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CBN Sacks NIRSAL Executive Directors

CBN Sacks NIRSAL Executive Directors

Culture

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.

is an Associate at Naija News. He is a news media enthusiast, he holds a degree in psychology and loves exploring and sharing about the enormous power that lies in the human mind. Email: [email protected]Instagram: adeniyidman

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Gov Adeleke commits N8bn for procurement of tractors, clearing equipments

Gov Adeleke commits N8bn for procurement of tractors, clearing equipments

Culture

Osun State governor, Ademola Adeleke on Friday said his administration has committed N8 billion to procure tractors and other farm clearing equipments to boost agriculture sector in the state.

Adeleke stated this while unveiling newly purchased tractors and other farm clearing equipment at Agric Input Settlement Unit (AISU), Ede.

According to him, the procurement of the equipments plus additional N2billion farm inputs followed due process.

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Governor Adeleke noted that at the inception of his administration, he crafted policy objectives and also fashioned an agenda towards their realization which was tagged the 5-Point Action Plan.

He said the objectives include the welfare of workers, financial inclusion, localization, people-centered infrastructure upgrade, as well as social sector upliftment and agro-industrialization.

The governor who said 6,000 herbicides, 80,000 cashew seedlings, 8,000 cassava cuttings, 8,000 various vegetable seeds and 500 bags of Lime would be distributed to the farmers, women associations, people living with disabilities and government schools with large farmlands, urged the beneficiaries to utilise it to boost the agricultural sector in the state.

“We are equally unveiling 31 newly purchased tractors with full implements for the use of our farmers in Osun State which is the first phase of this project,” he said.

“These tractors will be released to farmers cooperative societies and associations after all necessary administrative procedures have been concluded.

“This is also in line with the promise made to our resourceful youthful population during the last End Bad Governance protest. We hope to provide all necessary infrastructure and resources to enhance agricultural production and ensure food security for our people.”

Earlier in his remark, the state commissioner for Agriculture and Food Security, Hon. Tola Faseru, said the ministry was working interdem with the five point agenda of the governor in the area of agric development

He said, “farming all over the globe has become a profitable venture as well as a veritable means of empowerment. Osun State is purely an agrarian society. It is abundantly endowed with fertile land, supportive weather and human resources to leverage on agriculture for attaining food security.”

He noted that the resolve of Governor Adeleke to procure tractors and other farm clearing equipments alongside with distribution of farm inputs and seeds will go a long way in removing drudgery associated with production of food crops and youths’ notions that agribusiness is tedious and unprofitable.

He assured the farmers in the state that more new tractors and their implements are being expected to arrive in due course.

He commended the governor for being proactive and urged the beneficiaries to make use of the opportunity very well.

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FINIMA

GREAT CULTURE / BEAUTIFUL KINGDOM / LOVELY PEOPLE

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