CBN: Raising Manpower Efficiency, Productivity with New Appointments

One of the greatest assets of a viable institution is the strength of its workforce. The workforce capacity determines not only the efficiency and direction of the organisation, whether in private or public sectors, but guarantees the sustainable output.

For Central Bank of Nigeria (CBN) the recent appointment of 16 directors, and the rigorous process followed to achieve the goal, were indications of its priority and commitment to quality manpower.

The CBN under Olayemi Cardoso recently unveiled the new CBN strategy for 2024 – 2028, emphasizing that the active involvement of all staff is crucial to ensuring ownership and successful execution of the strategy.

So, the newly appointed directors, are part of the broader vision of the bank, to ensure that its policies and programmes are viably implemented in the overall interest of the economy.

How the directors emerged

Details have emerged on the process that led to the appointment of 16 new directors at the apex bank.

Sources close to the regulator revealed that, in a departure from past practices, the CBN’s management engaged global consultancy firm PricewaterhouseCoopers (PwC) to oversee the selection process for the directors, ensuring an objective and transparent approach.

A source within the bank, who spoke anonymously, disclosed that PwC conducted a two-phase appointment process designed to eliminate ethnic or religious biases. According to the source, “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 appointments, which took effect from March 3, 2025, saw 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), and Mrs. Omoyemen Avbasowamen Jide-Samuel (Information Technology).

Other directors named in the appointment are 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, formerly Acting Director of Banking Supervision, now assumes a substantive role as Director of the Currency Operation and Branch Management Department. His appointment means his signature will now appear on Nigeria’s currency alongside that of CBN Governor Olayemi Cardoso.

Mr. Mohammed-Jamiu Olayemi Solaja, who previously led the Currency Operations Department, has been assigned to head the Other Financial Institutions Supervision Department. Additionally, Mr. Musa Nakorji now oversees the Trade and Exchange Department, while Mr. Kayode Olarewaju Makinde leads the Procurement and Support Services Department.

Also included in the appointments are Mr. Ibrahim Hassan, who now heads the Development Finance Institutions Supervision Department, and Dr. Olubukola Akinniyi Akinwunmi, the new Director of Banking Supervision.

These newly appointed directors join the existing leadership at the apex bank, 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).

While the CBN has yet to issue an official statement on the appointments, the process has been widely regarded within the institution as a step towards strengthening governance and operational efficiency, and also dispel insinuations that the management was planning to hire new directors from the outside contrary to the CBN Act.

Stakeholders applaud process

President, Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka, said although the CBN is entitled to decide the best approach to appoint new directors, but it decided to entrench transparency in the process through the engagement of PwC.

He said the best part of the appointment was that the new appointees all came within the bank, and are staff who are already part of the implementation of the bank’s strategy.

He said: “The directors coming from inside the apex bank is a plus for the Cardoso-led CBN. They already know the CBN’s vision and plans. They will simply hit the ground running”.

CIBN lauds apex bank

The Chartered Institute of Bankers of Nigeria (CIBN) recently commended the CBN for its current reforms in the banking sector, encouraging the public to continue their transactions and activities without hesitation.

The Chief Executive of the CIBN, Mr. Akin Morakinyo reassured the public of the safety and soundness of the banking system.

“CIBN would like to reassure the general public that the Nigerian banks remain strong and resilient and that the CBN is committed to ensuring a stable financial system,” he noted.

Speaking further, he stated that the institute would continue to support laudable initiatives of the CBN and other stakeholders for a virile economy.

While noting that the CBN under the leadership of Cardoso has engaged in notable initiatives geared towards stabilizing the monetary space, commended the Bank for lifting the ban on 43 items that it had hitherto restricted access to forex from the CBN.

It could also be recalled that the CBN had dissolved some banks’ management over non-compliance issues, ranging from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their license was granted, and involvement in activities that pose a threat to financial stability.

The CBN dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank. Consequent upon the dissolution of the boards and management of the above mentioned banks, the CBN swiftly appointed new executive officers for the affected banks and regulatory framework that can address the challenge of corruption and develop a policy framework that would harmonise available data to activate economic growth.

