The Central Bank of Nigeria (CBN) has appointed 16 new directors in various key departments, marking a significant shift in leadership.
These new positions impact vital areas such as the Monetary Policy Department, Trade and Exchange Department, Banking Supervision, Payment Systems, and Consumer Protection.
As indicated last week, these appointments come when the regulator is increasingly scrutinising banks and financial technology firms alongside the final phase of the banking sector recapitalisation process. With these new directors in place, the CBN aims to reinforce its emphasis on compliance, consumer protection, and overall stability in the financial sector, especially given the rising risks of fraud and regulatory measures, along with other essential domains.
A prominent appointment is Dr. Olubukola Akinwunmi Akinniyi, Director of Banking Supervision. In this position, he will play a key role in banking oversight, essential as Nigeria’s financial institutions gear up to support President Bola Tinubu’s vision of creating a $1 trillion economy.
Another significant modification relates to payment system oversight, with the CBN dividing the Payments System Management Department into two separate units—one for policy and another for supervision.
Yusuf Rakiya Opeyemi has been named director of the newly formed Payment System Supervision Department, demonstrating the CBN’s dedication to addressing the growing fraud issue and enhancing regulatory supervision.
Industry participants had previously criticized the old structure, which combined payment policy and supervision under a single unit, as a hindrance to effective regulation.
The CBN is also implementing substantial reforms in consumer protection. Aisha Isa-Olatinwo has been appointed Director of Consumer Protection, a department criticised for handling unresolved disputes between banks and their clientele.
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) and Dr. Okpanachi Usman Mose (Statistics)
