A significant leadership shake-up at the Central Bank of Nigeria (CBN) has led to the appointment of 16 new directors across key departments within the apex bank.
Effective from March 3, these appointments impact crucial areas, including Monetary Policy, Trade and Exchange, Banking Supervision, and Payment Systems and Consumer Protection, among others.
This development comes at a time when the regulator is intensifying oversight of banks and financial technology firms, as it declared last week, coinciding with the final phase of the banking sector recapitalisation.
“The very best were selected; no one will question the process as all were promoted from within the system,” a source at the CBN told The Nation yesterday.
According to the source, this restructuring signals broader changes at the apex bank.
“With these latest appointments, the CBN is reinforcing its commitment to compliance, consumer protection, and financial sector stability, particularly amid rising fraud risks, regulatory actions, and other critical areas,” the source stated.
Among those appointed is Dr. Olubukola Akinwunmi Akinniyi, who has taken on the role of Director of Banking Supervision. His new position places him at the forefront of banking oversight, a vital function as financial institutions align with President Bola Ahmed Tinubu’s vision of developing a $1 trillion economy.
The apex bank has also restructured 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 established Payment System Supervision Department, underscoring the bank’s dedication to combatting rising fraud and enhancing regulatory oversight.
Industry stakeholders had previously criticised the former structure, which combined payment supervision and policy under a single team, viewing it as a barrier to effective regulation.
Aisha Isa-Olatinwo has been appointed Director of Consumer Protection, a department that has faced scrutiny over unresolved disputes between banks and their customers. With her auditing background, Olatinwo is expected to adopt a firmer approach towards financial institutions that neglect customer complaints.
Other newly appointed directors include: 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).
