List of CBN deputy governors

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This article on the list of CBN deputy governors will attempt to answer questions such as who the Deputy Director of Central Bank of Nigeria is, who the former deputy governor of CBN is, who the board of directors in CBN are and who the director of Central Bank of Nigeria is.

You can see another article I made that shows all CBN governors that ever served in Nigeria’s apex bank from inception.

So, how many Deputy Governors does CBN have?

Let’s now see a full compilation of a list of CBN deputy governors in Nigeria. I will also include a list of current CBN Deputy governors.

All former CBN deputy governors

Dr. Okwu Joseph Nnanna

Dr. Nnanna joined the Central Bank of Nigeria in 1994 and was appointed as an Advisor to the Governor of the Central Bank. And in 2001 was appointed the Director of Research and Statistics of the Central Bank of Nigeria. He retired as Deputy Governor, Economic Policy Directorate. He served from 2/3/2015 – 2/2/2020.

Mr. Adebayo Adelabu

Adelabu, until his appointment as Deputy Governor of the CBN, was an Executive Director/Chief Financial Officer of First Bank of Nigeria. He was also on secondment to the CBN in 1999 when he led the Finance team on the CBN re-engineering and corporate renewal project tagged “Project EAGLES”. He served from 4/9/2014 – 7/15/2018.

Alhaji Suleiman Barau (OON)

Baraumoved to Continental Merchant Bank Limited in 1988 where he rose to the position of Deputy Manager and later became a Principal Manager with the Bank of the North Limited. He then moved to United Bank for Africa as a Principal Manager and then joined FSB International Bank and left in 2005 as a General Manager to take up an appointment as a Special Adviser to the Governor of the Central Bank of Nigeria. Suleiman was appointed to the Board of CBN as the Deputy Governor, Operations on the 13th of December, 2007 and retired as Deputy Governor, Corporate Services Directorate serving from 12/13/2007 – 12/12/2017.

Dr. Sarah Alade (OON)

Dr. Alade joined the CBN in 1993 as an Assistant Director in the Research Department where she served as Head, State Government Finance Office between 1993 and 1996, Head, Federal Government Finance Office from 1996 to 2000 and Head, Fiscal Analysis Division in 2000 till 2004. Alade was appointed Acting Governor of the Central Bank of Nigeria on 20th February 2014. But before that, she had served as Deputy Governor (Economic Policy), CBN from 26th March 2007. She retired as Deputy Governor, Economic Policy Directorate  3/22/2017.

Dr. Kingsley Moghalu (OON)

Moghalu was appointed by President Umaru Musa Yar’Adua, from 2009 to 2014 as Deputy Governor of the Central Bank of Nigeria. Prior to his appointment as Deputy Governor of the CBN, Moghalu was the Founder and CEO of Sogato Strategies S.A., a risk management and strategy consultancy firm in Geneva, Switzerland. He was also the Executive Director of the Swiss-Africa Business Roundtable and served as a member of the global board of directors of Opportunities Industrialization Centers International, Inc., USA. He retired as Deputy Governor, Financial Systems Stability Directorate, serving from 11/9/2009 – 11/5/2014.

Mr. Tunde Lemo (OFR) 

In 2003, Lemo became the deputy governor of operations and director of the Central Bank of Nigeria—serving as its deputy governor of the financial surveillance sector. Prior to his appointment as Deputy Governor, he served as MD/CEO of Wema Bank Plc between 2000 and 2003. He retired as Deputy Governor, Operations Directorate served from 1/1/2004 – 1/10/2014.

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Mr. Ernest C. Ebi MFR 

He started his banking career in 1978 at the Community Federal Savings and Loan Association, Washington D.C., U.S.A. where he held the position of Assistant Vice President/Controller. In a very distinguished career within the financial services industry, he went on to serve in leadership positions across a number of banks. In fact, his managerial astuteness and capacity to stay unruffled even in the face of a raging storm attracted the attention of the regulators. He was given the opportunity to serve as a Deputy Governor in the CBN where he covered the policy and corporate services portfolios over a ten-year period. he took the opportunity with both hands and discharged his duties with honour and candour. Served from 6/4/1999 – 6/3/2009.

