The Central Bank of Nigeria (CBN) has dismissed all executive directors of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) as part of an ongoing restructuring process at the apex bank.
The decision, sanctioned by CBN Governor Olayemi Cardoso on Friday, marks the latest wave of significant personnel changes since he took office last year.
Among those affected by the termination are Abbas Umar Masanawa, Managing Director and Chief Executive Officer; Kennedy Nwaruh, Executive Director of Operations; and Olatunde Akande, Executive Director of Technical Services.
A source within NIRSAL, who confirmed the development to The Nation, disclosed that the remaining staff members are still awaiting further details regarding the circumstances surrounding these dismissals.
The CBN’s termination letters to the ousted directors cited a “major organisational and human capital restructuring process” as the driving factor behind the decision.
This move is part of Governor Cardoso’s broader initiative to overhaul the structure and operations of the CBN.
NIRSAL, a non-bank financial institution fully owned by the CBN, was founded in 2013 to enhance agricultural finance and investments in Nigeria. The institution has been instrumental in mitigating risks across the agriculture value chain and has facilitated over ₦219 billion in funding for the sector.
The recent dismissals at NIRSAL are the latest in a series of layoffs at the CBN. In the past year, more than 700 employees, including seven directors and over 90 senior management staff, were dismissed, with a significant wave occurring in May.
These widespread terminations have raised concerns about the ongoing restructuring efforts and their potential impact on the CBN’s operations and the stability of Nigeria’s financial system.
As the restructuring continues, questions loom over the future of NIRSAL and its ability to effectively support agricultural development in the country. The dismissal of key executive directors casts uncertainty on the institution’s future direction and its role in Nigeria’s agricultural sector.
