Debunking the myth of CBN’s explanations on the so-called appointments by merit of 16 Directors.
The CBN recently appointed 16 Directors into various positions within the bank. These appointments have led to an outcry over its lopsided and parochial nature. At face value and in substance, they heavily favour candidates of South West origin. The CBN, due to the outcry, issued an explanation insisting that merit and competence were followed in the emergence of these directors. They also highlighted that PwC conducted the process and therefore it was “independent”. The CBN Management in actual fact is pulling the wool over the eyes of Nigerians using consultants to justify a flagrant disregard for federal character and regional balance in federal appointments of this nature. Here below is the list of the candidates who reached the finals of the selection process and it speaks for itself. The successful candidates were appointed from this list and each of these candidates were top-two in the roles they were interviewed for. CBN and its management therefore have a lot of explaining to do, on why they failed to reflect federal character in the appointments given that the list of finalists reflected a good regional representation originally. We also have obtained the scores of all these candidates, and will be releasing these to the public if the CBN Management does not come up with a better explanation of the lack of regional balance.
1. Okpanachi Moses Usman(ID 19073), Kogi, North Central(shortlisted for Statistics Department, later appointed for Statistics)
2. Victor Ugbem Oboh(ID 22259), Benue, North Central(shortlisted for Monetary Policy, shortlisted for Statistics and shortlisted for Monetary Policy but later appointed for Monetary Policy)
3. Yusuf Dauda Bulus(ID 22284), Kaduna, North West(shortlisted for Monetary Policy, not appointed)
4. Patricks Ogiji(ID19076), Benue, North Central (Shortlisted for Investor Relations Department, was not appointed as the department was merged with Corporate Communications midway)
5. Mohammed Aliyu Ashiru(20482), Kaduna, North West(shortlisted for Investor Relations Department, not appointed as the department was merged with Corporate Communications midway)
6. Promise Joe-Ibekwe, (19547), Imo, South East(Shortlisted for Payments System Management Department, not appointed)
7. Rakiya Opemi Yusuf(20430), Kogi, North Central(shortlisted for Payments System Management Department, appointed for Payments System Management Department)
8. Monsurat Modesola Vincent(18574), Lagos, South West(shortlisted for Development Finance Institutions Supervision Department but was appointed to Strategy Management and Innovation Department)
9. Chikelu Edison Oballum(18614), Anambra, South East(shortlisted for Development Finance Institutions Supervision Department, was not appointed into the role when competitor, Vincent was appointed to Strategy Management and Innovation)
10. Dr. Adenike Olubunmi Ojumu(17998), Oyo, South West, (incumbent Ag. Director, shortlisted for Medical Services Department and was appointed)
11. Anifowose,Olusola Yetunde(17995), Ogun, South West(shortlisted for Medical Services, not appointed )
12. Kazeem Adeyemi Olatinwo(18652), Kwara, North Central, (Shortlisted for Other Financial Institutions Supervision but not appointed)
13. Isa-Olatinwo,Aisha (20548), Kwara, North Central, (shortlisted for Currency Operations and Consumer Protection Department and was appointed for Consumer Protection Department)
14. Sidi Ali,Hakama(22062), Kano, North West(incumbent Ag. Director, shortlisted for Corporate Communications, not appointed as Department was merged with Investor Relations)
15. Paul Ihuoma Oluikpe(19580), Abia, South East(shortlisted for Corporate Communications(not appointed as department was merged with Investor relations), shortlisted for Strategy Management, not appointed)
16. Eme Eleonu(ID18173), Rivers State, South South(incumbent Ag. Director, shortlisted for Strategy Management and Innovation Department and was not appointed)
17. Adetona Sikiru Adedeji(21184), Oshun, South West(incumbent, shortlisted for Banking Supervision and appointed for Currency and Branch Operations Department)
18. Sike,Rita Ijeoma(18527), Abia, South East(shortlisted for Banking Supervision but was appointed for Financial Policy and Regulation Department)
19. Jide-Samuel,Omoyemen Avbasowamen(16571), Edo, South South(shortlisted for Information Technology Department and was appointed
20. Mr. Hamisu Abdullahi(18623), Kano, North West(incumbent, shortlisted for Banking Services Department and was appointed)
21. Okwor,Ifeoma Geraldine(18524), Enugu, South East(shortlisted for Banking Services Department, not appointed)
22. Mr. Farouk Mujtaba Muhammad(18638), Kano, North West(incumbent Ag. Director, shortlisted for Reserve Management and appointed)
23. KOYOR,BARIBOLOKA GODFREY(15861), Rivers, South South(shortlisted for Reserve Management, not appointed)
24. Mohammed-Jamiu Olayemi Solaja(16830), Lagos, South West(incumbent shortlisted for Currency management and branch operations, but was appointed for Other Financial Institutions Supervision Department)
25. Musa Nakorji(21099), Niger, North Central(shortlisted for Trade and Exchange and appointed)
26. Tawose,Joseph Ojo Babalola(22258), Ekiti, South West(shortlisted for Trade and Exchange, not appointed)
27. Kayode Olarewaju Makinde(18533),Ogun, South West(shortlisted for Procurement and Support Services Division and appointed)
28. Ibrahim Umar Hassan(16762), Bauchi, North East(shortlisted for Procurement and Support Services Division but was appointed for Development Finance Institutions Supervision department)
29. Dr. Olubukola Akinniyi Akinwunmi(18509), Ogun, South West(shortlisted for Financial Policy and Regulation Department, shortlisted for Payments Services Management Department but was appointed for Banking Supervision Department)
Analysis:
Here below is the analysis of the above information on the CBN Directorship appointments process:
(a) Over 60 candidates applied, interviewed and contested at the first stage of the process. The four Deputy Governors were involved in the interview and selection panel and PwC, an independent consultant managed the process. This process was seen as very strict, rigorous, fair and transparent. This process played out between 4th February and 28th of February, 2025.
