Central Bank of Nigeria (CBN), on Monday , effected a major redeployment of its deputy governors, a move seen as part of efforts to strengthen policy coordination and regulatory oversight as the apex bank pursues ongoing reforms in monetary management, financial sector stability and institutional efficiency.
The board changes, which took effect on June 1, 2026, were reflected on the bank’s official website, with all four deputy governors assuming new responsibilities across key operational and policy directorates.
Under the new arrangement, Deputy Governor, Economic Policy, Dr. Muhammad Sani Abdullahi, was reassigned to head Corporate Services Directorate, while Mr. Philip Chukwuemeka Ikeazor took over responsibility for Economic Policy.
Deputy Governor, Corporate Services, Ms. Emem Nnana Usoro, was moved to oversee Operations Directorate, while Mr. Lamido Abubakar Yuguda, formerly in charge of Operations, will now coordinate Financial System Stability Directorate.
The redeployment comes at a time when the CBN is implementing wide-ranging reforms aimed at tackling inflationary pressures, strengthening financial system resilience, advancing banking sector recapitalisation, and deepening confidence in the country’s financial markets.
Ikeazor’s appointment to Economic Policy Directorate places one of the bank’s most experienced banking professionals at the centre of monetary policy formulation and economic research.
Before the latest redeployment, Ikeazor served as Deputy Governor, Financial System Stability. He also held senior executive positions at Union Bank, United Bank for Africa (UBA), and Ecobank, and previously served as Managing Director and Chief Executive Officer of Keystone Bank.
With more than three decades of banking experience spanning Nigeria and other African markets, including Kenya and Uganda, Ikeazor is expected to bring extensive industry knowledge to the apex bank’s economic policy framework.
He holds a degree in Economics from the University of Buckingham and completed the Wharton Executive Programme.
Abdullahi, who now assumes responsibility for Corporate Services, is widely regarded as one of the country’s leading development economists and public policy experts.
Prior to his appointment as Deputy Governor, Economic Policy, he served as Commissioner for Budget and Economic Planning in Kaduna State and worked as a policy adviser with the United Nations as well as a consultant to the World Bank.
A graduate of Economics from Ahmadu Bello University, Zaria, Abdullahi also obtained advanced degrees from universities in the United Kingdom, including a doctorate from the University of Reading. His career spans more than two decades in development policy, governance and economic planning.
For Yuguda, the move to Financial System Stability returns him to a role closely aligned with his extensive experience in financial regulation and market oversight.
Appointed Deputy Governor, Operations, in 2025, Yuguda previously served as Director-General of the Securities and Exchange Commission (SEC) and was also a member of CBN’s Monetary Policy Committee.
He has accumulated over 30 years of experience covering reserve management, capital market regulation and economic policy, including service with African Department of the International Monetary Fund (IMF).
Yuguda studied Accountancy at Ahmadu Bello University, obtained a Master’s degree from the University of Birmingham, and is a Chartered Financial Analyst.
Usoro, who now takes charge of Operations Directorate, brings extensive experience in commercial banking and financial services management.
Before joining the CBN leadership team, she held senior management positions at United Bank for Africa, including Executive Director. Her professional experience covers branch operations, credit administration, marketing and banking operations.
A Fellow of the Chartered Institute of Bankers of Nigeria, Usoro is an alumnus of Lagos Business School and also attended Harvard Business School.
The latest redeployment underscores CBN’s efforts to reposition its leadership structure and deploy specialised expertise across critical functions as it navigates an increasingly complex macroeconomic and financial sector environment.
James Emejo
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