The Central Bank of Nigeria (CBN) Appoints 16 New Directors in Key Departments
The Central Bank of Nigeria (CBN) has made significant changes to its leadership structure by appointing 16 new directors to oversee crucial departments within the institution.
The new directors will be responsible for key areas such as the Monetary Policy Department, Trade and Exchange Department, Banking Supervision, Payment Systems, and Consumer Protection.
These appointments come at a time when the CBN is intensifying its oversight of banks and financial technology firms, coinciding with the final phase of the banking sector recapitalization process. With the new directors in place, the CBN aims to strengthen its focus on compliance, consumer protection, and overall stability in the financial sector, especially in light of increasing risks of fraud and regulatory measures.
One of the noteworthy appointments is Dr. Olubukola Akinwunmi Akinniyi, who will serve as the Director of Banking Supervision. In this role, he will play a crucial part in overseeing banking operations as Nigeria’s financial institutions work towards supporting President Bola Tinubu’s vision of achieving a $1 trillion economy.
Another significant change is the restructuring of the Payment System Management Department into two separate units—one for policy and the other for supervision. Yusuf Rakiya Opeyemi has been appointed as the Director of the Payment System Supervision Department, highlighting the CBN’s commitment to tackling fraud issues and enhancing regulatory oversight.
Industry stakeholders had previously criticized the old structure, which combined payment policy and supervision, citing it as a barrier to effective regulation.
The CBN is also rolling out significant reforms in consumer protection, with the appointment of Aisha Isa-Olatinwo as the Director of Consumer Protection. This department has been under scrutiny for its handling of unresolved disputes between banks and their customers.
The newly appointed directors bring a wealth of experience and expertise to their respective departments. The list includes 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), and Dr. Okpanachi Usman Mose (Statistics).
