Market News

9 months after, CBN names 16 new directors - DAILY TRUST

MARCH 06, 2025

The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments, nine months after it relieved the previous directors from the services of the bank as well as those who retired over a year ago.

The CBN in an internal advertisement published in September 2024 sought to fill strategic departments that were headed by Coordinators.

The new appointees will oversee banking supervision, payment systems, and consumer protection, areas critical to Nigeria’s financial sector, especially as regulators tighten scrutiny on banks and fintechs.

The restructuring comes one month after the reinstatement of Jimoh Musa Itopa as director of the Payments System Management Department (PSMD).

Dr Olubukola Akinwunmi Akinniyi has been named director of banking supervision, one of the most powerful roles at the CBN.

The Payment System Supervision department will be led by Dr Yusuf Rakiya Opeyemi. This newly created directorate was part of a broader restructuring that split the Payments System Management Department (PSMD) into two separate units: one focused on policy and the other on supervision.

While Dr Opeyemi now oversees the supervisory arm, a separate director has been appointed to lead the policy side. Previously, payment supervision and policy were housed under a single team, which some industry stakeholders saw as a bottleneck to effective regulation.

The restructuring follows the return of Jimoh Musa Itopa as director of PSMD, a move that also affected the tenure of Oladimeji Taiwo Yisa, who had been named Acting Director of the Payments Systems Management Department. Oladimeji Yisa Taiwo has now voluntarily left the Central Bank, according to a person familiar with the matter.

Dr Aisha Isa-Olatinwo was named director of consumer protection department. She has a background in audits, is expected to take a tougher stance on consumer grievances, according to an insider.

Sike Rita Ijeoma will head Financial Policy and Regulation, shaping the rules that guide Nigeria’s financial system.

Other key appointments include Dr Obom Victor Ugbem in Monetary Policy, Farouk Mujtaba Muhammad in Reserve Management, and Mrs Vincent Monsurat Modesola in Strategic Management and Innovation.

The supervision of microfinance banks, mortgage banks, and finance companies now falls under Mr Solaja Mohammed-Jamiu Olayemi, while Mr Nakorji Musa will oversee Trade and Exchange.

Mrs Jide-Samuel Omoyemen Avbasowamen heads Information technology Department; Dr Ojumu Adenike Olubunmi, Medical Services Department; Mal Abdullahi Hamisu, Banking Services Department; Mr Makinde Kayode Olarewaju, Procurement and Support Services Department; Dr Adedeji Adetona Sikiru, Currency Opereation and Branch Management Department; Dr Okpanachi Usman Moses, Statistics Department

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