CBN Applauded as 35% Women are Appointed as Directors
Oru Leonard
In what has been described by watchers as a merit based exercise, the Central Bank of Nigeria (CBN) has appointed new directors with 35 percent slots going to women.
Recall the CBN had previously advertised the openings and invited applications from qualified people.
The sixteen new directors were selected through a rigorous interview process that involved a consultant, PricewaterhouseCoopers (PwC), at some point.
Sources familiar with the recruitment lauded the high level transparency displayed by the CBN management in the appointment process.
The appointments, which took effect from March 3, our sources also said the process was without bias nor ethnic considerations but simply competence.
“No sentiments nor ethnic colourations. I’m impressed” one of the CBN top management staff told our correspondent under condition of anonymity.
Recall that about 9 months ago, the apex bank relieved the previous directors of their appointments.
“No one would possibly accuse the CBN management of manipulating the appointment process. The level of professionalism deployed was exceptional. The best emerges” one of our sources said.
One of the CBN sources stated: “No objective-minded person at the CBN will criticise the transparency in selecting the new directors, nor will anyone question their pedigree within the system.
“If you go around the departments, the consensus is that the management got it right this time. It was a merit-based process in the management’s renewed commitment to transparency.”
A breakdown of the appointment indicated that over 35 percent of those appointed were women.
The female directors 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 from the Information Technology Department.
Others appointed as directors were Mr. Hamisu Abdullahi of the Banking Services Department; Dr. Usman Moses Okpanachi (Statistics); Dr. Obom Victor Ugbem (Monetary Policy); and Mr. Farouk Mujtaba Muhammad, who will oversee the Reserve Management Department.
Also, Dr. Adetona Sikiru Adedeji, who previously served as the acting Director of Banking Supervision, is now the substantive Director of the Currency Operation and Branch Management Department. Similarly, Mr. Mohammed-Jamiu Olayemi Solaja, who oversaw the activities of the Currency Operations Department before the exercise, now leads the Other Financial Institutions Supervision Department.
In addition, Mr. Musa Nakorji is the new Director of the Trade and Exchange Department, while Mr. Kayode Olarewaju Makinde is now the Director of the Procurement and Support Services Department.
The appointments, which took effect from March 3, 2025, also included Mr. Ibrahim Hassan, who heads the Development Finance Institutions Supervision Department and Dr. Olubukola Akinniyi Akinwunmi of the Banking Supervision Department.
These new directors join the existing corps of substantive directors.
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