Breaking: CBN Redeploys All Four Deputy Governors in Major Leadership Shake-Up

Abuja, Nigeria – The Central Bank of Nigeria (CBN) has announced a major redeployment of its Deputy Governors, assigning new portfolios to the bank’s top management team as part of an internal restructuring that took effect on June 1, 2026. The changes, reflected on the apex bank’s official website, involve the reassignment of all four Deputy Governors across key directorates, including Economic Policy, Corporate Services, Operations, and Financial System Stability.

Under the new arrangement, Dr. Muhammad Sani Abdullahi, who previously oversaw the Economic Policy Directorate, has been redeployed to head the Corporate Services Directorate. In his place, Mr. Philip Chukwuemeka Ikeazor, formerly Deputy Governor in charge of Financial System Stability, has been appointed Deputy Governor, Economic Policy. Similarly, Ms. Emem Nnana Usoro, who previously served as Deputy Governor, Corporate Services, has been reassigned to the Operations Directorate, while Mr. Lamido Abubakar Yuguda moves from Operations to head the Financial System Stability Directorate.

The redeployment comes at a time when the CBN is implementing wide-ranging reforms aimed at strengthening monetary policy effectiveness, deepening financial sector stability, and enhancing operational efficiency within the institution. The reshuffle follows the appointment and Senate confirmation of Lamido Yuguda as Deputy Governor, which was finalized in April 2026. Yuguda replaced Bala Bello, who was recently redeployed by President Bola Tinubu as Special Adviser on Political Economy.

As the new Deputy Governor for Economic Policy, Ikeazor brings more than three decades of banking and financial services experience to one of the CBN’s most strategic directorates, which is responsible for monetary policy coordination, inflation management, and macroeconomic analysis. Before the latest redeployment, he served as Deputy Governor, Financial System Stability. Ikeazor has held senior executive positions in several leading financial institutions, including Union Bank, United Bank for Africa (UBA), Ecobank, and Keystone Bank, where he served as Managing Director and Chief Executive Officer. His banking career spans both domestic and regional markets, with professional exposure in countries such as Kenya and Uganda, where he served as CEO of Ecobank Kenya Limited. Industry observers regard him as a seasoned banking executive with extensive experience in regulation, risk management, and corporate governance. Ikeazor holds a Bachelor of Science degree in Economics from the University of Buckingham and has completed executive education programmes at the Wharton School, as well as the Wharton-CEIBS-IESE Business School Global CEO Programme. He has held various board positions, including Director of Union Bank UK PLC and Director of the Orient Bank Uganda.

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Dr. Abdullahi, popularly known as Dattijo, now assumes responsibility for the Corporate Services Directorate after overseeing the bank’s economic policy functions following his appointment in 2023. An economist with expertise in development economics, governance, and public policy, Abdullahi has built a career spanning public service, international development institutions, and economic advisory roles. Before joining the CBN, 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. He has over two decades of policy experience and is recognized for his strong background in development economics. He earned his first degree in Economics from Ahmadu Bello University, Zaria, before pursuing advanced studies in the United Kingdom, including a master’s degree in Manchester and a doctorate from the University of Reading.

Mr. Lamido Yuguda will now oversee the Financial System Stability Directorate, a role that places him at the centre of efforts to safeguard the resilience of Nigeria’s banking and financial system. Yuguda was appointed Deputy Governor, Operations, in 2025 and previously served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024. He has more than 30 years of experience in financial regulation, capital markets, reserve management, and economic policy. His professional background includes service at the International Monetary Fund’s Africa Department from 1997 to 2001 and membership of the CBN’s Monetary Policy Committee. He began his career at the CBN in 1984 and later became Director of Reserve Management before retiring from the bank in 2016. A graduate of Accountancy from Ahmadu Bello University, Yuguda also holds a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom, and is a Chartered Financial Analyst (CFA) . The Senate confirmed Yuguda’s nomination on Wednesday, April 29, 2026, following consideration of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions. During his screening, lawmakers invoked the traditional “take a bow and go” privilege, citing Yuguda’s prior engagements with the Senate, including his previous screening as Director-General of the Securities and Exchange Commission. Senate President Godswill Akpabio described Yuguda as “a square peg in a square hole” and commended President Tinubu for the appointment.

Ms. Usoro takes over as Deputy Governor, Operations, following her tenure in charge of Corporate Services. She previously served as Deputy Governor, Operations, from 2023 to 2025, making this a return to a directorate where she previously oversaw banking operations, branch operations, currency operations, information technology, and reserve management. She brings extensive experience in commercial banking and financial services, having worked across key areas including branch operations, credit administration, marketing, and business development. Before her appointment to the CBN leadership team in 2023, Usoro served as Executive Director at United Bank for Africa (UBA), where she developed and implemented strategic direction for Northern Nigeria, supervising 22 regional banks and 151 branches. Usoro holds a Bachelor of Science degree from the University of Uyo and a Master of Business Administration from Obafemi Awolowo University. She is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN) . Her professional development includes senior management programmes at Lagos Business School and executive education at the University of Pretoria, as well as attending Harvard Business School.

