‘How CBN took selection of 16 new directors to PwC’

New details have surfaced regarding the recent appointment of 16 directors at the Central Bank of Nigeria (CBN).

Insiders at the apex bank revealed that, in a shift from previous practices, CBN leadership enlisted the services of PricewaterhouseCoopers (PwC) to manage the selection process. This move was intended to promote fairness and objectivity in the recruitment of senior officials.

A source within the bank, speaking anonymously, shared that PwC adopted a two-stage evaluation process to minimize the influence of ethnic or religious considerations. “No objective-minded person at the CBN will question the transparency of this selection process or the qualifications of those appointed. The consensus within the bank is that management got it right this time by prioritising merit,” the source said.

The new appointments, effective from March 3, 2025, saw women fill over 35% of the positions. The directors and their assigned 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), and Mrs. Omoyemen Avbasowamen Jide-Samuel (Information Technology).

Other appointees 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 the Acting Director of Banking Supervision, has been confirmed as the Director of Currency Operations and Branch Management. His new position means his signature will now appear on Nigeria’s currency alongside that of CBN Governor Olayemi Cardoso.

Mr. Mohammed-Jamiu Olayemi Solaja, who headed the Currency Operations Department, will now lead the Other Financial Institutions Supervision Department. Mr. Musa Nakorji has been appointed as the Director of Trade and Exchange, while Mr. Kayode Olarewaju Makinde will oversee the Procurement and Support Services Department.

Also joining the leadership team are Mr. Ibrahim Hassan (Development Finance Institutions Supervision) and Dr. Olubukola Akinniyi Akinwunmi (Banking Supervision).

These newly appointed directors join the existing leadership at the CBN, which includes Mrs. Rashida Jumoke Mongonu (Bank Secretary and Director, Corporate Secretariat), Mr. Kofo Salam-Alada (Legal Adviser and Director, Legal), Mr. Muhammad Abba (Director, Human Resources), Dr. Blaise Ijebor (Director, 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).

Although the CBN has yet to release an official statement, many within the institution view the process as a positive step toward enhancing governance and operational effectiveness. The internal consensus suggests that the merit-driven selection process has dispelled concerns about the recruitment of external candidates, aligning with the provisions of the CBN Act.

(NATION)