The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a significant leadership restructuring. These appointments affect crucial areas such as the Monetary Policy Department, Trade and Exchange Department, Banking Supervision, Payment Systems, and Consumer Protection, among others. This development comes at a time when regulators are tightening oversight on banks and financial technology firms, as well as concluding the final phase of the banking sector recapitalization exercise.
A source at the Central Bank of Nigeria (CBN) told The Nation that “the very best were selected, so there will be no complaints about the process, as all appointees were chosen from within the system.”
This restructuring marks a broader transformation at the apex bank. With these new appointments, the CBN is reinforcing its focus on compliance, consumer protection, and financial sector stability—particularly amid rising fraud risks, regulatory measures, and other critical challenges.
One of the most notable appointments is Dr. Olubukola Akinwunmi Akinniyi as Director of Banking Supervision. His role will be pivotal in overseeing Nigeria’s financial institutions as they align with President Bola Tinubu’s vision of a $1 trillion economy.
Another key change is in the payments sector. The CBN has split the Payments System Management Department into two units—one handling policy and the other focusing on supervision. Yusuf Rakiya Opeyemi has been named Director of the newly established Payment System Supervision Department, underscoring the bank’s commitment to tackling fraud and enhancing regulatory oversight. Industry stakeholders had previously criticized the former structure, where payment supervision and policy were managed under a single unit, citing inefficiencies.
Consumer protection is another priority in the leadership overhaul. Aisha Isa-Olatinwo has been appointed Director of Consumer Protection, a department that has faced scrutiny over unresolved disputes between banks and their customers. With a background in auditing, she is expected to adopt a stricter stance on financial institutions failing to address customer complaints.
The newly appointed directors include:
- Mal. Abdullahi Hamisu (Banking Services)
- Dr. OJumu Adenike Olubunmi (Medical Services)
- Mr. Makinde Kayode Olanrewaju (Procurement & Support Services)
- Mrs. Jide-Samuel Omoyemen Avbasowamen (Information Technology)
- Mrs. Sike Rita Ijeoma (Financial Policy and Regulation)
- Dr. Victor Ugbem Oboh (Monetary Policy)
- Mr. Nakorji Musa (Trade and Exchange)
- Dr. Vincent Monsurat Modesola (Strategy Management and Innovation)
- Mr. Farouk Mujtaba Muhammad (Reserve Management)
- Dr. Adetona Sikiru Adedeji (Currency Operations and Branch Management)
- Mr. Hassan Ibrahim Umar (Development and Finance Institutions Supervision)
- Mr. Solaja Mohammed-Jamiu Olayemi (Other Financial Institutions Supervision)
- Dr. Okpanachi Usman Mose (Statistics)
All appointments took effect from March 3, 2025. The new leadership team is expected to play a crucial role in shaping Nigeria’s financial sector as the CBN enforces stricter regulations and seeks greater efficiency in monetary policy and financial stability.
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