A significant leadership shakeup in the Central Bank of Nigeria (CBN) has resulted to the appointed of 16 new directors across key departments in the apex bank.
These appointments, which took effect from March 3, affect crucial departments, including: Monetary Policy; Trade and Exchange; Banking Supervision; Payment Systems and Consumer Protection among others.
The development came at a time when the regulator is tightening oversight on banks and financial technology firms as it declared last week as well as the final leg of the banking sector recapitulation.
“The very best were selected as such, no one will complain about the process because they all were appointed from within the system,” a source at the CBN told The Nation yesterday.
According to the source, this restructuring signaled broader changes at the apex bank.
“With the latest appointments, the CBN is strengthening its focus on compliance, consumer protection, and financial sector stability, especially in the face of increasing fraud risks and regulatory actions and other critical areas,” the source said.
Among those appointed is Dr. Olubukola Akinwunmi Akinniyi, who takes charge as Director of Banking Supervision.
His new role places him at the center of banking oversight, a crucial function as financial institutions buy into President Bola Ahmed Tinubu’s ambition of building a $1 trillion economy.
The apex bank also effected a change in payment system supervision, splitting the Payments System Management Department into two distinct units – one focused on policy and the other on supervision.
Yusuf Rakiya Opeyemi has been appointed Director of the newly created Payment System Supervision Department, reflecting the bank’s commitment to tackling rising fraud and ensuring stronger regulatory oversight.
Industry stakeholders had previously criticized the former structure, which housed payment supervision and policy under a single team, as a bottleneck to effective regulation.
Aisha Isa-Olatinwo has been named Director of Consumer Protection, a department that had faced criticism over unresolved disputes between banks and their customers.
With her background in audits, Olatinwo is expected to take a stricter stance on financial institutions that fail to address customer complaints.
Others appointed as directors are: 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) and Dr. Okpanachi Usman Mose (Statistics).
