CBN Appoints 16 New Directors in Major Leadership Reshuffle

The Central Bank of Nigeria (CBN) has appointed 16 new directors in a major leadership shake-up across key departments. The restructuring aims to strengthen banking supervision, payment systems, and consumer protection amid ongoing financial sector reforms.

The appointments cover crucial areas, including Monetary Policy, Trade and Exchange, Banking Supervision, and Payments System Oversight. The new appointments comes as the CBN intensifies regulatory oversight, particularly during the final phase of the banking sector recapitalization exercise.

Focus on Banking and Payments Supervision

One of the most notable appointments is Dr. Olubukola Akinwunmi Akinniyi, who now heads the Banking Supervision Department. His role is critical as banks align with President Bola Tinubu’s goal of building a $1 trillion economy.

The Payments System Management Department has been split into two units: policy and supervision. Yusuf Rakiya Opeyemi now leads the newly created Payment System Supervision Department, reinforcing the CBN’s crackdown on financial fraud. Industry experts had criticized the previous structure for slowing down regulatory processes.

Consumer protection is also a key focus. Aisha Isa-Olatinwo has been appointed Director of Consumer Protection, a department often criticized for failing to resolve banking disputes. With her background in audits, she is expected to take a stricter approach toward banks that mishandle customer complaints.

Other Newly Appointed Directors

• 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)

This restructuring is part of a broader transformation at the CBN, ensuring compliance, financial stability, and enhanced consumer protection amid increasing fraud risks and regulatory challenges.

It is hoped that these changes will help CBN improve on efficiency and adapt to the dynamic and evolving global financial space, and ensuring Nigeria’s banking sector remains stable and globally competitive.

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