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The latest management reshuffle signals the CBN’s effort to leverage the diverse expertise of its deputy governors across critical areas of the institution as it navigates evolving monetary, regulatory, and financial stability challenges in Africa’s largest economy. With the banking recapitalisation exercise ongoing and the transition to an inflation-targeting framework underway, the new portfolio assignments are expected to optimise the deployment of the deputy governors’ skills across the apex bank’s core functions. As the new Deputy Governor for Financial System Stability, Yuguda will play a central role in safeguarding banking sector resilience. Ikeazor, now heading Economic Policy, will be responsible for monetary policy coordination, inflation management, and macroeconomic analysis. Usoro’s return to Operations places an experienced commercial banker in charge of currency management and banking operations, while Abdullahi’s move to Corporate Services will see him oversee the bank’s internal administration and governance structures.

The management shake-up also coincides with the CBN’s transition to a new inflation-targeting monetary policy framework. In May 2026, the Deputy Governor in charge of Economic Policy (then Muhammad Sani Abdullahi) engaged with state governments through the Nigeria Governors’ Forum Secretariat to deepen coordination on the new framework. Abdullahi warned that uncoordinated fiscal actions by states could weaken monetary policy signals and frustrate efforts aimed at controlling inflation.

For quick reference, the new portfolio assignments are as follows: Philip Chukwuemeka Ikeazor moves from Financial System Stability to Economic Policy; Dr. Muhammad Sani Abdullahi moves from Economic Policy to Corporate Services; Lamido Abubakar Yuguda moves from Operations to Financial System Stability; and Emem Nnana Usoro moves from Corporate Services to Operations. Key takeaways from the redeployment include that it affects all four deputy governors and took effect June 1, 2026; Philip Ikeazor moves from Financial Stability to lead Economic Policy; Lamido Yuguda leaves Operations to head Financial System Stability after Senate confirmation; Emem Usoro returns to Operations, a directorate she previously led; Muhammad Sani Abdullahi shifts from Economic Policy to Corporate Services; the changes come amid ongoing banking recapitalisation and a shift to inflation-targeting; and Yuguda was confirmed by the Senate in April 2026 with a “take a bow and go” privilege.

Breaking: CBN Redeploys All Four Deputy Governors in Major Leadership Shake-Up

DSS Nabs Five Over Niger Catholic School Attack, Including Boko Haram Suspect

Abuja, Nigeria – The Department of State Services (DSS) has arrested five suspects, including two foreign nationals from Niger Republic and a wanted Boko Haram terrorist, in connection with the November 2025 attack on St. Mary’s Catholic School in Papiri village, Niger State, where 315 people were abducted. The suspects, who security sources say served as arms couriers and suppliers to the gunmen responsible for the attack, were apprehended during a series of intelligence-led operations that also led to the recovery of a large cache of military-grade weapons. Among those recovered were 15 AK-103 rifles, 15 magazines, and 1,434 rounds of 7.62mm live ammunition, concealed inside a blue vehicle used by the suspects. The arrest marks a major breakthrough in ongoing investigations into one of the deadliest mass kidnappings in Nigeria’s recent history, which triggered nationwide outrage and renewed concerns over the security of educational institutions in vulnerable communities.

The attack occurred on November 21, 2025, when dozens of heavily armed gunmen on motorcycles stormed St. Mary’s Catholic Primary and Secondary boarding school in Papiri village, Agwara Local Government Area of Niger State, in the early hours of the morning. The attackers overwhelmed local security personnel, forced their way into student hostels and staff residences, and rounded up students and teachers at gunpoint. According to official figures, the gunmen abducted 315 people, including 303 students and 12 teachers. The victims ranged in age from nursery school children to teenagers, with some barely out of nursery classes. The attack was one of the largest mass abductions from an educational institution in Nigeria’s troubled history.

In the chaos that followed the attack, approximately 50 students managed to escape within the first 24 hours. The Christian Association of Nigeria (CAN) Chairman for the Northern Region and Catholic Bishop of Kontagora Diocese, Rev. Bulus Dauwa Yohanna, who is also the proprietor of the school, confirmed that the pupils escaped between Friday and Saturday and had reunited with their parents. “We were able to ascertain this when we decided to contact and visit some parents,” the bishop said in a statement. “This is to notify the public that, as of Sunday, November 23, 2025, we have received some good news as fifty pupils escaped and have reunited with their parents.” Following the escapes, the bishop confirmed that 265 people — 253 children and 12 teachers — remained in captivity. The diocese formally submitted the verified names of the missing teachers and children to Niger State Governor Umar Bago for state-level rescue coordination.

