The Central Bank of Nigeria has appointed 16 new directors in key departments following a major leadership restructuring. These changes aim to strengthen banking supervision and consumer protection as part of a greater strategy to improve regulatory oversight in Nigeria’s financial sector.
The Central Bank of Nigeria (CBN) has appointed 16 new directors nine months after reshuffling previous leadership. These appointments focus on essential departments including banking supervision, payment systems, and consumer protection, reflecting a response to increased regulatory scrutiny in Nigeria’s financial sector. An internal advertisement released in September 2024 outlined the need to fill strategic roles that were previously overseen by Coordinators.
Dr. Olubukola Akinwunmi Akinniyi has taken the position of director of banking supervision, a critical role within the CBN. The newly created Payment System Supervision department is led by Dr. Yusuf Rakiya Opeyemi, following a structural change that divided the Payments System Management Department into two distinct areas: policy and supervision. This reorganization aims to enhance regulatory effectiveness.
The recent restructuring also follows the reinstatement of Jimoh Musa Itopa as director of the Payments System Management Department, coinciding with the exit of Oladimeji Taiwo Yisa, who had been working as Acting Director of the same department.
Other notable appointments include Dr. Aisha Isa-Olatinwo as the director of the consumer protection department, who is expected to address consumer grievances rigorously. Sike Rita Ijeoma will oversee Financial Policy and Regulation, influencing the foundational rules of Nigeria’s financial landscape.
Key appointments also include Dr. Obom Victor Ugbem for Monetary Policy, Farouk Mujtaba Muhammad for Reserve Management, and Mrs. Vincent Monsurat Modesola for Strategic Management and Innovation. Additionally, various departments such as microfinance, mortgage banks, and banking services will now be supervised by newly assigned directors, enhancing their operational focus and governance efficiency.
The CBN has implemented significant changes to its leadership structure by appointing 16 new directors, each tasked with crucial roles in banking supervision, payment systems, and consumer protection. These strategic appointments reflect the bank’s response to intensified regulatory scrutiny. The restructuring aims to streamline operations and improve regulatory effectiveness, ultimately enhancing the governance and stability of Nigeria’s financial sector.
Original Source: dailytrust.com
