The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments, ending nearly two years of acting leadership in several units as part of efforts to strengthen its regulatory framework.
The appointments are part of Governor Olayemi Cardoso’s ongoing restructuring of the apex bank to improve oversight of the financial sector. With the confirmation of new directors, the CBN is expected to tighten regulations amid rising concerns over fraud, fintech activities, and gaps in consumer protection enforcement.
An insider familiar with the matter stated that 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 aimed at restoring the credibility of the CBN’s regulatory oversight and ensuring stricter enforcement of financial policies.
Dr. Olubukola Akinniyi has been appointed Director of Banking Supervision, a crucial role in monitoring the financial health of Nigerian banks. His appointment comes at a time when lenders are expected to play a key role in driving economic growth.
The Payment System Supervision Department will now be headed by Yusuf Opeyemi, following the splitting of the department into separate directorates. The restructuring aims to address regulatory bottlenecks and strengthen oversight of digital payments, particularly in tackling fraud and illicit financial transactions.
Aisha Isa-Olatinwo has been named Director of Consumer Protection, a unit responsible for addressing customer complaints against banks and fintech companies. Her appointment is expected to improve dispute resolution and enforce stricter consumer protection laws.
Other appointments include Ojumu Adenike Olubunmi as Director of the Medical Services Department, Makinde Olanrewaju as Director of Procurement and Support Services, and Jide-Samuel Avbasowamen as Director of Information Technology. Sike Ijeoma will lead the Financial Policy and Regulation Department, while Oboh Ugbem has been appointed Director of the Monetary Policy Department.
Nakorji Musa will oversee the Trade and Exchange Department, Yusuf Rakiya Opemi has been named Director of the Payments System Supervision Department, and Vincent Modesola will lead the Strategy Management and Innovation Department. Farouk Muhammad has been appointed Director of the Reserve Management Department, while Adedeji Sikiru will oversee the Currency Operations and Branch Management Department.
Hassan Umar has been named Director of Development and Finance Institutions Supervision, Solaja Olayemi will oversee the Other Financial Institutions Supervision Department, and Okpanachi Usman Moses has been appointed Director of the Statistics Department.
In the Governors’ Directorate, Dr. Blaise Ijebor has been appointed Director of Risk Management, overseeing financial and cybersecurity risk mitigation. Lydia Ifeanyichukwu Alfa remains the Director of Internal Audit, a position she has held since 2020.
Jimoh Itopa has been appointed Director of Capacity Development in the Corporate Services Directorate, while Muhammad Abba will oversee Human Resources. Rabiu Musa has been named Director of Finance, and Sirajuddin Salam-Alada will head Legal Services.
Dr. Omolara Duke remains the Director of Financial Markets, while Rashida Jumoke Monguno has been appointed Director of the Corporate Secretariat.
The appointments are part of ongoing regulatory reforms under Governor Cardoso aimed at enhancing financial system oversight, improving transparency, and ensuring stronger policy enforcement. With these appointments, the CBN is expected to improve regulatory compliance, enhance financial supervision, and strengthen monetary policy execution as Nigeria navigates economic and financial challenges.
