The Central Bank of Nigeria (CBN) has taken a significant step in strengthening its leadership by appointing 16 new directors to oversee various departments. These appointments, effective March 3, 2025, demonstrate the bank’s commitment to improving regulatory oversight, policy execution, and supervisory efficiency.
Strengthening Key Departments
The newly appointed directors will lead critical departments to ensure the bank’s operations run smoothly. Abdullahi Hamisu will take charge of the Banking Services Department, while Ojumu Adenike Olubunmi assumes responsibility for Medical Services. Similarly, Makinde Kayode Olanrewaju has been appointed as the head of Procurement and Support Services, and Jide-Samuel Omoyemen Avbasowamen will lead the Information Technology Department.
Enhancing Financial Policy and Consumer Protection
To reinforce financial regulations, Sike Rita Ijeoma has been named the director of the Financial Policy and Regulation Department. Isa-Olatinwo Aisha A. will oversee the Consumer Protection Department, ensuring better safeguards for customers. Additionally, Oboh Victor Ugbem will lead the Monetary Policy Department to help shape Nigeria’s economic direction.
Trade, Payments, and Strategy Departments Get New Heads
In the area of trade and foreign exchange, Nakorji Musa will manage the Trade and Exchange Department. Meanwhile, Yusuf Rakiya Opemi will supervise the Payments System Supervision Department, focusing on financial transactions and payment security. On the strategic front, Vincent Monsurat Modesola will direct the Strategy Management and Innovation Department.
Reserve, Banking, and Currency Operations Leadership Reinforced
The bank has also appointed Farouk Mujtaba Muhammad to oversee the Reserve Management Department, ensuring optimal financial reserves. Akinwunmi Olubukola Akinniyi will take charge of Banking Supervision, aiming to maintain financial stability. In addition, Adedeji Adetona Sikiru will lead the Currency Operations and Branch Management Department to streamline currency-related functions.
Development, Financial Institutions, and Statistics Departments
Other appointments include Hassan Ibrahim Umar, who will lead the Development and Finance Institutions Supervision Department. Solaja Mohammed-Jamiu Olayemi will take over the Other Financial Institutions Supervision Department (OFISD). Lastly, the Statistics Department will be under the leadership of Okpanachi Usman Moses, ensuring accurate financial data analysis.
A Step Towards Stronger Financial Oversight
These appointments mark a strategic move by the CBN to bolster its leadership, enhance financial regulation, and promote economic stability. The newly appointed directors are expected to drive improvements in their respective departments, contributing to a more efficient financial system in Nigeria.
