CBN Appoints 16 New Directors In Major Leadership Overhaul
The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a significant leadership shakeups.
These appointments affect crucial areas such as Monetary Policy department, Trade and Exchange Department, Banking Supervision, Payment Systems and Consumer Protection among others.
This new appointments are coming at a time when regulators are tightening oversight on banks and financial technology firms as it declared last week as well as the final leg of the banking sector recapitulation exercise.
A source at the CBN told The Nation 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 appointments are:
- ABDULLAHI, HAMISU Banking Services Department.
- OJUMU, ADENIKE OLUBUNMI
Medical Services Department. - MAKINDE, KAYODE OLANREWAJU
Procurement & Support Services Department. - JIDE SAMUEL, OMOYEMEN AVBASOWAMEN, Information Technology Department.
- SIKE, RITA IJEOMA
Financial Policy and Regulation Departmert - ISA-OLATINWO. AISHAA
Consumer Protection Department - OBOH, VICTOR UGBEM
Monetary Policy Department - NAKORJI, MUSA
Trade and Exchange Departmeht - YUSUF, RAKIYA OPEMI
Paymerts System Supervision Department - VINCENT. MONSURAT MODESOLA
Strategy Management and Innovation Department - FAROUK. MUJTABA MUHAMMAD
Reserve Management Department - AKINWUNMI, OLUBUKOLA AKINNIYI
Banking Supervision Department - ADE DE JI. ADE TONA SIKIRU
Cutency Operations and Branch Management Department - HASSAN, IBRAHIM UMAR
Development and Finance Institutions Supervision Department. - SOLAJA, MOHAMMED JAMIU OLAYEMI
Other Financial Institutions Supervision
Department. - OKPANACHI, USMAN MOSES
Statistics Department
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.
