This article lists all Deputy Governors of the Central Bank of Nigeria (CBN) — both current and former —and answers questions such as who the Deputy Director of the Central Bank is, who the former Deputy Governors were, who serves on the CBN board of directors, and who the current Director of the Central Bank of Nigeria is.
You can also read another article I wrote where I listed every CBN Governor since the bank’s creation.
So, how many Deputy Governors does the CBN have? First, let’s identify the current Governor. You can see him here.
Current Deputy Governors of the Central Bank of Nigeria (CBN)
The Central Bank of Nigeria plays a key role in the country’s financial system, and its activities are supervised by a board of directors.
Below are the current Deputy Governors serving on the board, along with information about the CBN assistant directors.
President Bola Tinubu recently nominated four people to serve as Deputy Governors of the Central Bank of Nigeria.
These nominations await Senate confirmation. Once approved, each will serve for five years and work alongside the new Governor of the Central Bank, Yemi Cardoso.
Here are the new Deputy Governors:
Mrs. Emem Nnan Usoro
Mrs. Usoro is a Deputy Governor of the CBN with a long and successful career in banking.
She studied at Harvard Business School and Lagos Business School and has over 20 years of experience in operations, credit and marketing, branch management, relationship management, and corporate and commercial banking.
Mr. Philip Ikeazor
Mr. Ikeazor has more than 30 years of experience in the financial services industry. He earned a degree in Economics from the University of Buckingham in the UK and has completed executive programs at Wharton and Harvard Business Schools.
He has held leadership positions, including CEO of Keystone Bank, CEO of Ecobank Kenya, Executive Director of Union Bank Nigeria, and Director at Union Bank UK and Orient Bank Uganda.
He also served on the governing board of the International Crop Research Institute for the Semi-Arid Tropics (ICRISAT) in India.
He is a Fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Bankers of Nigeria, and the Chartered Institute of Taxation of Nigeria.
Dr. Bala Mohammed Bello
Dr. Bello, from Taraba State, is a respected figure in banking, capital markets, and pension fund management.
He has built a strong career as an accountant and public official. In April 2017, former President Muhammadu Buhari appointed him Executive Director of Corporate Services at the Nigerian Export-Import Bank.
Muhammad Sani Abdullahi
Mr. Abdullahi is an international development expert. He has served as a policy adviser at the United Nations Headquarters in New York under Secretary-General Ban Ki-Moon and as Kaduna State Commissioner for Budget and Planning.
He earned a Master’s degree in Development Economics and Policy from the University of Manchester and another in International Affairs and Diplomacy from Ahmadu Bello University.
He also holds certificates in Public Finance (London School of Economics), Sustainable Development (Columbia University), and Advanced Project Management (Oxford University).
These are the current CBN Deputy Governors serving under President Tinubu.
Former CBN Deputy Governors
Below is a list of past CBN directors and deputy governors:
Mr. Folashodun Adebisi Shonubi – Acting Chairman, Board of Directors
Mr. Shonubi became acting chairman of the board on October 17, 2018. He has brought experience and stability to the Nigerian financial system.
Mrs. Aishah N. Ahmad – Deputy Governor, Financial System Stability
Appointed on March 23, 2018, Mrs. Ahmad oversees the Financial System Stability Directorate. Her understanding of financial markets and regulations has strengthened the system’s resilience.
Mr. Edward L. Adamu – Deputy Governor, Corporate Services
Since March 23, 2018, Mr. Adamu has led the Corporate Services Directorate, focusing on efficiency and corporate governance.
Dr. Kingsley Obiora – Deputy Governor, Economic Policy
Dr. Obiora joined the board on March 2, 2020, to lead the Economic Policy Directorate. He has worked on economic growth strategies and policy design.
Together, these Deputy Governors and Mr. Shonubi have played key roles in maintaining Nigeria’s economic stability.
List of Past Deputy Governors
Dr. Okwu Joseph Nnanna
Joined the CBN in 1994, became Director of Research and Statistics in 2001, and later served as Deputy Governor (Economic Policy).
