CBN sacks 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 significant layoffs at the apex bank.  The decision, approved by CBN Governor Olayemi Cardoso on Friday, has raised concerns about the ongoing restructuring efforts within the bank and their potential impact on the financial system. The sacked executive directors include Abbas Umar Masanawa, Managing Director and Chief Executive Officer; Kennedy Nwaruh, Executive Director of operations; and Olatunde Akande, Executive Director, Technical. The dismissals come as part of what the CBN described in termination letters as a "major organisational and human capital restructuring process.

" A NIRSAL official confirmed the development, noting that the remaining staff are currently seeking clarity on the circumstances surrounding the dismissal of the executive directors. NIRSAL, established in 2013 and wholly owned by the CBN, has been instrumental in stimulating agricultural finance and investments, playing a critical role in de-risking the agriculture value chain. To date, it has facilitated over N219 billion in funding for the sector. The removal of NIRSAL’s top leadership is part of a broader trend at the CBN, which has seen over 700 staff members let go over the past year. In May, the bank dismissed seven directors and more than 90 senior management staff, a move that further underscores the extensive nature of the ongoing restructuring efforts. As the CBN continues to overhaul its operations, 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 continue effectively supporting agricultural development in Nigeria

31/08/2024 7:20 PM