Dr. Shamsuddeen Usman

Usman was Executive Director, International and Investments Sector, UBA between 1992 and 1993 and Executive Director, Corporate and International Banking, Union Bank from April 1993 to Oct. 1994. In Oct. 1994, he was appointed MD/CEO, NAL Merchant Bank Plc, from where he was appointed a Deputy Governor in charge of Domestic Monetary and Banking Policy in the CBN and served from 6/4/1999 – 7/1/2007. 

Dr. Obadiah Mailafia

Mailafia served from 5/3/2005 – 3/26/2007 as Deputy Governor of the CBN and was principally responsible for managing monetary policy, economic policy, research and statistics and liaison with regional and international bodies, including the IMF and the World Bank. He was a principal actor in the banking consolidation exercise of 2005–2006 that led to the reform of the Nigerian banking sector. He oversaw the mergers and acquisitions, from 89 to 25 consolidated banks. He was also actively involved in negotiating Nigeria out of the Paris Club group of indebted nations.

Mrs. Wahir A. Mshelia

Until she resigned her appointment on May 3, 2005, Wahir Mshelia was the deputy governor (Policy) of the Central Bank of Nigeria. After her resignation, she went into retirement, ending her voyage of 27 years in the public service. She, however, alleged that she was actually hounded out of office by her boss and that he did so with the active connivance of former President Olusegun Obasanjo. Mshelia served from 5/29/2004 – 4/22/2005.

Alhaji Mahey R. Rasheed

Alhaji Rasheed is a former Deputy Governor of the CBN (Corporate Services) having been a career staff at the CBN, rising to the rank of departmental Director. He was later appointed as a Deputy Governor in 1999 and retired in 2004. While at the CBN, he led the external Reserve Management operations of the Bank for over 10 years. Also, he has been at the forefront of the formulation and implementation of monetary and financial policies, risk management strategies, and corporate governance for more than two decades.

Mr. Oluwole S. Oduyemi

Oduyemi started his banking career with a brief stint with Barclays Bank, after which he joined the CBN in 1964 and rose through the ranks to become the Deputy Director of Banking Supervision Department in 1984. He became Director of Banking Operations in 1987. During his tenure as Director of Banking Operations, he implemented several foundational projects as a pre-cursor to the robust money market system currently in operation today. He retired as Deputy Governor, Corporate Services having served from 7/20/1990 – 12/31/2003.

Mr. Victor A. Odozi

Odozi had a distinguished career at the Central bank of Nigeria, which spanned over thirty-two years. He successfully held several sensitive positions in the Bank over the years, which culminated in his appointment as the Deputy Governor, Financial Sector Surveillance, a position he held for about eleven years having served from 2/19/1988 – 4/6/1999.

Mallam Ismaila Usman

Usman, who served as Deputy Governor central bank with a reputation for discipline, was demoted for standing up to the late dictator, General Sani Abacha, in his demands for cash. Abdulsalami Abubakar, however, named him Finance Minister in his regime. He served from 2/19/1988 – 2/18/1993 as CBN’s deputy Governor.

Mr. J. O. Sanusi

Sanusi joined the CBN in 1966 as a Deputy Manager. and became a Departmental Director in 1977, Chief Executive of the Securities and Exchange Commission (1978–1979), Executive Director, Monetary and Banking Policy (1979–1984), and CBN’s Deputy Governor (1988–1990). He left the Central Bank to become MD/CEO of UBA (1990–1992), then MD/CEO of First Bank (1992–1998). He was also Vice-Chairman of Nigeria Merchant Bank and Chairman of Banque Internationale du Benin.

Alhaji Amusa O. G. Otiti

Otiti joined the employ of the CBN in Oct. 1958, as one of the pioneer staff and rose from Managerial Assistant, Assistant Banking Manager, Assistant Currency Officer, Manager Grade “A” and Assistant General Manager to Deputy General Manager (Kano Branch) and was later transferred to the head office where he held the position of the Deputy General Manager between Dec. 1966 and Aug. 1968 and became the Deputy Exchange Controller of CBN and acting head of department –1968 to March 1970.

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He served as Head of Department from April 1970 to 1976 and was subsequently promoted to the position of Chief of Banking Operations in January 1976–Sept. 1977. He later assumed the role of Executive Director, Operations from Sept. 1977–May 1982.

In May 1982, he became the Deputy Governor of the CBN, a role he served for six years until his retirement in May 1988.

