CBN appoints 16 new directors in major leadership shake-up

The Central Bank of Nigeria (CBN) has announced the appointment of 16 new directors across key departments in a significant move aimed at enhancing regulatory oversight and strengthening the financial sector.

The appointments affect several crucial areas, including the Monetary Policy Department, Trade and Exchange Department, Banking Supervision, Payment Systems, and Consumer Protection, among others.

A source at the CBN told this newspaper that “the very best were selected as such, no one will complain about the process because they all were appointed from within the system.”

This restructuring signals 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.

One of the most notable appointments is that of Dr. Olubukola Akinwunmi Akinniyi as Director of Banking Supervision.

His new role places him at the center of banking oversight, a crucial function as Nigeria’s financial institutions prepare to support President Bola Tinubu’s ambition of building a $1 trillion economy.

Another key change is in payment system supervision. The CBN has split 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 CBN’s commitment to tackling rising fraud and ensuring stronger regulatory oversight.

Industry stakeholders had criticised the former structure, which housed payment supervision and policy under a single team, as a bottleneck to effective regulation.

Consumer protection is another area where the CBN is making significant changes. Aisha Isa-Olatinwo has been named Director of Consumer Protection, a department that has faced criticism over unresolved disputes between banks and their customers.

With a background in audits, Olatinwo is expected to take a stricter stance on financial institutions that fail to address customer complaints.

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).

All the appointments took effect from March 3, 2025.

The new leadership team is expected to play a critical role in shaping Nigeria’s financial sector as the CBN enforces stricter regulations and aims for greater efficiency in monetary policy and financial stability.