CBN appoints 16 new directors across key departments

The Central Bank of Nigeria (CBN) has appointed 16 new directors to lead various departments, according to internal documents seen by this newspaper.

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While the appointments have not been formally announced on the bank’s official channels, sources within the institution confirm that the new directors assumed office on 1 March.

The reshuffle affects key departments responsible for financial regulation, banking supervision, monetary policy, and consumer protection.

The move signals a significant internal restructuring aimed at enhancing the bank’s operational efficiency and regulatory oversight.

Key appointments

Abdullahi Hamisu has been named Director of Banking Services, a department that facilitates interbank settlements, manages payments infrastructure and ensures smooth banking operations nationwide.

Meanwhile, Medical Services, now under Ojumu Adenike Olubunmi, oversees the healthcare and welfare of CBN employees across the country.

Makinde Kayode Olanrewaju has been appointed Director of Procurement and Support Services, a unit responsible for managing contracts and vendor relationships and ensuring efficient resource allocation within the bank.

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In a critical digital oversight role, Jide-Samuel Omoyemen Avbasowamen will head Information Technology, which supervises the CBN’s cybersecurity, digital banking frameworks, and technological innovations.

Sike Ijeoma will lead Financial Policy and Regulation, the department responsible for formulating banking sector policies, ensuring compliance with financial laws, and guiding the country’s financial stability strategy.

Similarly, Isa-Olatinwo Aisha has been named Director of Consumer Protection, a crucial division that handles financial complaints, enforces customer rights and ensures fair banking practices.

Monetary policy formulation will be overseen by Oboh Victor Ugbem, who has been appointed Director of Monetary Policy—the department that drafts and implements interest rate strategies, money supply management, and inflation control measures.

Now led by Nakorji Musa, Trade and Exchange plays a pivotal role in Nigeria’s foreign exchange policy, trade facilitation, and balance of payments oversight.

Ensuring oversight of Nigeria’s payments ecosystem, Yusuf Rakiya Opemi has been appointed to lead Payments System Supervision, which regulates fintech operations, digital transactions, and interbank settlements.

Similarly, Vincent Monsurat Modesola will direct Strategy Management and Innovation, tasked with long-term planning, policy research, and digital transformation initiatives.

The CBN’s foreign reserves and investment strategies will be overseen by Farouk Muhammad, now Director of Reserve Management, while banking stability will be monitored by Akinwunmi Akinniyi, who has been assigned to Banking Supervision—the department responsible for inspecting financial institutions to ensure compliance with prudential guidelines.

Currency Operations and Branch Management, headed by Adedeji Sikiru, manages the issuance, circulation, and security of Nigeria’s currency across the CBN’s branches.

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Others

Meanwhile, Hassan Umar will lead Development Finance Institutions Supervision (OFISD), which monitors microfinance banks, mortgage banks, and other non-commercial financial institutions.

In a critical role supporting financial sector data integrity, Okpanachi Moses has been appointed Director of Statistics, responsible for economic data collection, inflation tracking, and macroeconomic analysis.

Also, Solaja Olayemi will oversee Other Financial Institutions Supervision, regulating institutions such as finance houses, leasing firms, and credit bureaux.

The internal document announcing the appointments states: “We encourage all staff to support them in their new capacities and join us in congratulating them on this well-deserved achievement.” The document further highlights that the changes are aimed at “achieving the Bank’s vision and mission for long-term success.”