Alhaji Abdulkadir Ahmed – (Late)

Ahmed was born on the 31st of October 1940 in Jama’are, Bauchi State. He had his early education in Jama’are and Bauchi before proceeding to Barewa College Zaria in 1955. He graduated from South West London College in 1972 after a stint at the University of Ife in 1961. He joined the service of the NNDC in January 1960 and worked in various capacities within the group’s many subsidiaries and associate companies. He later served his state, Bauchi state as the first Commissioner of Finance from March 1976 to June 1977 after which he was appointed a Deputy Governor with the CBN. He was appointed the Governor of the Bank on 27th June 1982 and retired on 30th September 1993.

Mr. O. O. Vincent – (Late)

Vincent was Senior Assistant Secretary in the Nigerian Ministry of Finance before moving to the CBN as an Assistant general manager, and then becoming a general manager at the CBN from 1963 to 1966. He was a Director at the Nigerian Industrial Development Bank between 1964–1966. Vincent was appointed a Vice-President at the African Development Bank, Abidjan, Côte d’Ivoire from 1966–1973. He returned to the CBN in 1973 as an Adviser, becoming Deputy Governor in 1975 and Governor from 1977 to 1982.

Mr. S. O. Asabia – (Late)

Between 1970 and 1975 he was appointed deputy governor of the CBN and also chairman of the Securities Issues Commission (now Securities Exchange Commission). Between 1975 and 1981, he was president of the Nigerian Stock Exchange and in 1983, he was vice president of the Nigerian Economic Society. Asabia later assumed the executive leadership position at First Bank following the government’s acquisition of majority interest from Standard Chartered Bank.

Mallam Ahmed Talib – (Late)

Retired Deputy Governor 

Served from 8/1/1968 – 11/5/1969

Dr. Abai Njoku Abai – (Late)

Retired Deputy Governor 

Served from 7/25/1963 – 1/26/1967

Mallam Aliyu Mai-Bornu – (Late)

Mai-Bornu’s portrait features on the 1,000 Naira note brought into circulation on October 12, 2005. He rapidly rose through the CBN ranks from assistant secretary to deputy secretary, then secretary. In 1962, he became the first Nigerian to be appointed Deputy Governor. On July 25, 1963, He was later appointed Governor of the CBN between 1963–1967. After leaving the bank, he was appointed Director and General Manager of the Nigerian Tobacco Company (1967–1969). He served on the Board of Directors of the company until his death on the 23rd of February, 1970.

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Grahame William Keep

Mr. Graham William Keep was appointed the first and the only Expatriate Deputy Governor of the Central Bank of Nigeria, from January 27, 1959, to January 26, 1962.

Dr. E. N. Onunkwo

Did not assume duty as Deputy Governor 

Served from 2/19/1988 –   

Mrs. Aishah N, Ahmad

Aishah Ahmad Ndanusa is currently a Deputy Governor of the CBN (Deputy Governor, Financial Systems Stability Directorate) since being appointed on 6 October 2017 replacing Sarah Alade, who retired in March 2017. Prior to her appointment, she was Head Consumer Banking & Investment at Diamond Bank.

Mr. Edward L. Adamu

Adamu was nominated by President Muhammadu Buhari on February 1 2018 as the Deputy Governor of the Central Bank of Nigeria to replace Suleiman Barau, who retired in December 2017. Prior to his appointment to his current position, he served as the Director of Human Resources at the CBN, since 2016. He is also currently serving as the Chairman of AMCON.

Mr. Folashodun Adebisi Shonubi

Folashodun became the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018. Since October 2018 to date, he is the Deputy Governor, Operations of the CBN, after the disengagement of the former Deputy Governor in charge of operations at the apex bank, Mr. Adebayo Adelabu. He represents the Governor of the Central Bank of Nigeria on the Board of FIRS since the 9th of December, 2019.

Dr. Kingsley Obiora

Obiora is a Deputy Governor in the CBN since March 2nd, 2020 to date. Prior to this, he was an Alternate Executive Director in the IMF in Washington DC, USA. In this capacity, he was a member of the Executive Board, collectively responsible for conducting the daily operations of the IMF. He also assisted to represent the interests of 23 African Countries, including Nigeria, at the Board.

This article was most recently revised and updated on January 13, 2022

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