CBN Appoints 16 New Directors
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has appointed 16 new directors across its vital departments.
This is as the CBN intensifies its regulatory scrutiny of banks and financial technology firms, coinciding with the critical final stages of the banking sector’s recapitalization initiative.
Effective from March 3, 2025, the new directors will oversee crucial areas including monetary policy, trade and exchange, banking supervision, payment systems, and consumer protection, reflecting a comprehensive strategy to fortify the CBN’s regulatory and operational capabilities.
The appointments were based on merit, ensuring a seamless transition. “The very best were selected; as such, no one will complain about the process because they all were appointed from within the system.”
This internal promotion underscores the CBN’s commitment to recognizing and utilizing its existing talent.
The restructuring also shows the CBN’s heightened focus on compliance, consumer protection, and overall financial sector stability, especially in the face of rising fraud risks and increased regulatory actions. The new leadership is set to play a pivotal role in navigating these evolving challenges.
A key appointment is that of Dr. Olubukola Akinwunmi Akinniyi as Director of Banking Supervision. He will now be central to overseeing Nigeria’s financial institutions as they strive to support President Bola Tinubu’s ambitious $1 trillion economy target.
To strengthen payment system oversight, the CBN has split the Payments System Management Department into two distinct units: policy and supervision. Yusuf Rakiya Opeyemi has been named Director of the newly established Payment System Supervision Department. This move addresses longstanding concerns from industry stakeholders who viewed the combined policy and supervision structure as a hindrance to effective regulation. The priority now is to combat rising fraud and enhance regulatory oversight in the payment systems sector.
Consumer protection is also undergoing a significant transformation. Aisha Isa-Olatinwo has been appointed Director of Consumer Protection, a department that has faced criticism for its handling of disputes between banks and customers. With her background in audits, Olatinwo is expected to adopt a more rigorous approach to addressing customer grievances and holding financial institutions accountable.
The full list of newly appointed directors 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).
The new leadership team is tasked with ensuring greater efficiency in monetary policy and strengthening financial stability as the CBN enforces stricter regulations across the financial sector.
