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, sanctioned by CBN Governor Olayemi Cardoso, adds to a series of dismissals since his tenure began last year.
Among those affected are Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Services Olatunde Akande.
The reason provided for their removal is part of a broader organisational and human capital restructuring initiative currently underway at the CBN.
NIRSAL, established in 2013 and wholly owned by the CBN, focuses on enhancing agricultural finance and investment by mitigating risks within the sector.
The institution has been instrumental in securing over N219 billion in funding for agriculture, playing a significant role in de-risking the value chain.
This move is part of a larger restructuring trend at the CBN, which has seen more than 700 employees dismissed in the past year, including seven directors and over 90 senior management staff earlier this year.
The ongoing changes at the CBN have sparked concerns regarding their impact on the bank’s operations and the broader financial system.
As the restructuring continues, uncertainty looms over NIRSAL’s future and its capacity to effectively contribute to Nigeria’s agricultural development.
