CBN engages PwC for selection of 16 new directors

The Central Bank of Nigeria (CBN) has appointed 16 new directors following a selection process managed by global consultancy firm PricewaterhouseCoopers (PwC). This marks a shift from previous recruitment practices, with PwC overseeing a two-phase process aimed at ensuring transparency and eliminating ethnic or religious biases.

A senior CBN official, speaking anonymously, stated that the process prioritized merit and fairness. “No objective-minded person at the CBN will question the transparency of this selection process or the qualifications of those appointed,” the source said, adding that the bank’s management “got it right this time.”

The appointments, which took effect on March 3, 2025, reflect a commitment to gender diversity, with over 35 percent of the new directors being women.

The newly appointed directors 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. Mohammed-Jamiu Olayemi Solaja – Other Financial Institutions Supervision
• Mr. Musa Nakorji – Trade and Exchange
• Mr. Kayode Olarewaju Makinde – Procurement and Support Services
• Mr. Ibrahim Hassan – Development Finance Institutions Supervision
• Dr. Olubukola Akinniyi Akinwunmi – Banking Supervision

With his new appointment, Dr. Adetona Sikiru Adedeji will have his signature appear on Nigeria’s currency alongside that of CBN Governor Olayemi Cardoso.

The newly appointed directors will work alongside existing senior officials, including:

• 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
• Mr. Musa Rabiu – Finance

While the CBN has not yet issued an official statement on the appointments, sources within the institution regard the move as a step toward strengthening governance and operational efficiency. It also dismisses speculation that new directors would be hired externally in violation of the CBN Act.