Central bank says changes are aimed at strengthening coordination, leveraging experience and aligning leadership roles with evolving institutional priorities…..
The Central Bank of Nigeria (CBN) has carried out a major reassignment of its deputy governors, redistributing key portfolios across the institution in a move aimed at enhancing operational efficiency and strengthening leadership oversight.
The changes, which took effect on June 1, 2026, were reflected in an updated leadership structure published on the apex bank’s official website.
Under the new arrangement, Philip Ikeazor has been appointed to oversee the Policy Directorate, taking over responsibilities previously handled by Deputy Governor Muhammad Abdullahi.
Abdullahi has, in turn, been reassigned to head the Corporate Services Directorate.
Another significant change sees Deputy Governor Emem Usoro move from Corporate Services to the Operations Directorate, while Lamido Yuguda has been transferred from Operations to the Financial System Stability Directorate.
The reshuffle effectively rotates all four deputy governors into new areas of responsibility, marking one of the most notable leadership realignments within the bank in recent times.
According to the CBN, the exercise is part of efforts to deepen institutional effectiveness by deploying senior officials across different strategic functions of the organisation.
The bank said the reassignments were designed to strengthen coordination among critical departments, broaden leadership experience and ensure that management responsibilities remain aligned with the institution’s changing priorities and policy objectives.
Officials noted that the movement of top executives across directorates would allow the bank to leverage the diverse expertise of its leadership team while supporting ongoing reforms within the financial system.
The latest changes come as the CBN continues to pursue reforms aimed at improving monetary policy effectiveness, financial system stability, operational efficiency and overall institutional performance.
While the bank did not provide additional details on the reasons behind the specific portfolio changes, it maintained that the reassignment of senior officials forms part of its broader strategy to adapt to emerging challenges and evolving responsibilities within Nigeria’s financial sector.
The new appointments take immediate effect, with each deputy governor expected to oversee the implementation of policies and initiatives within their respective directorates as the apex bank advances its regulatory and monetary policy agenda.
