The Central Bank of Nigeria has appointed 16 new directors across key departments after a 9-month restructuring period. This move targets banking supervision, payment systems, and consumer protection to enhance regulatory efficiency amid scrutiny of financial institutions. Notably, new roles have been filled for various departments, including banking supervision and consumer protection, reflecting a strategic overhaul.
The Central Bank of Nigeria (CBN) has appointed 16 new directors across vital departments following a significant restructuring that occurred nine months after replacing previous directors. The appointments aim to strengthen the bank’s critical areas, including banking supervision, payment systems, and consumer protection, amidst increasing regulatory scrutiny on financial institutions.
An internal advertisement released in September 2024 facilitated this process, indicating a strategic need for leadership in departments that had previously been coordinated by a single individual. Among the appointees, Dr. Olubukola Akinwunmi Akinniyi will assume the role of director of banking supervision, a significant position within the CBN.
Additionally, Dr. Yusuf Rakiya Opeyemi has been appointed to lead the newly separated Payment System Supervision department, which was created to improve regulation efficiency by focusing on either policy or supervision. This restructuring occurred subsequent to the reinstatement of Jimoh Musa Itopa as director of the Payments System Management Department, affecting previous interim appointments.
Dr. Aisha Isa-Olatinwo has been named director of the consumer protection department and is expected to elevate the handling of consumer grievances, while Sike Rita Ijeoma will oversee Financial Policy and Regulation. Other appointments include Dr. Obom Victor Ugbem in Monetary Policy and Farouk Mujtaba Muhammad in Reserve Management.
The new leadership also includes heads for microfinance banks, mortgage banks, and finance companies, with Mr. Solaja Mohammed-Jamiu Olayemi overseeing this domain. Several other departments have received new leadership, demonstrating CBN’s commitment to enhancing operational effectiveness.
The restructuring of the Central Bank of Nigeria marks a strategic initiative to fortify leadership within essential departments following previous changes in directorship. The appointment of new directors across banking supervision, payment systems, and consumer protection aligns with the need for a more efficient regulation framework in Nigeria’s financial sector as it grapples with intense scrutiny. The changes reflect a proactive approach to leadership within the CBN.
Original Source: dailytrust.com
