasowamen Jide-Samuel – Information Technology
Mr. Hamisu Abdullahi – Banking Services
Dr. Usman Moses Okpanachi – Statistics
Dr. Obom Victor Ugbem – Monetary Policy
Mr. Farouk Mujtaba Muhammad – Reserve Management
Dr. Adetona Sikiru Adedeji – Currency Operation and Branch Management
Mr. Ibrahim Hassan – Development Finance Institutions Supervision
Dr. Olubukola Akinniyi Akinwunmi – Banking Supervision
These appointments, effective from March 3, 2025, are part of Governor Olayemi Cardoso’s vision to position the CBN as a trusted and respected institution that fosters confidence in Nigeria’s financial system. 
Stakeholders have praised the CBN’s transparent approach to these appointments. Dr. Uju Ogubunka, President of the Bank Customers Association of Nigeria (BCAN), highlighted the significance of selecting directors from within the bank, noting that their familiarity with the CBN’s vision and plans enables them to “hit the ground running.” Similarly, the Chartered Institute of Bankers of Nigeria (CIBN) commended the CBN for its reforms, reassuring the public of the banking system’s safety and soundness. 
This strategic restructuring underscores the CBN’s dedication to enhancing its institutional capacity and ensuring the effective implementation of its policies, thereby contributing to the overall stability and growth of Nigeria’s economy.
