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).

The decision, approved by CBN Governor Olayemi Cardoso on Friday, marks the latest in a series of layoffs at the apex bank since his assumption of office last year.

The sacked NIRSAL executive directors are the Managing Director and Chief Executive Officer Abbas Umar Masanawa; Executive Director, Operations Kennedy Nwaruh and Executive Director, Technical Olatunde Akande.

A NIRSAL official confirmed the development, stating the remaining staff are awaiting clarity on the circumstances surrounding the executive directors’ dismissal.

In the termination letters, the CBN cited an ongoing major organisational and human capital restructuring process as the reason for the dismissals.

NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 to stimulate agricultural finance and investments.

It has played a crucial role in de-risking the agriculture value chain and facilitated over N219 billion in funding for the sector.

The NIRSAL layoffs are part of a broader trend at the CBN, where over 700 staff have been let go in the past year.

In May, seven directors and over 90 senior management staff were dismissed. The series of terminations has raised concerns about the bank’s restructuring efforts and their impact on its 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 organisation and its ability to effectively support agricultural development in Nigeria.