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Tragically, the abduction had devastating consequences beyond the immediate victims. Bishop Yohanna disclosed that shock from the incident claimed the lives of two parents who died of heart attacks. One parent reportedly lost three children to the abduction. Niger State Governor Mohammed Bago, who had initially denied that any abduction took place, later officially acknowledged the incident during the inauguration of commissioners and elected local government chairmen. He requested a minute of silence for the two parents who died of shock. “Three weeks ago, we woke up with the terrifying news of the abduction of our children and teachers. Thank God we have rescued 100 and we hope that the remaining are rescued and reunited with their families soon,” the governor said.

After slightly over a month in captivity, on December 21, 2025, the Federal Government and Niger State officials confirmed the rescue and safe return of the remaining captives. Government officials stated that not a single pupil remained in the custody of the abductors, and all abducted students were successfully reunited with their families. The rescue operation involved joint security efforts and federal interventions. According to reports, 100 captives were rescued in early December, while the final batch of approximately 130 children and staff was freed on December 21, 2025.

According to the DSS and counter-insurgency publication Zagazola Makama, the five arrested suspects include a wanted Boko Haram terrorist and two Nigerien nationals suspected of supplying arms to the gunmen responsible for the attack. The first two suspects were intercepted along the Zaria-Kaduna Highway while reportedly on their way to receive a consignment of arms for their commanders. They were identified as Yusuf Mohammed, also known as Bature, who is on the wanted list of Jama’atu Ahlis Sunna Lidda’awati wal-Jihad (Boko Haram) terrorist organization, and Mubarak Ibrahim, his alleged accomplice. A follow-up operation led to the arrest of Goni Ibrahim, described by security operatives as an international arms courier from the Diffa Region of Niger Republic. Ibrahim was arrested alongside Tukur Sani, who was identified as his accomplice. Days after the initial arrests, the DSS extended its dragnet to Yauri, Kebbi State, where operatives arrested the fifth suspect, Alhaji Adamu, popularly known as Gado Banufe. He is alleged to be a major supplier of arms to criminal elements operating within the Kebbi axis and surrounding regions.

Security sources disclosed that the weapons were concealed in a blue vehicle used by the suspects during their movement along the Zaria-Kaduna Highway. A search of the vehicle led to the discovery of a hidden compartment containing 15 AK-103 assault rifles, 15 loaded magazines, and 1,434 rounds of 7.62mm live ammunition. The recovery of such a significant cache of military-grade weapons has raised fresh concerns among security experts regarding the scale of cross-border arms trafficking fueling banditry and school abductions across north-central and northwestern Nigeria. The active participation of foreign nationals from neighboring Niger Republic highlights the transnational nature of the threat.

Preliminary investigations, according to security sources, have established that all five suspects played key roles in supplying weapons to the gunmen who carried out the November 21, 2025 attack on St. Mary’s Catholic School in Papiri. The DSS stated that the suspects remain in custody and are providing useful information that could help dismantle the wider syndicate supplying arms to bandits across north-central and northwestern Nigeria. The Service has pledged to track down additional members of the syndicate, including those involved in procuring, transporting, and distributing weapons to criminal organizations.

In a statement issued on Monday, the DSS said the operation began with the interception of three suspects along the Zaria-Kaduna Highway and gradually uncovered a wider arms trafficking network. The Service reaffirmed its commitment to disrupting arms trafficking networks and strengthening collaboration with other security agencies to combat kidnapping, banditry, and related threats to national security. The DSS has urged residents to remain vigilant and report suspicious movements to security personnel as mop-up operations continue within the region’s forest reserves.

Key facts from the case include the following: the date of the attack was November 21, 2025; the location was St. Mary’s Catholic School, Papiri village, Agwara LGA, Niger State; 315 people were abducted including 303 students and 12 teachers; 50 students escaped within 24 hours; two parents died of shock following the abduction; the final rescue occurred on December 21, 2025; five suspects have been arrested including two Nigerien nationals and one Boko Haram member; and weapons recovered included 15 AK-103 rifles, 15 magazines, and 1,434 rounds of 7.62mm ammunition. As of the time of filing this report, the DSS had not issued a detailed official statement beyond the initial confirmation of the arrests. However, multiple security sources have confirmed the development and the significant breakthrough in dismantling the arms trafficking network behind the Papiri school abduction.

