Olayinka Aliyu Biography
Olayinka Aliyu is a Nigerian banker and economist who was nominated by President Bola Tinubu as a director of the board of the Central Bank of Nigeria (CBN) in February 2024.
Early Life and Education
Olayinka Aliyu was born in the Federal Capital Territory, Nigeria, in the late 1970s or early 1980s. He attended primary and secondary schools in Abuja, where he excelled in mathematics and economics. He developed an interest in banking and finance from a young age, and decided to pursue a degree in economics at the University of Abuja.
He graduated with honors in 2002 and proceeded to obtain a master’s degree in economics from the same university in 2004. He also holds a professional certification in banking from the Chartered Institute of Bankers of Nigeria (CIBN).
Career and Achievements
Olayinka Aliyu began his career as a graduate trainee at the First Bank of Nigeria in 2005, where he rose through the ranks to become a senior manager in charge of corporate banking and treasury operations. He was responsible for managing the bank’s liquidity, foreign exchange, and risk management functions.
He also handled the bank’s relationships with major corporate clients, government agencies, and international financial institutions. He was instrumental in securing several loans and grants for the bank from the World Bank, the African Development Bank, and the International Monetary Fund.
In 2012, Olayinka Aliyu joined the CBN as a deputy director in the financial policy and regulation department. He was involved in the formulation and implementation of monetary and fiscal policies, as well as the supervision and regulation of banks and other financial institutions. He played a key role in the development and enforcement of the Basel III framework, the Financial Stability Board standards, and the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations in Nigeria.
He also participated in several regional and international forums and committees on financial stability and inclusion, such as the West African Monetary Zone (WAMZ), the Economic Community of West African States (ECOWAS), and the Financial Action Task Force (FATF).
In 2018, Olayinka Aliyu was promoted to the position of director of the financial markets department at the CBN. He oversees the operations and development of the interbank, money, bond, and foreign exchange markets in Nigeria. He is also in charge of the management of the country’s external reserves and sovereign wealth fund. He coordinates the CBN’s interventions and auctions in the financial markets, as well as the issuance and redemption of government securities. He also liaises with the Ministry of Finance, the Debt Management Office, the Securities and Exchange Commission, and other relevant stakeholders on matters relating to the financial markets.
Nomination and Confirmation
In February 2024, President Bola Tinubu announced the appointment of five directors to the board of the CBN, including Olayinka Aliyu¹. The president’s request was contained in a letter addressed to the Senate President, Godswill Akpabio, and read at the plenary session on February 13, 2024. The president stated that the appointments were in line with the provisions of the CBN Establishment Act, 2007, and expressed his confidence that the nominees would bring their wealth of experience and expertise to the board of the apex bank.
The Senate referred the request to the committee on banking, insurance, and other financial institutions for further legislative action. The committee is expected to screen and confirm the nominees within four weeks. The confirmation process may involve a public hearing, where the nominees will be asked to present their credentials, answer questions, and defend their suitability for the positions. The committee will then submit its report to the plenary, where the Senate will vote to either confirm or reject the nominees.
Conclusion
Olayinka Aliyu is a seasoned banker and economist who has been nominated by President Bola Tinubu as a director of the board of the CBN. He has a strong academic and professional background in economics, banking, and finance. He has worked in various capacities at the First Bank of Nigeria and the CBN, where he has contributed to the development and stability of the Nigerian financial system. He is awaiting confirmation by the Senate as of the time of writing this article. If confirmed, he will join the board of the CBN as one of its directors, and will be expected to provide strategic direction and oversight to the apex bank.
