Questions as CBN Appoints 16 New Directors After Firing 16!

The Central Bank of Nigeria (CBN) has come under public scrutiny following the dismissal of 16 high-ranking directors and the appointment of 16 new ones, igniting conversations about regional balance and fairness in federal appointments.

The recently sacked directors, who had led major departments like Monetary Policy, Banking Supervision, Trade & Exchange, and Information Technology, were reportedly drawn predominantly from Nigeria’s northern and southeastern geopolitical zones. Notably, none of the dismissed directors hailed from the Southwest.

According to official sources, the decision to relieve the former directors stemmed from recommendations by the Obazee Report, which investigated the stewardship of former CBN Governor Godwin Emefiele. Only nine of the 29 departmental directors retained their roles, while others were effectively replaced in a move the CBN described as necessary for internal restructuring and enhanced transparency.

In contrast, the list of newly appointed directors reveals a significant presence from the Southwest, President Bola Tinubu’s home zone. Out of 16 new appointees, several have Yoruba names, with public conversations claiming that as many as nine directors might be from the Southwest, while the remaining seven represent other geopolitical regions. The CBN has not officially published the zonal or state breakdown of all appointees, and while many leading figures now come from the Southwest, some new directors also hail from the North and other regions.

The full official list of new directors includes:

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• Dr. Olubukola Akinwunmi Akinniyi – Director, Banking Supervision
• Yusuf Rakiya Opeyemi – Director, Payment System Supervision
• Aisha Isa-Olatinwo – Director, Consumer Protection
• Abdullahi Hamisu – Director, Banking Services
• Dr. OJumu Adenike Olubunmi – Director, Medical Services
• Makinde Kayode Olanrewaju – Director, Procurement & Support Services
• Jide-Samuel Omoyemen Avbasowamen – Director, Information Technology
• Sike Rita Ijeoma – Director, Financial Policy and Regulation
• Dr. Victor Ugbem Oboh – Director, Monetary Policy
• Nakorji Musa – Director, Trade and Exchange
• Dr. Vincent Monsurat Modesola – Director, Strategy Management and Innovation
• Farouk Mujtaba Muhammad – Director, Reserve Management
• Dr. Adetona Sikiru Adedeji – Director, Currency Operations & Branch Management
• Hassan Ibrahim Umar – Director, Development and Finance Institutions Supervision
• Solaja Mohammed-Jamiu Olayemi – Director, Other Financial Institutions Supervision
• Dr. Okpanachi Usman Mose – Director, Statistics.

This sweeping change follows earlier controversies over mass transfer of staff and ongoing efforts to overhaul Nigeria’s apex bank. The presidency and current CBN leadership have maintained that the shakeup is driven by the need for reform and merit, not ethnic or political bias.

Still, critics and civil society groups remain divided, with some alleging favoritism towards the Southwest in contravention of federal character principles, while others view the appointments as an opportunity for professional rejuvenation at the bank’s helm.

As this development unfolds, observers are keenly watching whether the CBN will address the calls for more transparent, zone-balanced appointments in subsequent recruitment, especially amid mounting public interest in equitable federal representation.