In a sweeping leadership overhaul, the Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments, reinforcing its commitment to financial stability, consumer protection, and regulatory efficiency. The appointments, which took effect on March 3, 2025, mark a strategic move to enhance oversight in critical areas such as monetary policy, banking supervision, trade and exchange, and payment systems.
Strengthening Regulatory Oversight
This leadership restructuring comes at a crucial time when the apex bank is intensifying its regulatory measures on commercial banks and financial technology firms. The move is also aligned with the final phase of the banking sector recapitalization, a key economic initiative under President Bola Ahmed Tinubu’s administration aimed at fostering a $1 trillion economy.
A senior official at the CBN, speaking on condition of anonymity, highlighted the importance of these appointments in driving institutional efficiency.
“The selection process was highly competitive, ensuring only the best candidates were appointed. This will strengthen financial stability, compliance, and consumer protection, particularly as digital banking and fintech transactions continue to rise,” the source stated.
Key Appointments and Their Impact
Among the notable appointments is Dr. Olubukola Akinwunmi Akinniyi, who takes over as the Director of Banking Supervision. His role will be instrumental in overseeing commercial banks, ensuring compliance with regulations, and maintaining public confidence in the banking sector.
Another critical restructuring within the CBN is the splitting of the Payment System Management Department into two—one focusing on policy and the other on supervision. This restructuring aims to enhance regulatory efficiency in a sector that has witnessed a surge in digital transactions and cyber fraud.
Yusuf Rakiya Opeyemi has been appointed as the Director of Payment System Supervision, a role expected to enhance fraud prevention and strengthen oversight of payment service providers. Industry stakeholders have long criticized the previous structure for merging policy and supervision under one unit, calling it a bottleneck to effective regulation.
Prioritizing Consumer Protection and Financial Policy
To address concerns over unresolved disputes between banks and customers, Aisha Isa-Olatinwo has been named Director of Consumer Protection. With her strong background in audits, she is expected to take a firm stance on financial institutions failing to resolve customer complaints, thereby improving consumer confidence in the banking system.
Other key appointments include:
- Abdullahi Hamisu – Director, Banking Services
- Dr. OJumu Adenike Olubunmi – Director, Medical Services
- Mr. Makinde Kayode Olanrewaju – Director, Procurement & Support Services
- Mrs. Jide-Samuel Omoyemen Avbasowamen – Director, Information Technology
- Mrs. Sike Rita Ijeoma – Director, Financial Policy and Regulation
- Dr. Victor Ugbem Oboh – Director, Monetary Policy
- Mr. Nakorji Musa – Director, Trade and Exchange
- Dr. Vincent Monsurat Modesola – Director, Strategy Management and Innovation
- Mr. Farouk Mujtaba Muhammad – Director, Reserve Management
- Dr. Adetona Sikiru Adedeji – Director, Currency Operations and Branch Management
- Mr. Hassan Ibrahim Umar – Director, Development and Finance Institutions Supervision
- Mr. Solaja Mohammed-Jamiu Olayemi – Director, Other Financial Institutions Supervision
- Dr. Okpanachi Usman Mose – Director, Statistics
Implications for Nigeria’s Financial Sector
This latest leadership restructuring underscores the CBN’s focus on financial sector stability amid growing concerns about cyber fraud, banking compliance, and the evolving digital finance landscape. Strengthening banking supervision, consumer protection, and payment system regulation is expected to bolster investor confidence and safeguard financial transactions for millions of Nigerians.
Additionally, the changes align with the CBN’s broader strategy to ensure effective policy implementation, enhance governance, and support the economic policies of the federal government.
With Nigeria’s banking and financial ecosystem rapidly evolving, these appointments signal a new phase of leadership that prioritizes regulatory efficiency, consumer protection, and overall economic growth.
Editor’s Note
The CBN’s latest appointments reflect a proactive approach to tackling challenges within the financial sector. As digital transactions increase and banking reforms take center stage, this leadership restructuring is expected to play a pivotal role in shaping Nigeria’s economic future.
For more updates on Nigeria’s financial sector and regulatory developments, stay tuned.
