Economy
CBN appoints 16 new directors in major shake-up
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The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a significant leadership shakeups.
These appointments affect crucial areas such as Monetary Policy department, Trade and Exchange Department, Banking Supervision, Payment Systems and Consumer Protection among others.
This new appointments are coming at a time when regulators are tightening oversight on banks and financial technology firms as it declared last week as well as the final leg of the banking sector recapitulation exercise.
A source at the CBN told The Nation that “the very best were selected as such, no one will complain about the process because they all were appointed from within the system.”
This restructuring signals broader changes at the apex bank.
With the latest appointments, the CBN is strengthening its focus on compliance, consumer protection, and financial sector stability, especially in the face of increasing fraud risks and regulatory actions and other critical areas.
One of the most notable appointments is that of Dr. Olubukola Akinwunmi Akinniyi as Director of Banking Supervision.
His new role places him at the center of banking oversight, a crucial function as Nigeria’s financial institutions prepare to support President Bola Tinubu’s ambition of building a $1 trillion economy.
Another key change is in payment system supervision. The CBN has split the Payments System Management Department into two distinct units—one focused on policy and the other on supervision.
Yusuf Rakiya Opeyemi has been appointed Director of the newly created Payment System Supervision Department, reflecting the CBN’s commitment to tackling rising fraud and ensuring stronger regulatory oversight.
Industry stakeholders had criticised the former structure, which housed payment supervision and policy under a single team, as a bottleneck to effective regulation.
Consumer protection is another area where the CBN is making significant changes. Aisha Isa-Olatinwo has been named Director of Consumer Protection, a department that has faced criticism over unresolved disputes between banks and their customers.
With a background in audits, Olatinwo is expected to take a stricter stance on financial institutions that fail to address customer complaints.
The newly appointed directors include Mal. Abdullahi Hamisu (Banking Services); Dr. OJumu Adenike Olubunmi (Medical Services); Mr. Makinde Kayode Olanrewaju (Procurement & Support Services); Mrs. Jide-Samuel Omoyemen Avbasowamen (Information Technology); Mrs. Sike Rita Ijeoma (Financial Policy and Regulation); Dr. Victor Ugbem Oboh (Monetary Policy); Mr. Nakorji Musa (Trade and Exchange); Dr. Vincent Monsurat Modesola (Strategy Management and Innovation); Mr. Farouk Mujtaba Muhammad (Reserve Management); Dr. Adetona Sikiru Adedeji (Currency Operations and Branch Management); Mr. Hassan Ibrahim Umar (Development and Finance Institutions Supervision); Mr. Solaja Mohammed-Jamiu Olayemi (Other Financial Institutions Supervision) and Dr. Okpanachi Usman Mose (Statistics).
All the appointments took effect from March 3, 2025.
The new leadership team is expected to play a critical role in shaping Nigeria’s financial sector as the CBN enforces stricter regulations and aims for greater efficiency in monetary policy and financial stability.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
The Federal Government, states and local government councils shared a total sum of N2.257 trillion from the Federation Account in April.
Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this in a statement on Monday.
The revenue was shared at the May 2026 Federation Account Allocation Committee, FAAC, meeting held in Abuja.
The N2.257 trillion total distributable revenue comprised distributable statutory revenue of N1.260 trillion , distributable Value Added Tax, VAT, revenue of N747.088 billion, and augmentation of N250.000 billion.
This indicated that total gross revenue of N3.184 trillion was available in the month of April 2026. The total deduction for cost of collection was N113.756 billion, while total transfers, refunds, and savings were N813.839 billion.
According to the statement, gross statutory revenue of N2.378 trillion was received for the month of April 2026. This was higher than the sum of N1.699 trillion received in the preceding month by N678.224 billion.
Gross revenue of N806.617 billion was available from VAT in April 2026. This was higher than the N664.425 billion available in the month of March 2026 by N142.192 billion.
The communiqué stated that from the N2.257 trillion total distributable revenue, the Federal Government received a total sum of N787.351 billion, and the state governments received a total sum of N772.360 billion.
The local government councils received N540.152 billion, while the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N1.260 trillion distributable statutory revenue, the statement stated that the Federal Government received N580.942 billion and the state governments received N294.661 billion.
The local government councils received N227.172 billion, and the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N747.088 billion distributable VAT revenue, the Federal Government received N74.709 billion, the state governments received N410.898 billion, and the local government councils received N261.481 billion.
The Federal Government received N131.700 billion of the N250.000 billion, the state governments received N66.800 billion, and the local governments received N51.500 billion.
In April 2026, Companies Income Tax, CIT, CGT, SDT, import duty, oil and gas royalty, and VAT increased significantly, while Petroleum Profit Tax, PPT, and hydrocarbon tax, HT, decreased considerably.
Excise duty and CET levies decreased marginally.
Nigeria’s company income tax, CIT, decreased in the first quarter of 2026 to N1.37 trillion.
The National Bureau of Statistics, NBS, disclosed this in its CIT report released on Monday.
The report showed that the country’s CIT dropped by 8.98 percent when compared to N1.449 trillion collected in Q4 2025.
Further breakdown showed that domestic CIT stood at N538.91 billion, while foreign payments accounted for N828.82 billion in the period under review.
“Company Income Tax (CIT) in Q1 2026 stood at N1.37 trillion, indicating a decrease of 8.08 percent on a quarter-on-quarter basis from N1.49 trillion in Q4 2025.
“Of the total CIT collected, domestic CIT contributed N538.91 billion, while foreign CIT payment accounted for N828.82 billion during the quarter,” the NBS stated.
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