The Central Bank of Nigeria (CBN) has carried out a major management restructuring involving the redeployment of its four Deputy Governors as part of efforts to enhance operational efficiency and strengthen leadership across key directorates.
The changes, which became effective on June 1, 2026, were reflected in updates published on the apex bank’s official website on Monday.
Under the new arrangement, Deputy Governor for Economic Policy, Dr. Muhammad Abdullahi, has been moved to head the Corporate Services Directorate. Taking over the Economic Policy Directorate is Mr. Philip Ikeazor, who previously held another leadership portfolio within the bank.
The reorganisation also saw Ms. Emem Usoro, formerly in charge of Corporate Services, reassigned to the Operations Directorate, while Mr. Lamido Yuguda was moved from the Operations Directorate to oversee the Financial System Stability Directorate.
The redeployment results in a reshaping of leadership across some of the CBN’s most strategic departments, including those responsible for economic policy, financial sector supervision, internal administration and core banking operations.
While the apex bank did not provide specific reasons for the changes, the exercise is viewed as part of ongoing efforts to improve coordination among critical departments and position the institution to better deliver on its mandates.
The Economic Policy Directorate serves as one of the bank’s most important units, providing economic analysis and supporting monetary policy decisions that influence inflation, interest rates and overall economic growth.
Meanwhile, the Corporate Services Directorate manages administrative and institutional support functions essential to the day-to-day running of the bank.
The Operations Directorate oversees key banking activities, including currency management and payment system administration, while the Financial System Stability Directorate is responsible for monitoring risks within the financial sector and ensuring the resilience of banking institutions.
The latest restructuring comes as the CBN continues to implement reforms aimed at strengthening regulatory oversight, improving institutional performance and supporting macroeconomic stability.
It also coincides with broader efforts by the bank to deepen confidence in the financial system and improve the effectiveness of policy execution across its various departments.
Earlier in March 2026, President Bola Tinubu nominated Lamido Yuguda, a former Director-General of the Securities and Exchange Commission, for appointment as a Deputy Governor of the Central Bank of Nigeria.
The nomination was announced in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
Onanuga said Yuguda’s nomination follows the recent appointment of the former CBN Deputy Governor, Bala Bello, as Special Adviser to the President on Political Economy.