In a significant move to bolster its regulatory framework, the Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments. This development marks the end of nearly two years of acting leadership in several units and is part of Governor Olayemi Cardoso’s ongoing efforts to restructure the apex bank and improve its oversight of the financial sector.
Although the CBN has yet to issue an official statement on the appointments, multiple sources confirmed the news to FRONTPAGE on Tuesday. The restructuring is expected to tighten regulation amid rising concerns over fraud, fintech activities, and gaps in consumer protection enforcement.
Addressing Long-Standing Leadership Gaps
An insider familiar with the matter revealed that the appointments were long overdue, as several departments had been run by acting directors for nearly two years. This delay had hindered critical reforms and regulatory actions, creating a need for permanent leadership to drive the CBN’s mandate effectively.
The restructuring is seen as a strategic move to restore the credibility of the CBN’s regulatory oversight and ensure that policy implementation is matched with stricter enforcement measures. With the confirmation of new directors, the CBN is poised to address regulatory bottlenecks and enhance its capacity to monitor and regulate the financial sector.
Key Appointments and Their Implications
Among the notable appointments is Dr. Olubukola Akinniyi, who has been named Director of Banking Supervision. This crucial role places him in charge of monitoring the financial health of Nigerian banks, which are expected to play a key role in President Bola Tinubu’s economic growth agenda, particularly in driving the administration’s $1 trillion economy vision.
The Payment System Supervision Department (PSSD) will now be headed by Yusuf Opeyemi, following the splitting of the department into separate directorates. This 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.
Another significant appointment is Aisha Isa-Olatinwo, who has been named Director of Consumer Protection. This unit has faced criticism over its handling of customer complaints against banks and fintechs. Nigerian bank customers have frequently lamented unresolved disputes, unauthorized deductions, and delayed responses from financial institutions, with many accusing the CBN 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.
Other Key Appointments
The newly appointed directors also include:
- Ojumu Adenike Olubunmi: Director, Medical Services Department
- Makinde Olanrewaju: Director, Procurement and Support Services Department
- Jide-Samuel Avbasowamen: Director, Information Technology Department
- Sike Ijeoma: Director, Financial Policy and Regulation Department
- Oboh Ugbem: Director, Monetary Policy Department
- Nakorji Musa: Director, Trade and Exchange Department
- Yusuf Rakiya Opemi: Director, Payments System Supervision Department
- Vincent Modesola: Director, Strategy Management and Innovation Department
- Farouk Muhammad: Director, Reserve Management Department
- Adedeji Sikiru: Director, Currency Operations and Branch Management Department
- Hassan Umar: Director, Development and Finance Institutions Supervision Department
- Solaja Olayemi: Director, Other Financial Institutions Supervision Department
- Okpanachi Usman Moses: Director, Statistics Department
Governors’ Directorate and Corporate Services
In the Governors’ Directorate, Dr. Blaise Ijebor was named Director of Risk Management, overseeing the bank’s efforts in identifying, evaluating, and mitigating financial and cybersecurity risks. Lydia Ifeanyichukwu Alfa remains the Director of Internal Audit, a role she has held since July 2020.
In the Corporate Services Directorate, Jimoh Itopa was listed as Director of Capacity Development, having previously served as Deputy Director in charge of the Payments System Policy and Oversight function. Muhammad Abba was appointed Director of Human Resources, while Rabiu Musa will lead the Finance Department. Sirajuddin Salam-Alada was named Director of Legal Services, and Dr. Omolara Duke retained her position as Director of Financial Markets. Rashida Jumoke Monguno, who previously led the Consumer Protection Department, was listed as Director of Corporate Secretariat.
Enhancing Financial System Oversight
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. The move is also expected to bolster consumer confidence in the financial sector and ensure that the CBN remains a strong and effective regulator in the face of emerging risks and opportunities.
Conclusion
The appointment of 16 new directors at the Central Bank of Nigeria marks a significant step in Governor Olayemi Cardoso’s efforts to restructure the apex bank and strengthen its regulatory framework. By addressing long-standing leadership gaps and enhancing oversight capabilities, the CBN is better positioned to tackle fraud, improve consumer protection, and support Nigeria’s economic growth agenda.
As the newly appointed directors assume their roles, the focus will be on driving policy implementation, ensuring regulatory compliance, and fostering a more transparent and resilient financial system. This restructuring underscores the CBN’s commitment to maintaining its credibility and effectiveness as Nigeria’s foremost financial regulator.
