The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments, marking one of the most significant leadership overhauls in recent years. This restructuring comes at a time when regulators are tightening oversight on banks and fintechs, particularly in areas such as banking supervision, payment systems, and consumer protection.
The leadership changes follow the recent reinstatement of Jimoh Musa Itopa as the Director of the Payments System Management Department (PSMD), signaling broader reforms at the apex bank. The PSMD plays a pivotal role in overseeing cashless policies, licensing payment-switching companies, and managing Nigeria’s open banking framework. With this shake-up, the CBN is reinforcing its commitment to compliance, fraud prevention, and consumer protection amid growing financial risks.
However, the CBN has not yet issued an official statement on these appointments.
Dr. Olubukola Akinwunmi Akinniyi – Banking Supervision Director
This role is central to maintaining oversight over commercial banks, ensuring their financial stability, and enforcing regulatory compliance. Akinniyi, a PhD holder and published author, is described by insiders as a strategic thinker and mediator. His role becomes even more critical as Nigeria’s banking sector aligns with President Bola Tinubu’s economic vision of achieving a $1 trillion GDP.
Yusuf Rakiya Opeyemi – Director of Payment System Supervision
Another key restructuring move is the creation of a new Payment System Supervision Directorate, now led by Yusuf Rakiya Opeyemi. This restructuring splits the Payments System Management Department (PSMD) into two distinct units—one handling policy and the other supervision. Previously, both functions were handled by a single team, which many industry experts saw as an administrative bottleneck.
The decision to separate these functions comes amid rising fraud cases and compliance concerns within the financial ecosystem. Opeyemi’s supervisory unit will now focus on curbing fraud, enhancing security measures, and ensuring fintech compliance. This move also impacts Oladimeji Taiwo Yisa, who had previously served as Acting Director of PSMD but has since voluntarily exited the CBN.
Aisha Isa-Olatinwo – Director of Consumer Protection
Consumer protection has been a long-standing challenge in Nigeria’s banking sector, with many customers expressing frustration over unresolved disputes. To address this, the CBN has appointed Aisha Isa-Olatinwo as Director of Consumer Protection.
With a background in auditing, Isa-Olatinwo is expected to adopt a stricter stance on customer grievances and enforce greater accountability on financial institutions. The goal is to ensure that banks prioritize customer rights and swiftly resolve complaints.
This restructuring signals a strategic shift in the CBN’s approach to regulation. In previous years, the bank focused heavily on policy development, but enforcement was often seen as inadequate. Now, under this new leadership structure, policy implementation and regulatory crackdowns will take center stage.
The fintech sector, in particular, should expect stricter licensing requirements, enhanced fraud monitoring, and increased compliance scrutiny. Recent licensing freezes and regulatory actions in 2024 highlighted the CBN’s growing emphasis on oversight, and these leadership appointments reinforce that direction.
With the new team in place, Dr. Olubukola Akinniyi’s department will monitor the financial health of banks, Yusuf Rakiya Opeyemi’s unit will enforce tighter fraud controls within payment systems while Aisha Isa-Olatinwo’s consumer protection division will push for stronger customer safeguards.
This isn’t just a leadership transition—it’s a clear message that the CBN is entering an era of strict regulatory enforcement, financial security, and consumer-focused reforms.
