CBN Sacks NIRSAL Executive Directors

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).

This decision, approved by CBN Governor Olayemi Cardoso on Friday, represents the latest in a series of staff reductions at the apex bank since his appointment last year.

Nigeria CommunicationsWeek reports that the executive directors dismissed include Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Olatunde Akande.

According to a NIRSAL official, the remaining staff are awaiting further clarity on the circumstances surrounding these dismissals.

The CBN cited an ongoing major organisational and human capital restructuring process as the reason for the terminations.

NIRSAL, a non-bank financial institution wholly owned by the CBN, was established to redefine and manage agribusiness-related credit risks in Nigeria.

Founded in 2013 in collaboration with the Federal Ministry of Agriculture and Rural Development (now the Federal Ministry of Agriculture and Food Security) and the Nigerian Bankers’ Committee, NIRSAL aims to stimulate the flow of affordable finance and investment into the agriculture sector.

Its mandate involves de-risking the agricultural finance value chain, enhancing agricultural value chains, building long-term capacity, and promoting agricultural lending through its five strategic pillars: Risk Sharing, Insurance, Technical Assistance, Incentives, and Rating.