Major restructuring of the board of CBN is underway as part of plans to fully align the institutional perspective of the apex bank with the ongoing reforms.

The board of the CBN is made up of five executives and seven non-executive members. The five executive members are the Governor and four deputy governors.

Multiple sources in the know of the undercurrents yesterday said the composition of the board of the apex bank may soon change in order to give the apex bank a clean start and realign it with the reform mandate of the new CBN management.
“Fresh thinking and ideas is sorely needed in the management of our finances at this time,” a source said.

According to the source, the board of the apex bank could not be divested from its activities, thus the extension of the sweeping change of the

executive management to the board.
A source pointed out that given the rationales for the appointment of the new executive management, the government would want people with the same philosophical views to compliment the new executives.

“With reconstitution of the board of governors, it’s only a matter of time for the main board which incidentally is headed by the CBN Governor, to be reconstituted,” another source said.

The organogram of the apex bank places the board of directors as the highest organ, followed by the office of the Governor and then, the four deputy governors.

By Aremu Abdullah Olaniyi