The Central Bank of Nigeria (CBN) has appointed 16 new directors as part of a strategic overhaul to improve its operations and regulatory effectiveness. This move, part of Governor Olayemi Cardoso’s strategy for 2024-2028, aims to foster greater staff involvement in the bank’s goals. The selection process was overseen by PricewaterhouseCoopers (PwC), ensuring transparency and merit-based decisions. Notably, over 35% of the new directors are women, reflecting a more inclusive approach. The new appointees will lead key departments like Payment System Supervision, Consumer Protection, and Financial Policy and Regulation.
The appointment process was carefully structured in two phases by PwC to eliminate bias and ensure fairness. Sources within the bank emphasized the transparency of the process and the qualifications of the new directors. Many of the appointees have long-standing experience at the CBN, allowing them to immediately contribute to the execution of the bank’s strategies. The appointments aim to strengthen governance and operational efficiency at the apex bank while maintaining compliance with the CBN Act.
Industry stakeholders, including Uju Ogubunka from the Bank Customers Association of Nigeria (BCAN) and the Chartered Institute of Bankers of Nigeria (CIBN), have praised the process for its transparency and merit-based approach. They highlighted the importance of promoting internal talent, which ensures continuity and a deeper understanding of the CBN’s vision. The CBN’s commitment to strengthening the banking sector was also underscored, with the institution’s resilience further demonstrated through its effective monetary policies and banking reforms.
Governor Cardoso’s broader vision for 2024-2028 focuses on price stability, building a resilient financial system, and ensuring transparency in governance. The new strategy, “Repositioning for Impact,” aims to enhance the CBN’s role in Nigeria’s economic transformation. Cardoso emphasized the importance of professionalism, accountability, and collaboration in achieving the CBN’s goals. The overhaul, along with upcoming policy initiatives, is expected to reinforce the CBN’s commitment to a strong, transparent, and efficient financial system.
SOURCE: BUSINESS DAY