CBN Sacks NIRSAL Executive Directors

Culture The Central Bank of Nigeria (CBN) has terminated the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL), as part of an ongoing restructuring process at the apex bank.

The decision, approved by CBN Governor Olayemi Cardoso on Friday, represents the latest in a series of significant layoffs since he assumed office last year.

The executive directors affected by the decision include Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Services Olatunde Akande.

A NIRSAL official, who confirmed the development to TheNation, noted that the remaining staff are awaiting further clarification on the circumstances surrounding the dismissals.

In the termination letters issued to the affected directors, the CBN cited a “major organisational and human capital restructuring process” as the reason for the dismissals.

The move is part of broader efforts to reshape the CBN’s structure and operations under Governor Cardoso’s leadership.

NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 with the goal of stimulating agricultural finance and investments in Nigeria.

The institution has played a critical role in de-risking the agriculture value chain and has facilitated over 219 billion in funding for the sector.

The layoffs at NIRSAL are the latest in a broader trend of staff terminations 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 dismissals have sparked concerns about the ongoing restructuring efforts and their potential impact on the CBN’s operations and the overall financial system.

As the CBN continues its restructuring process, the implications for NIRSAL and the broader agricultural sector remain uncertain.

The dismissal of the executive directors raises questions about the future direction of the organization and its capacity to effectively support agricultural development in Nigeria.