The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments, marking one of the most significant leadership shakeups in recent years. The new appointees will oversee banking supervision, payment systems, and consumer protection, areas critical to Nigeria’s financial sector, especially as regulators tighten scrutiny on banks and fintechs.
The restructuring comes one month after the reinstatement of Jimoh Musa Itopa as director of the Payments System Management Department (PSMD), a move that signaled broader changes at the central bank. The PSMD regulates cashless policies, licenses payment-switching companies, and oversees Nigeria’s open banking framework. With the appointments finalized, the CBN is doubling down on supervision, compliance, and consumer protection at a time when the financial system faces increasing fraud risks and regulatory crackdowns.
The CBN did not immediately respond to a request for comments.
New Directors At The CBN, New Priorities
Dr Olubukola Akinwunmi Akinniyi has been named director of banking supervision, one of the most powerful roles at the CBN. Akinniyi, a PhD holder and author, is known for being “nonconfrontational and a peacemaker,” according to a source familiar with his work. His appointment places him at the heart of bank oversight, a critical role as Nigeria’s lenders prepare to power President Bola Tinubu’s ambition of a $1 trillion economy.
Another powerful department is Payment System Supervision, which will now be led by Yusuf Rakiya Opeyemi. This newly created directorate was part of a broader restructuring that split the Payments System Management Department (PSMD) into two separate units: one focused on policy and the other on supervision.
This change was driven by the belief that more urgency was needed in both areas, particularly in addressing the rising incidents of fraud in the industry. While Yusuf Rakiya Opeyemi now oversees the supervisory arm, a separate director has been appointed to lead the policy side. Previously, payment supervision and policy were housed under a single team, which some industry stakeholders saw as a bottleneck to effective regulation. The restructuring follows the return of Jimoh Musa Itopa as director of PSMD, a move that also affected the tenure of Oladimeji Taiwo Yisa, who had been named Acting Director of the Payments Systems Management Department. Oladimeji Yisa Taiwo has now voluntarily left the Central Bank, according to a person familiar with the matter.
Another critical appointment is Aisha Isa-Olatinwo as director of consumer protection. Bank customers frequently complain about unresolved disputes with financial institutions, and the CBN has faced criticism for not holding banks accountable. Olatinwo, who has a background in audits, is expected to take a tougher stance on consumer grievances, according to an insider.
A Shift in Regulatory Focus
The restructuring cements the CBN’s increasing focus on new policy and enforcement, a shift from the previous years of policy-driven reforms without strict follow-through. The appointments also follow a turbulent period for fintechs, which faced licensing freezes, heightened compliance requirements, and a wave of fraud-related concerns in 2024.
With new leadership in place, banks and fintech should expect even closer scrutiny. Dr Olubukola’s banking supervision team will monitor lenders’ financial health. Rakiya Yusuf’s payments supervision unit will be under pressure to crack down on fraud and ensure compliance. Aisha Isa-Olatinwo’s consumer protection office will likely be more vocal in resolving disputes.
For Nigeria’s financial sector, this is not just a change in personnel, it is a signal that the CBN is doubling down on policy formulation and full-scale enforcement.
