CBN Shakes Up NIRSAL Leadership, Sacks Executive Directors

Yakubu Haruna Yakubu

In a surprise move, 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). The decision, approved by CBN Governor Olayemi Cardoso on Friday, is part of a broader restructuring effort at the apex bank.

The dismissed executive directors include Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Olatunde Akande. The remaining staff at NIRSAL are awaiting further clarification on the circumstances surrounding the dismissals.

According to a NIRSAL official, the CBN cited an ongoing major organizational and human capital restructuring process as the reason for the terminations. This move is the latest in a series of staff reductions at the CBN since Governor Cardoso's appointment last year.

NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 to stimulate the flow of affordable finance and investment into the agriculture sector. Its mandate involves de-risking the agricultural finance value chain, enhancing agricultural value chains, building long-term capacity, and promoting agricultural lending through its five strategic pillars.

The sudden shake-up at NIRSAL raises questions about the future direction of the organization and its critical role in supporting Nigeria's agricultural sector. As the situation unfolds, stakeholders will be watching closely to see how the CBN's restructuring efforts impact NIRSAL's operations and mission.