The Central Bank of Nigeria has appointed 16 new directors across essential departments to replace previous and retired directors. Significant changes include the restructuring of the Payments System Management Department into separate policy and supervisory units. The appointments aim to enhance oversight in banking supervision, consumer protection, and other critical sectors of the financial system.
The Central Bank of Nigeria (CBN) has appointed 16 new directors in key departments, following a period of significant transitions, including relieving previous directors and managing retirements occurring over the past year. An internal advertisement launched by the CBN in September 2024 aimed at filling crucial roles previously held by Coordinators, reflecting the institution’s commitment to enhancing its governance structure.
These appointments aim to strengthen oversight in critical financial sectors, including banking supervision, payment systems, and consumer protection, especially as regulatory scrutiny intensifies for banks and fintech companies. Dr. Olubukola Akinwunmi Akinniyi has been appointed as the director of banking supervision, a significant role within the CBN framework.
Dr. Yusuf Rakiya Opeyemi will lead the newly established Payment System Supervision department, a product of a restructuring initiative that divided the former Payments System Management Department into policy and supervisory units. This change addresses previous concerns about inefficiencies stemming from the former single-team structure.
The restructuring coincides with the return of Jimoh Musa Itopa as the director of the Payments Systems Management Department, leading to shifts in tenure, including the departure of Oladimeji Taiwo Yisa, previously the acting director in this area. The transition aims to enhance the effectiveness of regulation in Nigeria’s financial landscape.
Dr. Aisha Isa-Olatinwo has been appointed as the director of the consumer protection department, where her audit background is anticipated to bolster the handling of consumer issues. Additionally, Sike Rita Ijeoma will direct Financial Policy and Regulation, establishing guidelines for Nigeria’s financial system.
Other noteworthy appointments include Dr. Obom Victor Ugbem overseeing Monetary Policy, Farouk Mujtaba Muhammad in Reserve Management, and Mrs. Vincent Monsurat Modesola in Strategic Management and Innovation. Furthermore, Mr. Solaja Mohammed-Jamiu Olayemi will manage microfinance bank oversight, and Mr. Nakorji Musa will handle Trade and Exchange operations.
The new leadership will also include Mrs. Jide-Samuel Omoyemen Avbasowamen for Information Technology, Dr. Ojumu Adenike Olubunmi for Medical Services, Mal Abdullahi Hamisu for Banking Services, Mr. Makinde Kayode Olarewaju for Procurement and Support Services, Dr. Adedeji Adetona Sikiru for Currency Operation and Branch Management, and Dr. Okpanachi Usman Moses for Statistics.
In summary, the recent appointment of 16 directors at the Central Bank of Nigeria marks a pivotal shift in leadership and organizational structure, aimed at reinforcing supervision and policy initiatives within key financial areas. Notably, the divide of the Payments System Management Department into specialized units is expected to streamline operations and enhance regulatory effectiveness. This restructuring initiative aligns with the CBN’s goals to bolster Nigeria’s financial sector amidst increasing scrutiny of banking and fintech systems.
Original Source: dailytrust.com
