CBN Director Appointments: Rigorous, Merit-Based Selection Process Unveiled

PwC Oversaw Transparent Selection Process for New CBN Directors

Details have emerged about the appointment process of the newly selected Directors at the Central Bank of Nigeria (CBN), with sources confirming that it was more rigorous and merit-based than previous exercises. Unlike in the past, where political and regional influences often played a role, this selection process was reportedly conducted with strict adherence to professionalism and transparency.

A source within the apex bank revealed that the CBN Management engaged the global consultancy firm PricewaterhouseCoopers (PwC) to oversee the selection process. The move aimed to ensure fairness, credibility, and the elimination of any form of bias.

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CBN Prioritizes Fairness and Competence in Appointments

The involvement of PwC, a globally renowned auditing and consultancy firm, suggests a shift in the CBN’s approach to recruitment. The source, who spoke to Daily Trust on the condition of anonymity, emphasized that the process was conducted purely on merit, without considerations for ethnic, religious, or political affiliations.

“This selection process was one of the most rigorous in the bank’s history. The goal was to ensure that only the most competent and qualified individuals were appointed,” the source said. “Unlike previous appointments, where other factors often influenced the selection, this time, it was strictly based on merit and professional capability.”

CBN Yet to Issue Official Statement on Appointments

Despite the revelations, the CBN has not made an official announcement regarding the newly appointed Directors. However, the transparency of the process suggests a renewed commitment by the bank’s leadership to restore credibility and efficiency in its management structure.

Over the years, the CBN has faced criticism regarding favoritism in appointments, with concerns that selections were often influenced by political interests. However, the latest exercise appears to mark a significant departure from past practices, reinforcing the institution’s commitment to professionalism.

A New Era for the Central Bank of Nigeria?

The engagement of PwC in the selection process is seen as a strategic move to rebuild trust in the CBN’s leadership. Observers believe that such a transparent approach could set a precedent for future appointments in the financial sector.

As Nigerians await an official statement from the CBN, the hope remains that this merit-driven recruitment will enhance efficiency and reinforce confidence in the apex bank’s operations.

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