IKEA ZOL Takes Control of Economic Policy and Corporate Services
The Central Bank of Nigeria (CBN) is undergoing significant leadership changes as Governor Olayemi Cardoso has reassigned four deputy governors in an effort to enhance policy coordination and regulatory oversight. This strategic reshuffle is part of the central bank’s broader reform agenda aimed at revitalizing Nigeria’s financial landscape.
The changes, effective June 1, have been made public on the CBN’s official website. Under the new arrangement, Mohammad Sani Abdullahi, previously overseeing economic policy, will now lead the Directorate General for Enterprise Services. Meanwhile, Philippe Ikeazor has been appointed to direct the Directorate General for Economic Policy. Emem Usoro, who was in charge of corporate services, will now manage the Directorate General of Operations, and Lamido Yuguda will transition from operations to helm the Directorate General of Financial System Stability.
This restructuring is integral to the central bank’s goal of combating inflation, reinforcing the financial system’s resilience, facilitating the recapitalization of the banking sector, and restoring investor confidence in Nigeria’s financial markets.
Philippe Ikeazor’s new role places one of the bank’s seasoned commercial bankers at the core of economic policy development and research. He brings a wealth of experience from his previous position as Deputy Governor for Financial System Stability and has held key roles at Union Bank, United Bank for Africa, and Ecobank. Ikeazor also served as Managing Director and CEO of Keystone Bank, enriching the central bank’s policy framework with over 30 years of banking expertise across Nigeria and various African markets, including Kenya and Uganda. His academic background features a degree in economics from Buckingham University and completion of the Wharton Executive Program.
Mohammad Sani Abdullahi, now responsible for corporate services, is recognized as one of Nigeria’s foremost development economists. Before joining the CBN, he held the position of Kaduna State Budget and Economic Planning Commissioner and has experience as a policy advisor to the United Nations and as a consultant to the World Bank. A graduate of Ahmadu Bello University in Zaria, Abdullahi has advanced degrees from UK institutions, including a PhD from the University of Reading, with over 20 years of experience in economic planning and development policy.
Lamido Yuguda’s new focus on financial system stability aligns with his extensive experience in financial regulation and market oversight. Before becoming Deputy Governor for Operations in 2025, he was Secretary General of the Securities and Exchange Commission and served on the CBN’s Monetary Policy Committee. With more than three decades in reserve management, capital markets regulation, and economic policy—including work with the International Monetary Fund’s Africa Department—Yuguda holds degrees from Ahmadu Bello University and the University of Birmingham and is a Chartered Financial Analyst.
Finally, Emem Usoro, as the current Director of Operations, brings a rich background in commercial banking to his new position. His prior experience includes senior management roles at the African Union Bank, and he has substantial expertise in banking, credit management, marketing, and branch operations.
