When you think of Nigeria’s Central Bank (CBN), Governor Olayemi Cardoso comes to mind. Since taking office in September 2023, he has led the CBN’s return to orthodox monetary policy, devaluing the naira and increasing interest rates to tame quickening inflation. While the buck stops at his table, supporting Cardoso are four deputy governors and a cadre of directors who oversee crucial departments at the CBN.
Appointed on the same day as Cardoso, the four deputy governors report directly to him. Dr. Bala M. Bello heads the Operations Directorate, ensuring the smooth execution of the CBN’s banking functions and financial transactions. Mr. Muhammad Sani Abdullahi leads the Economic Policy Directorate, formulating monetary policies that influence inflation, exchange rates, and economic stability. Mr. Philip Ikeazor oversees the Financial System Stability Directorate, while Ms. Emem Usoro directs the Corporate Services Directorate.
Beneath the deputy governors, a group of directors runs the CBN’s vast operational structure. Their work ensures policy execution, risk management, and the bank’s overall effectiveness. Since May 2024, the CBN has undergone a restructuring of its key teams and operations affecting over 1,000 employees and over 16 directors. This list outlines the current directors, deputy directors, and assistant directors across key departments within the CBN.
Dr. Blaise Ijebor, as Director of Risk Management, identifies and mitigates financial threats, including cybersecurity risks. Lydia I. Alfa, Director of Internal Audit, ensures the integrity of the CBN’s financial and operational processes. Rashida Jumoke Monguno, Director of the Corporate Secretariat, facilitates high-level decision-making within the institution.
Jimoh Musa Itopa heads the Payments System Management Department (PSMD), a crucial department responsible for licensing payment switching companies, regulating agent banks, and overseeing cashless policies and open banking initiatives. He was recently reinstated from the Capacity Development Department, a unit responsible for training CBN staff.
Muhammad Abba, Director of Human Resources, is responsible for shaping the bank’s workforce, while Rabiu Musa, Director of Finance, oversees the financial accountability of the institution. Sirajuddin Kofo Salam-Alada, Director of Legal Services, ensures compliance with all relevant financial regulations.
Aderinola Shonekan, Director of Research, provides data-driven insights that inform the development of monetary policies. Dr. Omolara Duke, Director of Financial Markets, manages the dynamics of Nigeria’s capital and money markets. Adetona Adedeji, Acting Director of Banking Supervision, plays a key role in regulating Nigeria’s commercial banks. Mr. Saad Hamidu, Director of Development Finance, drives financial inclusion and economic development programs.
Philip Ndanusa Wondi, Assistant Director and Coordinator for the Governors, facilitates executive operations, while Dr. Adenike Olubunmi Ojumu is the Deputy Director of Medical Services. Mr. Ibrahim Umar Hassan is Assistant Director and Head of Strategy Management at Financial System Strategy. Sidi Hakama, Acting Director of Corporate Communications, manages the bank’s media relations and communications.
Yakubu Bello, Deputy Director of Statistics, provides economic data. Ladi Raulatu Bala-Keffi, Acting Director of Monetary Policy, influences key interest rate decisions. Hamisu Abdullahi, Director of Banking Services, ensures seamless banking operations. Mohammed-Jamiu Solaja Olayemi, Acting Director of Currency Operations, manages currency circulation. Aisha Isa-Olatinwo, Acting Director of Branch Operations, oversees regional banking infrastructure, while Mujtaba Muhammed Farouk is the Director of Reserve Management.