Tenure: February 3, 2015 – February 2, 2020.
Mr. Adebayo Adelabu
Before joining the CBN, he was Executive Director and CFO of First Bank of Nigeria. He also led a major reform project called “Project EAGLES” in 1999.
Tenure: April 9, 2014 – July 15, 2018.
Alhaji Suleiman Barau (OON)
Worked with Continental Merchant Bank, Bank of the North, and UBA before joining the CBN.
Tenure: December 13, 2007 – December 12, 2017.
Dr. Sarah Alade (OON)
Joined the CBN in 1993, became Acting Governor in February 2014, and retired as Deputy Governor (Economic Policy).
Tenure: March 26, 2007 – March 22, 2017.
Dr. Kingsley Moghalu (OON)
Appointed in 2009 by President Umaru Musa Yar’Adua. He served until 2014, overseeing the Financial Systems Stability Directorate.
Mr. Tunde Lemo (OFR)
Served as Deputy Governor of Operations from 2004 to 2014 after leading Wema Bank as Managing Director.
Mr. Ernest C. Ebi (MFR)
Began his banking career in the U.S. and later held senior roles in Nigeria’s financial sector before serving as Deputy Governor for a decade.
Tenure: June 4, 1999 – June 3, 2009.
Dr. Shamsuddeen Usman
Former MD/CEO of NAL Merchant Bank, he became Deputy Governor in charge of Domestic Monetary and Banking Policy.
Tenure: June 4, 1999 – July 1, 2007.
Dr. Obadiah Mailafia
Served from May 3, 2005, to March 26, 2007. Played a major role in the 2005–2006 banking consolidation that reduced 89 banks to 25.
Mrs. Wahir A. Mshelia
Deputy Governor (Policy). Served from May 29, 2004, to April 22, 2005.
Alhaji Mahey R. Rasheed
Served as Deputy Governor (Corporate Services).
Tenure: 1999 – 2004.
Mr. Oluwole S. Oduyemi
Joined the CBN in 1964 and rose through the ranks to become Deputy Governor (Corporate Services).
Tenure: July 20, 1990 – December 31, 2003.
Mr. Victor A. Odozi
Served as Deputy Governor (Financial Sector Surveillance) for 11 years.
Tenure: February 19, 1988 – April 6, 1999.
Mallam Ismaila Usman
Served as Deputy Governor from February 19, 1988, to February 18, 1993.
Mr. J. O. Sanusi
Joined CBN in 1966, served as Deputy Governor from 1988 to 1990, and later became MD/CEO of both UBA and First Bank.
Alhaji Amusa O. G. Otiti
One of the CBN’s pioneer staff members. Served as Deputy Governor from May 1982 to May 1988.
Alhaji Abdulkadir Ahmed (Late)
Appointed Deputy Governor in 1977 and later became Governor of the CBN in 1982. Retired in 1993.
Mr. O. O. Vincent (Late)
Served as Deputy Governor from 1975 to 1977 before becoming Governor from 1977 to 1982.
Mr. S. O. Asabia (Late)
Deputy Governor from 1970 to 1975. Later chaired the Securities Issues Commission and served as President of the Nigerian Stock Exchange.
Mallam Ahmed Talib (Late)
Served as Deputy Governor from August 1, 1968, to November 5, 1969.
Dr. Abai Njoku Abai (Late)
Served as Deputy Governor from July 25, 1963, to January 26, 1967.
Mallam Aliyu Mai-Bornu (Late)
Became the first Nigerian Deputy Governor in 1962 and later Governor from 1963 to 1967. His portrait appears on the ₦1,000 note.
Grahame William Keep
The first and only expatriate Deputy Governor of the Central Bank of Nigeria.
Tenure: January 27, 1959 – January 26, 1962.
Dr. E. N. Onunkwo
Appointed but did not assume office.
Date of appointment: February 19, 1988.
Article updated 7 days ago. Content is written and modified by multiple authors.
