CBN’s 16 NEW DIRECTORS AND THE PAROCHIAL JEREMIAD, BY TONI KAN

Competence should be agnostic.

This was the thought that occurred to me as I read a piece referencing the recent appointment of 16 directors by the Central Bank of Nigeria (CBN) in what has been described as a rigorous, thorough and well-organised “two-phase appointment process.”

And in considering the furore that has erupted in the wake of the conclusion of the recruitment exercise with commentators from a section of the country alleging ethnic bias, I recalled a story I was told at a party years ago in Atlanta.

An old southern lady was rushed to the ER by ambulance. She presented with abdominal pain. Tests showed that she had a ruptured appendix and she was rushed to the theatre for an emergency appendectomy.

But when a black surgeon came in to operate on her she screamed. “I ain’t letting that N!gg@r touch me!”

It was her daughter who had come with her in the ambulance who gave her a hot slap which, as we say in Nigeria, reset her brain.

When I heard that story I remember saying to my American host, “Dana, in Africa we don’t slap our parents”

Dana’s answer was a simple, “Toni Kan, you are missing the point.”

The Nigerian economy is like that old southern lady; it is in dire straits and while the financial and fiscal authorities are working hard to get it on an even keel people are focusing on the tribes of the surgeons assembled to perform life-saving surgery.

A month ago the attack was against three women. Luckily, in that instant, all three women hailed from various parts of the country so tribal bias was not invoked as it is being done now.

In this case, with ethnic bias being alleged in the emergence of the 16 newly appointed directors, one is constrained to ask; when will it end, these irksome microscopic examinations of the Central Bank of Nigeria’s hiring practices.

It should be simple to understand that when it comes to picking the best to do a critical and intensive job we must look past tribe, religion and creed. Yes, there is the principle of federal character – which we are quick to invoke when things don’t go our way – but some national assignments demand the consideration of a different approach; one whose focus on competence, qualification, experience and merit should trump any other consideration.

How did we get here?

The CBN advertised, internally, for eligible deputy directors to apply for vacant director positions. Applications were received and vetted. The first round of interviews was conducted by human Resources and Director Generals before the next round which now had the CBN governor, Yemi Cardoso involved. The process was overseen from beginning to end by world renowned consultancy firm, PriceWaterHouseCoopers in order to ensure not just transparency but alignment with global best practice.

At the end of the exercise 16 new directors were appointed on March 3, 2025 and they include: Dr. Rakiya Opemi Yusuf (Payment System Supervision Department), Dr. Adenike Olubunmi Ojumu (Medical Services Department), Dr. Aisha Isa-Olatinwo (Consumer Protection Department), Mrs. Rita Ijeoma Sike (Financial Policy and Regulation Department), Mrs. Monsurat Vincent (Strategy Management and Innovation Department), and Mrs. Omoyemen Avbasowamen Jide-Samuel from the Information Technology Department), Mr. Hamisu Abdullahi (Banking Services Department), Dr. Usman Moses Okpanachi (Statistics); Dr. Oboh Victor Ugbem (Monetary Policy); and Mr. Farouk Mujtaba Muhammad, (Reserve Management.), Mr. Olubukola Akinniyi Akinwumi (Banking Supervision), Hassan Ibrahim Umar (Development and Finance Institutions)

The rest are Dr. Adetona Sikiru Adedeji, ( Currency Operation and Branch), Mr. Mohammed-Jamiu Olayemi Solaja, (Other Financial Institutions Supervision), Mr. Musa Nakorji (Trade and Exchange Department) and Mr. Kayode Olarewaju Makinde ( Procurement and Support Services).

The appointment of the 16 new directors with a 35% female representation brings to 27 the total number of substantive directors at the apex bank. At the conclusion of the exercise only the Corporate Communications department had an acting director.

The delay many not be unconnected with the merging of the newly created Investor Relations Department with the Corporate Communications Department in what a source described as “part of the Bank’s strategic efforts to enhance stakeholder engagement, optimize resources, and ensure a more coordinated approach to communication.”

The new directors have been described as “best-in-class” and “distinguished individuals who have demonstrated exceptional expertise, leadership, and commitment” to lead the Bank into the future.

While the process that led to the emergence of these new directors went smoothly, the reception has been anything but. Scathing commentaries in the papers and blogosphere have alleged an ethnic slant in the appointments while also purporting that deputy directors from a particular part of Nigeria were shortchanged.

Phrases like “regional favoritism”, glaring marginalisation”, “regional sentiments” have been bandied around to justify the supposed “unprecedented imbalance” and what one of the commentators described as “serious concerns about fairness, inclusivity and the credibility of the apex bank.”

But the fact to take away from all this especially as the CBN’s policies are beginning to impact the economy positively is a simple one; when it comes to dealing with the financial health of our nation, we must rise above atavistic parochialism.

A man laid out on the operating table does not worry about the race or religion or tribe of his surgeon. His major concern is whether the surgeon is capable, competent and experienced.

We must teach ourselves to take the same approach when it comes to working on the financial health of the nation by looking for the best hands within the system to lead the CBN into a new era.

That is what I think the bank has done and as staffers attest the exercise produced the right, experienced and qualified candidates but as Dana, my American friend told me many years ago, tribal irredentists “are missing the point” as usual.

Toni Kan is a PR expert, financial analyst and biographer.