(b) Suddenly on the 28th of February, some candidates were contacted via email for “a meeting” with the Governor on Saturday, March 1st. They were asked to dress formal. No other instructions or guidance were given for this meeting. On the day, it became clear that two top candidates were selected for each position to be interviewed by the Governor and two Board Members (Ado Wanka and Robert Agbede). All the candidates listed above were the ones interviewed by the Governor and the Board members.
(c) The Deputy Governors of the CBN who were part of the initial selection process were not brought on board to provide context on each candidate. The Governor huddled with two Board members to determine the process, thus excluding his deputies, who in actual fact will be the ones working with these potential directors to be appointed. They had no inputs in the final emergence of these directors. The Special Advisers to the Governor, who have also been working with these candidates across functions in the CBN were also excluded from this process, thus depriving the final selection team the benefits of key information on these candidates.
(d) It appears that the Governor and the Board members jettisoned the recommendations of PwC and their selection of candidates for each role. In some roles, they picked both top candidates who were recommended and gave them appointments, therefore limiting opportunity and displacing candidates who had applied for a role, interviewed, and were shortlisted as finalists. This played out in multiple positions. For example, Adetona Adedeji and Rita Sike both competed for Banking Supervision Department, and both were appointed to Currency and Branch Operations and Financial Policy and Regulation respectively. Also, Ibrahim Hassan Umar and Kayode Olarewaju Makinde both applied for and interviewed for Procurement and Support Services Department and both were appointed to Development Finance Institutions Supervision and Procurement and Support Services departments respectively, thus limiting opportunity for other candidates. The appointment of Ibrahim Hassan Umar to Development Finance Institutions Department displaced Chikelu Oballum(Anambra, South East) who actually applied for, interviewed and came top-two on this role. This limited opportunity for other candidates. This practice repeated itself across multiple positions, thus displacing candidates who had laboured to get to the finals.
(e) Patricks Ogiji, Benue(NC) and Mohammed Aliyu Ashiru(NW) both applied for and interviewed for Investor Relations Department. Suddenly, after undergoing this rigorous process, the rules were changed midstream. This department was now merged with Corporate Communications and all candidates who had undergone this process both on Investor Relations and Corporate Communications were not appointed to any role.
(f) Monsurat Vincent(Lagos, South West) was appointed as Director, Strategy Management and Innovation and meanwhile the incumbent Acting Director, Eme Eleonu(Rivers, South-South) was shoved aside, despite reaching the finals as top two and naturally he should have advantage as the incumbent who had steered the department, worked there for many years and also facilitated the recent strategy development for the bank 2024-2028. Monsurat has neither a strategy management qualification nor experience in the Strategy Management Department. She also did not apply for Strategy Management Department, but rather applied for Other Financial Institutions Supervision Department.
(g) The appointments were heavy with South West candidates and North Central candidates of Yoruba lineage(Kwara and Kogi). Eight successful candidates are from the South West. Only one candidate was appointed from the South- South(Mrs. Jide-Samuel), and one candidate from the South East(Mrs. Rita Sike Ijeoma). The South East had five candidates who came top-two in their interviewed positions and therefore reached the final selection point with the Governor and Board Members but only one was appointed. The South South had three candidates who came top-two and reached the final selection point. The North Central has more candidates appointed compared to the North East and North West which were largely excluded.
(h) There is no justification for neglecting regional balance in the appointments in the guise of “competence” when all the candidates who came before the Governor and Board members were competent and were top-two in their interviewed positions. Maybe the Management of CBN can explain the acute exclusion of some regions from the appointments. Was it that these applicants who came tops in this process were not deemed suitable by the Governor and the two Board members? Why in the first place should the Governor isolate his deputies and special advisers and involve external board members in an internal recruitment process? The involvement of these Board members could have diluted the process and injected politics, and a process which so far up to that point had been praised for its fairness and transparency suddenly degenerated to what to causing divisions inside the bank.
(i) PwC is livid and unhappy with the implementation of the report. They had advised the Governor to stick to the recommendations but were rebuffed. The Governor had apparently sprung a surprise and changed the rules midway, and instituted an extra process of interview for the candidates. Ordinarily, the process should have terminated and appointments made, based on the recommendations of the interview panel made up of Deputy Governors and PwC. This was the conventional and traditional process. But if the Governor wanted to know the candidates, he should have at least had one or two deputy governors at the final interview to help keep things on track and not let two external board members derail the process and inject politics.
(j) CBN Management should release the regional representation of directorship positions in the bank if they are to be taken seriously. Currently with existing directors and the new appointments, the South West has a total of 13 directors out of 30 departments, the North East and North West, 5 directors combined, the North Central has 6 directors, and the South South, 2 directors, South East, 1 director. Some other positions are yet to be filled. The other existing directors from the South West are Kofo Salam-Alada, Legal Department; Aderinola Shonekan (Research), Omolara Duke (Financial Markets). With the current appointments, the rank of directors has been swamped with South Westerners whereas the South South, South East, North West, North East are excluded. The case of the South East is even very pathetic. Only 1 director in the entire bank and the South South has only 2 directors in the entire bank. Cardoso and his management have to do something to correct these anomalies.
In conclusion, the CBN Management under Olayemi Cardoso has a lot to remedy in the appointment of directors, if they would be taken seriously as a management which is non-parochial.
