The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a significant leadership shakeup.

These appointments affect crucial areas such as Monetary Policy department, Trade and Exchange Department, Banking Supervision, Payment Systems and Consumer Protection among others.

This new appointment is coming at a time when regulators are tightening oversight on banks and financial technology firms, as it was declared last week, as well as the final leg of the banking sector recapitulation exercise.

A source at the CBN told NewMailNG that “the very best were selected as such; no one will complain about the process because they all were appointed from within the system.”

This restructuring signals broader changes at the apex bank.

With the latest appointments, the CBN is strengthening its focus on compliance, consumer protection, and financial sector stability, especially in the face of increasing fraud risks and regulatory actions and other critical areas.

One of the most notable appointments is that of Dr. Olubukola Akinwunmi Akinniyi as Director of Banking Supervision.

His new role places him at the center of banking oversight, a crucial function as Nigeria’s financial institutions prepare to support President Bola Tinubu’s ambition of building a $1 trillion economy.

Another key change is in payment system supervision. The CBN has split the Payments System Management Department into two distinct units—one focused on policy and the other on supervision.

Yusuf Rakiya Opeyemi has been appointed Director of the newly created Payment System Supervision Department, reflecting the CBN’s commitment to tackling rising fraud and ensuring stronger regulatory oversight.

Industry stakeholders had criticised the former structure, which housed payment supervision and policy under a single team, as a bottleneck to effective regulation.

Consumer protection is another area where the CBN is making significant changes. Aisha Isa-Olatinwo has been named Director of Consumer Protection, a department that has faced criticism over unresolved disputes between banks and their customers.

With a background in audits, Olatinwo is expected to take a stricter stance on financial institutions that fail to address customer complaints.

The newly appointed directors include Mal. Abdullahi Hamisu (Banking Services); Dr. OJumu Adenike Olubunmi (Medical Services); Makinde Kayode Olanrewaju (Procurement & Support Services); Jide-Samuel Omoyemen Avbasowamen (Information Technology); Sike Rita Ijeoma (Financial Policy and Regulation); Dr. Victor Ugbem Oboh (Monetary Policy); Nakorji Musa (Trade and Exchange); Dr. Vincent Monsurat Modesola (Strategy Management and Innovation); Farouk Mujtaba Muhammad (Reserve Management); Dr. Adetona Sikiru Adedeji (Currency Operations and Branch Management); Hassan Ibrahim Umar (Development and Finance Institutions Supervision); Solaja Mohammed-Jamiu Olayemi (Other Financial Institutions Supervision) and Dr. Okpanachi Usman Mose (Statistics).

All the appointments took effect on March 3, 2025.

The new leadership team is expected to play a critical role in shaping Nigeria’s financial sector as the CBN enforces stricter regulations and aims for greater efficiency in monetary policy and financial stability.

Profiles of 16 new CBN directors

Aisha Isa-Olatinwo is one of the 16 new directors appointed by the Central Bank of Nigeria (CBN) to serve as the director of the Consumer Protection Department effective March 3, 2025.

Prior to her appointment, she served as the acting director of Branch Operations at the CBN, where she stressed the bank’s commitment to intensifying oversight of Deposit Money Banks (DMB) operations to ensure compliance with regulatory standards.

Isa-Olatinwo has also been an active participant in industry discussions, highlighting the CBN’s dedication to national interests and regulatory compliance.

Her appointment reflects the CBN’s commitment to strengthening its operations across various regulatory, supervisory, and policy-driven functions.

Mallam Abdullahi Hamisu has just been appointed as the Director of Banking Services at the Central Bank of Nigeria (CBN), a position that defines his pivotal role in ensuring seamless banking operations across the nation. Before his appointment, he served as coordinator, banking services under the Operations Directorate.

Ojumu Adenike Olubunmi, now the CBN’s director, Medical Services Department, was until her appointment, a Medical Doctor at the CBN. An accomplished and dedicated Medical Doctor with over 26 years of invaluable experience, specialising in Family Medicine and Public Health. As an empathetic and passionate healthcare professional, she has consistently demonstrated a commitment to the betterment of patient care and public health initiatives.

Sike Rita Ijeoma, who is now the director of Financial Policy and Regulation Department, was formerly the director of Banking Supervision. Ijeoma’s expertise and leadership are expected to contribute significantly to the CBN’s mission of maintaining a stable and efficient financial system in Nigeria.

Isa-Olatinwo Aisha A., currently serves as the director of the Consumer Protection Department at the Central Bank of Nigeria (CBN), effective March 3, 2025. Prior to her appointment, she held the position of Coordinator of Branch Operations at the CBN, where she played a pivotal role in overseeing the bank’s branch activities nationwide.

Oboh Victor Ugbem, a policy economist has been appointed the director, Monetary Policy Department. Victor is a senior development economist with more than 20 years experience, operating in the areas of monetary, financial and agricultural policies as well as private sector development.

Currently an Assistant Director in the Central Bank of Nigeria, providing technical support to the design and implementation of the Bank’s policies.

Nakorji Musa, director, Trade and Exchange Department, prior to his appointment, Musa was a deputy director at Central Bank of Nigeria. Musa Nakorji brings experience from previous roles at the CBN. Musa Nakorji holds a 2004 – 2006 Master of Business Administration (M.B.A.) in Business, Management, Marketing, and Related Support Services at Ahmadu Bello University, Zaria.

Musa’s extensive research background and expertise in economic analysis are expected to enhance the CBN’s efforts in managing trade and exchange policies effectively.

Yusuf Rakiya Opemi, director, Payments System Supervision Department, was deputy director, overseeing banking operations until her new appointment. “I am a corporate governance expert and a proficient accountant that carved a niche in auditing, banking and fintech regulation. I enjoy teaching and mentoring people to bring out the best in them,” she said. Her leadership in the Payments System Supervision Department is expected to enhance the efficiency and security of Nigeria’s payment systems, aligning with the CBN’s commitment to a robust financial infrastructure.

Makinde Kayode Olanrewaju is now the CBN director, Procurement & Support Services Department. Prior to her appointment, she was Banking serving in the Supervision, Regulatory Compliance, Audit & Finance department. She is a seasoned chartered Banker and Accountant of over 20 years work experience cutting across Banking industry and Telecomms.

Farouk Mujtaba Muhammad, director, Reserve Management Department at CBN, effective March 3, 2025. Prior to this appointment, Muhammad served as the Coordinator of the Reserve Management Department at the CBN. His extensive experience in financial management and previous roles within the CBN are expected to contribute significantly to the effective management of Nigeria’s foreign reserves.