CBN Strengthens Operations with New Director Appointments and Strategic Vision for 2024-2028
The Central Bank of Nigeria (CBN) recently appointed 16 new directors to enhance its operations and regulatory oversight. These appointments are part of the bank’s broader strategy for 2024-2028, which emphasizes the active involvement of all staff in executing its objectives. The process was guided by global consultancy firm PricewaterhouseCoopers (PwC), ensuring transparency and merit-based selections. More than 35% of the new appointees are women, reflecting a commitment to diversity and inclusion within the bank’s leadership.
The newly appointed directors, such as Dr. Rakiya Yusuf in Payment System Supervision and Mrs. Rita Ijeoma Sike in Financial Policy and Regulation, will play key roles in ensuring the successful implementation of the bank’s policies. Other notable appointments include Dr. Adetona Sikiru Adedeji as Director of Currency Operations and Branch Management. These directors are all CBN staff, familiar with the bank’s vision, ensuring a seamless transition into their roles.
The CBN’s new leadership approach has received positive feedback, particularly for its commitment to internal promotions rather than external hires, which strengthens the bank’s cohesion. Industry leaders, including Dr. Uju Ogubunka, President of the Bank Customers Association of Nigeria, praised the selection process for its transparency. Similarly, the Chartered Institute of Bankers of Nigeria (CIBN) has commended the CBN for its ongoing reforms, particularly its efforts to stabilize the financial system and enhance regulatory oversight.
Governor Olayemi Cardoso’s strategic plan for 2024-2028 centers on five key themes: price stability, financial system resilience, governance, compliance, and operational excellence. The CBN is also focusing on improving the efficiency of Development Finance Institutions (DFIs) and expanding credit access through institutions like Microfinance Banks and Primary Mortgage Banks. The new strategy aims to reposition the CBN to drive economic growth and stability, ensuring it remains a trusted institution committed to Nigeria’s prosperity.
SOURCE: THIS DAY