CBN okays new directors

The Central Bank of Nigeria has appointed 16 new directors across key departments, ending nearly two years of acting leadership in several units as the apex bank moves to strengthen its regulatory framework.

Although the CBN has yet to issue an official statement on the appointments, multiple sources confirmed it to The PUNCH on Tuesday.

The appointments were part of Governor Olayemi Cardoso’s ongoing efforts to restructure the CBN and improve its oversight of the financial sector.

With the confirmation of new directors, the CBN is expected to tighten regulation amid rising concerns over fraud, fintech activities, and gaps in consumer protection enforcement.

An insider familiar with the matter said the appointments were long overdue, as several departments had been run by acting directors for nearly two years, delaying critical reforms and regulatory actions.

The restructuring is seen as a move to restore the credibility of the CBN’s regulatory oversight, ensuring that policy implementation is matched with stricter enforcement measures.

Dr Olubukola Akinniyi has been appointed Director of Banking Supervision, a crucial role that places him in charge of monitoring the financial health of Nigerian banks.

His appointment comes at a time when lenders are expected to play a key role in President Bola Tinubu’s economic growth agenda, particularly in driving the administration’s $1tn economy vision.

The Payment System Supervision Department will now be headed by Yusuf Opeyemi, following the splitting of the PSMD into separate directorates.

The restructuring was driven by the need to address regulatory bottlenecks and strengthen oversight of digital payments, especially in tackling the growing cases of fraud and illicit financial transactions.

Previously, payment policy and supervision were handled under one directorate, but industry observers had long argued that separating them would lead to more effective oversight. The restructuring also affected the tenure of Oladimeji Yisa, who had served as acting Director of the PSMD.

Another major appointment is Aisha Isa-Olatinwo, who has been named Director of Consumer Protection, a unit that has faced criticism over its handling of customer complaints against banks and fintechs.

Nigerian bank customers have frequently lamented unresolved disputes, unauthorised deductions, and delayed responses from financial institutions, with many accusing the Central Bank of failing to hold banks accountable.

Isa-Olatinwo, who has a strong background in audits, is expected to push for faster dispute resolution and stricter enforcement of consumer protection laws.

The newly appointed directors also include Ojumu Adenike Olubunmi, who has been named director of the medical services department, Makinde Olanrewaju, who will lead the procurement and support services department, and Jide-Samuel Avbasowamen, who has been appointed to the information technology department.

Other key appointments include Sike Ijeoma, as director, financial policy and regulation department, and Oboh Ugbem, appointed as director, monetary policy department.

Nakorji Musa will head the trade and exchange department, while Yusuf Rakiya Opemi assumes leadership of the payments system supervision department.

Also, Vincent Modesola will oversee the strategy management and innovation department, while Farouk Muhammad will lead the reserve management department.

In the currency and financial supervision space, Adedeji Sikiru will direct the currency operations and branch management department, Hassan Umar will head the development and finance institutions supervision department, and Solaja Olayemi will oversee the Other Financial Institutions Supervision Department.

The statistics department will now be under the leadership of Okpanachi Usman Moses. Further checks on the CBN’s website on Tuesday by The PUNCH showed that the CBN had nine departmental directors and 12 coordinators.

According to information obtained from the website of the CBN, The PUNCH observed that the apex bank only provided brief biographical information on the directors and none on the coordinators, which may suggest that the apex bank was yet to update its website with the new appointments.

In the Governors’ Directorate, Dr Blaise Ijebor was named Director, Risk Management, overseeing the bank’s efforts in identifying, evaluating, and mitigating financial and cybersecurity risks.

The PUNCH also observed that Lydia Ifeanyichukwu Alfa was listed as Director, Internal Audit, a role she has held since July 2020.

In the Corporate Services Directorate, Jimoh Itopa was listed as Director, Capacity Development. The PUNCH also observed that Itopa was previously the Deputy Director in charge of the Payments System Policy and Oversight function of the CBN.

Muhammad Abba was listed as Director, Human Resources, after previously heading the Capacity Development Department and playing a key role in policy research and economic management within the CBN.

Rabiu Musa was listed as Director, Finance, having previously worked at NDIC and PenCom before joining the CBN in 2012, while Sirajuddin Salam-Alada was listed as Director, Legal Services.

Dr. Omolara Duke remained the Director of Financial Markets, bringing over three decades of experience in macroeconomic policy and financial market management.

Also, Rashida Jumoke Monguno was listed as Director, Corporate Secretariat, having previously led the Consumer Protection Department.

The appointments come amid ongoing regulatory reforms under Governor Cardoso, aimed at enhancing financial system oversight, improving transparency, and ensuring policy enforcement.

The restructuring is part of an effort to fill long-standing leadership gaps, with several departments having been run by acting directors for nearly two years.

With these appointments, the CBN is expected to tighten regulatory compliance, improve financial supervision, and enhance monetary policy execution as Nigeria navigates evolving economic and financial challenges.