The Central Bank of Nigeria (CBN) has announced the dismissal of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) as part of a sweeping restructuring initiative. This decision was approved by the newly appointed CBN Governor, Olayemi Cardoso.
Among those affected by the sackings are Abbas Umar Masanawa, the Managing Director and Chief Executive Officer of NIRSAL, along with Executive Director of Operations, Kennedy Nwaruh, and Executive Director of Technical, Olatunde Akande. The terminations were communicated through official letters, where the CBN cited an ongoing major organisational and human capital restructuring process as the reason for the dismissals.
NIRSAL, a non-bank financial institution fully owned by the CBN, was established in 2013 with a mission to stimulate agricultural finance and investments in Nigeria. Since its inception, NIRSAL has played a crucial role in bridging the financial gap for the agricultural sector by providing risk management and incentives to encourage lending by commercial banks to farmers and agribusinesses.
A NIRSAL official, speaking on the condition of anonymity, confirmed the development to The Nation and revealed that remaining staff members are now awaiting further details regarding the circumstances and implications of the executive directors’ sudden dismissal.
The restructuring move by Governor Cardoso is seen as a significant shift in the leadership of NIRSAL, an institution that has been pivotal in the CBN’s efforts to boost Nigeria’s agricultural sector. The future of NIRSAL’s ongoing projects and initiatives remains uncertain as the organisation navigates through this transitional period.
As the agricultural sector and other stakeholders closely monitor these developments, the CBN is expected to announce further details on the restructuring process in the coming days.