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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? But first, who is the current CBN governor? See him here.
Meet the Current Deputy Governors of the Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) plays a crucial role in the country’s financial system, and its operations are overseen by a board of directors.
In this post, we will introduce you to the current deputy governors who are serving on the board as well as the list of CBN assistant directors.
President Bola Tinubu has recently nominated four individuals to serve as Deputy Governors of the Central Bank of Nigeria.
These nominations are subject to confirmation by the Senate and, if approved, the individuals will serve a term of five years.
Once confirmed, they will work alongside the newly appointed head of the Apex Bank, Yemi Cardoso. Below are profiles of the new CBN deputy governors for further information.
I start with the last list of CBN deputy directors, I mean the deputy governor of CBN 2023. This list includes the CBN deputy governor (operations).
Mrs. Emem Nnan Usoro
Mrs. Emem Nnan Usoro is currently a Deputy Governor of the CBN and is a highly accomplished professional with an extensive background in the banking industry.
She holds degrees from both Harvard Business School and Lagos Business School, and has over 20 years of experience in various areas of banking, including Operations, Credit and Marketing, Branch Management, Relationship Management, and Corporate and Commercial Banking.
Mr. Philip Ikeazor
Mr. Philip Ikeazor is a highly experienced professional in the financial services industry with over 30 years of experience. He obtained a BSc. in Economics from the University of Buckingham in the UK and has attended executive programs at prestigious institutions such as Wharton Business School and Harvard Business School.
Throughout his career, he has held various board positions, including CEO of Keystone Bank Limited, CEO of Ecobank Kenya Limited, Executive Director of Union Bank Nigeria, Director of Union Bank UK PLC, and Director of Orient Bank Uganda.
Additionally, he has served as a member of the governing board of ICRISAT – International Crop Research Institute for the Semi-Arid Tropics, India. Mr. Philip Ikeazor is a Fellow of the Institute of Chartered Accountants of Nigeria, Fellow of the Chartered Institute of Bankers of Nigeria, and a Fellow of the Chartered Institute of Taxation of Nigeria.
Dr. Bala Bello
Dr. Bala Mohammed Bello, a native of Taraba State, is a highly esteemed figure in the fields of banking, capital markets, and pension fund management.
With a career marked by exceptional achievements, Bello has established himself as a respected public official and renowned accountant. In April 2017, he was appointed by former President Muhammadu Buhari as the Executive Director of Corporate Services at the Nigerian Export-Import Bank.
Throughout his career, Bello has consistently surpassed his peers and achieved remarkable success, earning him a reputation for excellence.
Muhammad Sani Abdullahi
Muhammad Sani Abdullahi is a highly accomplished international development expert. He has held various prestigious positions, including serving as a policy adviser at the Executive Office of United Nations Secretary-General Ban Ki-Moon in New York and as Commissioner for Budget and Planning in Kaduna State.
Abdullahi is well-educated, having obtained a Master’s degree in Development Economics and Policy from the University of Manchester, as well as a second Master’s degree in International Affairs and Diplomacy from Ahmadu Bello University.
He has also acquired several certificates, including in Public Finance from the London School of Economics, Sustainable Development from Columbia University, and Advanced Project Management from Oxford University.
That is the List of current CBN deputy governors in Nigeria serving under President Tinubu.
All former CBN deputy governors in the past
Below are list of CBN directors:
Mr. Folashodun Adebisi Shonubi – Acting Chairman, Board of Directors
Mr. Shonubi has been serving as the acting chairman of the board since October 17, 2018. With his wealth of experience and expertise in the financial sector, he has been instrumental in ensuring the stability and growth of the Nigerian economy.
Mrs. Aishah N. Ahmad – Deputy Governor, Financial System Stability Directorate
Since March 23, 2018, Mrs. Ahmad has been serving as the deputy governor in charge of the Financial System Stability Directorate. With her extensive knowledge of financial markets and regulatory frameworks, she has been instrumental in maintaining the stability of the Nigerian financial system.
Mr. Edward L. Adamu – Deputy Governor, Corporate Services Directorate
Mr. Adamu has been serving as the deputy governor in charge of the Corporate Services Directorate since March 23, 2018. With his expertise in corporate governance and strategic management, he has played a key role in enhancing the efficiency and effectiveness of the CBN’s operations.
Dr. Kingsley Obiora – Deputy Governor, Economic Policy Directorate
Dr. Obiora joined the board as a deputy governor in charge of the Economic Policy Directorate on March 02, 2020. With his strong background in economics and policy analysis, he has been actively involved in formulating and implementing policies to promote economic growth and development in Nigeria.
These deputy governors, along with the acting chairman, Mr. Shonubi, are leading the efforts of the Central Bank of Nigeria to ensure the stability and growth of the country’s financial system. Their expertise and dedication are instrumental in shaping the economic landscape of Nigeria.
Let’s now see a full compilation of a list of CBN deputy governors in Nigeria.
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. 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 from 2000 to 2004. Alade was appointed Acting Governor of the Central Bank of Nigeria on 20 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 on 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 to 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.
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 of, the International and Investments Sector, at UBA between 1992 and 1993 and Executive Director, Corporate and International Banking, at 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, of 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 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 precursor 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 to 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.
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 to 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 the 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.
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.
This article was updated 2 months ago