Business Eye

The creation of two new units which are Corporate Communications and Consumer and Financial Protection Departments has been approved by the Board of Central Bank of Nigeria (CBN). A statement from the regulator, said the step is part of the internal reforms to reposition the apex bank to meet the challenges of the on-going banking reforms. The CBN now has 27 departments under five directorates headed by the Governor and his four deputies. The apex bank said Corporate Communications Department is to assume the mandate and functions of the erstwhile Corporate Communications Division of the Governors’ Department, and is headed by  Ugochukwu Okoroafor. He succeeds  Mohammed M. Abdullahi, who moves to Procurement and Support Services Department. The Consumer and Financial Protection Department, created out of the present Financial Policy and Regulation Department, is to protect the interest of consumers with a view to promoting consumer confidence in the banking industry. The unit will be headed by  Mallam U. F. Shehu. Its role also includes advocacy, enlightenment, education and promotion of awareness among consumers in the industry. Also, the Board has approved other director appointments which include three ladies to comply with the gender policy of the bank as promised by the Governor. All appointments took effect from Monday, 2nd April 2012.