Central Bank of Nigeria Dismisses NIRSAL Executive Directors
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), marking the latest in a series of major layoffs at the apex bank.
This decision, approved by CBN Governor Olayemi Cardoso on Friday, has sparked concerns about the ongoing restructuring within the bank and its potential impact on the financial sector.
The dismissed executives include Abbas Umar Masanawa, Managing Director and CEO; Kennedy Nwaruh, Executive Director of Operations; and Olatunde Akande, Executive Director of Technical Services. According to the CBN’s termination letters, these dismissals are part of a “major organizational and human capital restructuring process.”
A NIRSAL official confirmed the news, stating that remaining staff are currently seeking clarity on the reasons behind the dismissals.
NIRSAL, founded in 2013 and fully owned by the CBN, has played a crucial role in boosting agricultural finance and investments in Nigeria, facilitating over N219 billion in funding for the sector. The removal of its top leadership is part of a broader trend at the CBN, which has seen more than 700 staff members dismissed over the past year. In May, the bank also terminated the appointments of seven directors and over 90 senior management staff.
As the CBN continues its extensive restructuring, the future of NIRSAL and its ability to support agricultural development in Nigeria remains uncertain, raising questions about the organization’s direction and effectiveness going forward.