The Traffic

Massive Shake-up at CBN: Meet the 16 New Directors Leading Nigeria’s Financial Future

By Achimi Muktar

In a bold move to reshape Nigeria’s financial sector, the Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments, marking one of its most significant leadership overhauls in recent years.

The shake-up affects crucial areas such as Monetary Policy, Trade and Exchange, Banking Supervision, Payment Systems, and Consumer Protection, reinforcing the apex bank’s commitment to stricter oversight and financial stability.

This restructuring comes at a pivotal moment as regulators tighten their grip on banks and financial technology firms. The appointments also coincide with the final phase of the banking sector recapitalization exercise, underscoring the CBN’s focus on strengthening the industry.

A Strategic Reshuffle for Stronger Oversight

A source within the CBN told The Nation that the selection process was thorough, ensuring that "the very best were chosen," with all appointees promoted from within the system.

The leadership changes reflect a broader strategy to enhance compliance, consumer protection, and financial sector resilience—especially as fraud risks and regulatory scrutiny continue to mount.

Key Appointments to Watch

Among the notable appointees is Dr. Olubukola Akinwunmi Akinniyi, who now heads the Banking Supervision Department. His role places him at the heart of banking oversight, a critical function as Nigerian financial institutions brace for President Bola Tinubu’s ambitious $1 trillion economy target.

Another major shift is in payment system regulation. The CBN has split the Payments System Management Department into two distinct units—one dedicated to policy, the other to supervision.

Yusuf Rakiya Opeyemi has been appointed Director of the newly formed Payment System Supervision Department, reflecting the bank’s commitment to tackling rising fraud and strengthening oversight in Nigeria’s digital payments ecosystem.

Industry experts have long criticized the former structure, where both policy and supervision fell under a single team, citing inefficiencies in regulating the fast-evolving fintech space.

A Tougher Stance on Consumer Protection

Consumer protection has also received a boost with the appointment of Aisha Isa-Olatinwo as the new Director of Consumer Protection.

This department has been under fire for unresolved disputes between banks and their customers, but with a strong background in audits, Olatinwo is expected to take a no-nonsense approach to ensuring financial institutions prioritize customer complaints.

Meet the New Leadership Team

The full list of newly appointed directors includes:

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)

Dr. Okpanachi Usman Mose (Statistics)

What This Means for Nigeria’s Financial Future

With these appointments, the CBN is setting the stage for a more robust regulatory environment. The focus on banking supervision, digital payments, and consumer protection aligns with global best practices and ensures that Nigeria’s financial sector remains competitive.

As the newly appointed directors assume office from March 3, 2025, all eyes will be on how they navigate the challenges ahead, from strengthening financial institutions to enforcing tighter regulations in a rapidly evolving economy.