DSS Nabs Five Over Niger Catholic School Attack, Including Boko Haram Suspect

Kogi Bandit Attack Leaves One Dead, 30 Abducted as Troops Rescue 23 in Early Morning Raid

Kogi State, Nigeria – Residents of Ayegunle Bunu in Kabba-Bunu Local Government Area of Kogi State were thrown into panic in the early hours of Monday following a deadly bandit attack that reportedly claimed one life and led to the abduction of more than 30 people. According to preliminary reports, the attack occurred at about 2:25 a.m. on Monday, June 1, 2026, with one person reportedly killed during the incident, while another sustained injuries. The bandits, who operated for several minutes before fleeing with dozens of captives, barricaded the major road and intercepted travellers passing through the community.

Sources within the community disclosed that two residents of Ayegunle Bunu—a man described as a pastor and a woman—were among those kidnapped by the attackers. The remaining victims were said to be passengers travelling in a commercial bus that was intercepted by the gunmen while passing through the area. The bandits reportedly forced the passengers out of the vehicle at gunpoint before marching them into nearby bushes.

The Kogi State Police Command has confirmed the incident. Commissioner of Police Naziru Kankarofi, while addressing journalists on the sidelines of the Passing-Out Parade of 565 newly trained police constables at the Command Headquarters in Lokoja, said investigations are ongoing and that his men have since launched efforts to rescue the abducted victims and apprehend those responsible for the attack. The Police Public Relations Officer, ASP Oyiza Afusat Salihu, also confirmed that security agencies are working around the clock to rescue the kidnapped victims. She assured residents that the command has deployed additional tactical units to the area to prevent further attacks and ensure the safe return of those abducted.

In a major development following the attack, troops of the 12 Brigade Nigerian Army deployed in Kabba responded swiftly to distress calls and successfully rescued 23 kidnapped passengers. According to an operational report made available to the News Agency of Nigeria, the incident occurred in the early hours of Monday when the attackers barricaded the road and abducted an unspecified number of passengers. Security sources revealed that the attack occurred around 3:30 a.m. , with armed men blocking the road and attacking commuters travelling along the route.

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When troops arrived at the scene, the assailants had already fled into the surrounding forest. However, soldiers discovered two dead bodies and five injured victims at the scene, as well as two Toyota commercial buses and a HOWO truck abandoned by the roadside. The vehicles appeared to have been hurriedly deserted as passengers fled or were taken captive. A security source familiar with the operation said: “The troops immediately launched a pursuit operation along the kidnappers’ withdrawal routes, leading to the rescue of 23 passengers who had been abandoned due to the sustained pressure from the military.” The injured victims were evacuated to St. Joseph Hospital, Kabba, for medical attention. Hospital sources confirmed that the five injured persons were receiving treatment and were in stable condition as of Monday afternoon.

Military sources confirmed that operations are ongoing to track down the fleeing attackers and rescue any remaining victims still in captivity. Surveillance and clearance operations have been intensified in the area to prevent further attacks and ensure the safety of road users travelling through the Ayegunle Bunu axis. The Ayegunle–Bunu axis has reportedly recorded repeated cases of kidnapping and banditry in recent times, prompting a stronger military response to secure the corridor. The Nigerian Army has pledged to maintain pressure on criminal elements operating along major highways in Kogi State.

Residents of Ayegunle Bunu and surrounding communities have been left in shock and fear following the brazen attack. The assault, which marked a violent start to the month of June, has raised fresh concerns about the deteriorating security situation along major highways and rural communities in Kogi State. One resident, who pleaded anonymity for safety reasons, told reporters: “We heard gunshots around 2 a.m. and everyone ran inside. By the time we came out in the morning, we learned that one of our neighbours had been killed and many people, including our pastor, had been taken away. We are living in constant fear.”

The latest incident comes barely 24 hours after the Kogi State Government suspended the Echane Festival in Ebiraland, citing security concerns. In a statement issued on Saturday, the Commissioner for Information and Communications, Kingsley Fanwo, said the suspension followed credible intelligence indicating that activities associated with the festival could threaten public peace.

Key facts from the attack include the following: the date of the attack was Monday, June 1, 2026; the time was approximately 2:25 a.m. according to preliminary reports or 3:30 a.m. according to army operational reports; the location was Ayegunle Bunu community, Kabba-Bunu LGA, Kogi State; casualties included one confirmed dead and five injured who are receiving treatment; over 30 people were abducted including a pastor and a woman from the community plus commercial bus passengers; 23 passengers were rescued by Nigerian Army troops; two Toyota commercial buses and one HOWO truck were recovered; and a manhunt is ongoing as security agencies work to rescue remaining victims.

As of the time of filing this report, the Kogi State Government had not issued an official statement on the incident. Efforts are ongoing to determine the exact number of abducted persons and gather further details surrounding the attack. Security agencies have urged residents to remain calm and report any suspicious movements in their communities to the nearest police station or military formation.

Kogi Bandit Attack Leaves One Dead, 30 Abducted as Troops Rescue 23 in Early Morning Raid