The Central Bank of Nigeria (CBN) has announced the appointment of 16 new directors across various critical departments, following a major leadership reshuffle that comes nine months after the previous directors were relieved of their duties. The restructuring is seen as part of a broader effort to strengthen the financial sector, especially as regulators continue to clamp down on banks and fintech companies in Nigeria.
The appointments were made after the CBN published an internal advertisement in September 2024, seeking to fill leadership positions in departments that had been overseen by coordinators. These departments play a vital role in regulating and shaping Nigeria’s banking, payment systems, and consumer protection policies.
The restructuring is seen as crucial at a time when the financial sector in Nigeria is experiencing increased scrutiny, particularly from regulators concerned about the operations of banks and fintech companies. With the country’s economy continuing to evolve, strengthening regulatory bodies like the CBN is vital to ensure financial stability and consumer protection.
Dr. Olubukola Akinwunmi Akinniyi has been appointed as the director of banking supervision, a position considered one of the most important roles at the CBN. Dr Akinniyi’s role will involve overseeing the supervision of commercial banks, ensuring they follow proper regulatory practices, and safeguarding the stability of the banking sector.
The Payments System Supervision department has also been given a boost with the appointment of Dr. Yusuf Rakiya Opeyemi, who will now oversee the supervision arm of the payments system. This directorate has been created as part of a restructuring effort to split the Payments System Management Department (PSMD) into two units: one focused on policy and the other on supervision. Previously, both payment supervision and policy were managed under one unit, which led to concerns about inefficiency and delays in decision-making.
Dr. Opeyemi’s appointment comes after the return of Jimoh Musa Itopa as director of the PSMD. His reinstatement followed a period of leadership change in the department and a subsequent restructuring, which led to the departure of Oladimeji Taiwo Yisa, the former Acting Director of PSMD.
This restructuring is viewed as a necessary step to improve the efficiency of Nigeria’s payment systems, which have grown in complexity and importance over the years with the rise of fintech companies. As the fintech sector has rapidly expanded, there has been growing pressure to ensure that regulation keeps pace with the increasing number of digital financial services in Nigeria.
Another significant appointment is that of Dr. Aisha Isa-Olatinwo, who has been named the director of the consumer protection department. Dr. Isa-Olatinwo, who has a background in audits, is expected to bring a more rigorous approach to addressing consumer grievances, particularly as many Nigerians have expressed concerns about the services they receive from banks and other financial institutions.
An insider from the CBN suggested that Dr. Isa-Olatinwo’s appointment is part of the bank’s efforts to adopt a tougher stance on consumer protection. With financial services often difficult to navigate for many Nigerians, consumer protection is becoming an increasingly important area for the CBN to focus on.
The restructuring has also brought changes to several other critical departments. Sike Rita Ijeoma has been appointed as the director of Financial Policy and Regulation. In this role, she will help shape the policies that govern Nigeria’s financial system, including rules for banks, insurance companies, and other financial institutions.
Other notable appointments include Dr. Obom Victor Ugbem, who will oversee the monetary policy department, and Farouk Mujtaba Muhammad, who will head the reserve management department. Mrs. Vincent Monsurat Modesola has been appointed as the director of strategic management and innovation, while Mr. Solaja Mohammed-Jamiu Olayemi will oversee the supervision of microfinance banks, mortgage banks, and finance companies.
The CBN also appointed several directors to handle technical and operational departments, including Mr. Nakorji Musa, who will head the trade and exchange department, and Mrs. Jide-Samuel Omoyemen Avbasowamen, who will lead the information technology department.
The new appointments reflect the CBN’s desire to strengthen its oversight of Nigeria’s financial system. The restructuring is being viewed as a response to the growing complexities within the banking and payments sectors. With new technologies and financial products emerging rapidly, the CBN is clearly keen on enhancing its capacity to regulate these innovations and ensure they benefit the economy and consumers without creating new risks.
For instance, the split of the Payments System Management Department into two separate arms (policy and supervision) is an effort to streamline operations and increase efficiency. This change should also make it easier for the CBN to respond to the fast-paced developments in the payments sector, where new players such as fintech companies and mobile banking services are becoming more influential.
At the same time, the appointment of new directors for consumer protection shows that the CBN is paying attention to the needs of ordinary Nigerians who use banking services daily. There have been numerous complaints from consumers about hidden charges, poor customer service, and slow complaint resolution. By appointing an experienced professional like Dr. Isa-Olatinwo, the CBN seems to be signalling a commitment to tackling these issues head-on.
