The Central Bank of Nigeria (CBN) has dismissed all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
This decision, approved by CBN Governor Yemi Cardoso, represents the latest in a series of terminations since his appointment last year.
The sacked executives include Managing Director and CEO Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Olatunde Akande. A NIRSAL official confirmed the news, with remaining staff awaiting further details on the situation.
The CBN cited an ongoing organizational and human capital restructuring process as the reason for the dismissals. Established in 2013, NIRSAL is a non-bank financial institution wholly owned by the CBN, aimed at promoting agricultural finance and investment. It has facilitated over N219 billion in funding to de-risk the agriculture value chain.
The layoffs at NIRSAL are part of a broader trend at the CBN, which has seen over 700 staff members dismissed in the past year, including seven directors and over 90 senior management staff in May. This restructuring has sparked concerns about the bank’s future operations and its impact on the financial system.
