The Central Bank of Nigeria (CBN) has dismissed all executive directors of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) as part of a comprehensive restructuring at the apex bank.
The decision, approved on Friday by CBN Governor Olayemi Cardoso, is the latest in a series of significant personnel changes since he took office last year.
The affected executive directors include Abbas Umar Masanawa, Managing Director and CEO; Kennedy Nwaruh, Executive Director of Operations; and Olatunde Akande, Executive Director of Technical Services.
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A NIRSAL official confirmed the news to TheNation and mentioned that remaining staff members are awaiting further information on the circumstances surrounding the dismissals.
The termination letters issued to the directors cite a “major organizational and human capital restructuring process” as the reason for their removal. This move is part of broader efforts to overhaul the CBN’s structure and operations under Governor Cardoso’s leadership.
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EKO HOT BLOG notes that NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 to boost agricultural finance and investments in Nigeria. The organization has been instrumental in de-risking the agricultural value chain and has facilitated over ₦219 billion in sector funding.
The layoffs at NIRSAL are part of a wider trend of staff dismissals at the CBN. Over the past year, more than 700 employees have been let go, including seven directors and over 90 senior management staff in May.
These widespread terminations have raised concerns about the ongoing restructuring efforts and their potential impact on the CBN’s operations and the broader financial system.
As the restructuring continues, questions arise about the future direction of NIRSAL and its ability to effectively support agricultural development in Nigeria.
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