Other members of the working group are the National Identity Management Commission (NIMC), the Federal Competition and Consumer Commission (FCCPC), the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS).

New strategy for efficiency, best practices

Cardoso, during the unveiling at the CBN’s Strategy for 2024 – 2028, at the CBN Head Office, said that the vision of the Bank was to be a trusted and respected central bank promoting confidence in the economy, driven by five strategic themes to address the five focal areas that have been identified as the most critical to achieving the Bank’s objectives at this time.

Highlighting the themes, the Governor said that the first thematic area – Price Stability and Monetary Policy Effectiveness, would guide the leveraging of established monetary policy instruments and rigorous data analysis to pursue the unwavering commitment to price stability.

He said the second theme focuses on building a “Robust and Resilient Financial System” to deliver a resilient financial sector and ensure that financial inclusion objectives were an integral part of policy design to broaden access to financial products that promote sustainable economic growth.

“Governance, Compliance and Advisory Partners to the Federal Government” was adopted as the third theme, stemming from the Bank’s commitment to being a transparent, reliable, and trusted advisor to the Federal Government.

Speaking further, he stated that, conscious of the importance of the role of people, processes, and technology in the attainment of the Bank’s objectives, two enabling themes: “Excellence in Central Banking Operations” and “An Impact focused High-Performance Organization” had been adopted as the fourth and fifth thematic areas, respectively.

He listed “Integrity, meritocracy, professionalism, accountability, courage, and tenacity” as the core values needed to guide the Bank’s actions toward ensuring professionalism, transparency, accountability, and unwavering commitment to the Nigerian people. While commending the Director, Strategy Management Department, and his team for coming up with the strategy, in-house, without external technical support, he urged every staff to take decisive actions to prioritize the principles of ethics, good governance, and transparency.

He, therefore, called for collaboration from all stakeholders, noting that the strategy was not just for CBN, but belonged to every Nigerian, to build a prosperous Nigeria as well as ensure that the Bank becomes a respected and highly credible organization.

Members of staff of the apex bank said that the new strategy, which is the fourth in the history of the Central Bank of Nigeria, aspires to reposition the Bank to its core mandate and to be an institution at the forefront of economic transformation.

They recalled that, over the years, the CBN had implemented three strategy cycles from 2012 to 2015, 2015 to 2019, and 2021 to 2024, all of which had their peculiar focus.

They expressed his appreciation to the Bank’s Management and the staff of the Strategy Management Department for their commitment and unwavering support to the development of the first in-house strategy within a short period.

The highlight of the launch was the unveiling of the elements of the new strategy theme: “Repositioning for Impact”.

Other stakeholders, acknowledged that the new strategy resonates with the thematic model of repositioning the Mission, Vision, and Values of the CBN for greater impact.

They lauded the Management and all the staff in the Bank and across the Branches for galvanizing the Bank’s workforce for the engagement that brought the project to life, and for their unwavering backing, and reassured the support of everyone in executing the Strategy.

Other policy plans

Earlier, Cardoso said the apex bank has intensified surveillance of market activities to ensure compliance and eliminate bad actors who attempt to undermine the system.

“Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” he said.

“Within the banking sector, I am pleased to note that the sector remains robust with key indicators reflecting a resilient system. The non-performing loan ratio remains within the prudential benchmark of five per cent, showcasing strong credit risk management.” He said.

“The banking sector liquidity ratio comfortably exceeds the regulatory floor of 30 percent, a level which ensures banks are maintaining adequate cash flow to meet the needs of customers and their operations. The recent stress test conducted also reaffirmed the continued strength of our banking system”.

In the same vein, Other Financial Institutions (OFIs) hold significant potential to drive productivity and economic growth by expanding access to credit and financial services for underserved individuals and businesses.

“To unlock this untapped potential, we aim to strengthen key institutions—particularly Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)—to enhance their efficiency and impact. Our strategy includes implementing model mortgage foreclosure laws to stimulate lending and reduce delinquency, integrating PMBs and MFBs into the GSI platform to minimize non-performing loans, and leveraging Development Finance Institutions (DFIs) more effectively to provide increased on lending facilities to well-managed OFIs”.