The Central Bank of Nigeria (CBN) has taken significant steps in its ongoing restructuring efforts, terminating 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, underscores the apex bank’s commitment to reshaping its associated institutions since his appointment last year.
Among those dismissed are the Managing Director and Chief Executive Officer, Abbas Umar Masanawa, Executive Director of Operations, Kennedy Nwaruh, and Executive Director of Technical Services, Olatunde Akande.
An official within NIRSAL confirmed the development, noting that remaining staff members are seeking clarity on the reasons behind the executive directors’ sudden removal.
According to the termination letters, the CBN attributed the dismissals to an ongoing major organisational and human capital restructuring process.
This move aligns with a broader trend within the CBN, which has seen the dismissal of over 700 staff members over the past year, including the departure of seven directors and more than 90 senior management personnel in May.
NIRSAL, established in 2013 as a non-bank financial institution wholly owned by the CBN, has played a pivotal role in de-risking Nigeria’s agricultural value chain.
The institution has facilitated over N219 billion in funding to stimulate agricultural finance and investments, making it a cornerstone of Nigeria’s agricultural development efforts.
However, the recent wave of layoffs raises concerns about the future direction of NIRSAL and its capacity to continue supporting agricultural growth in Nigeria.
As the CBN continues to implement its restructuring strategy, the implications for NIRSAL and the broader agricultural sector remain uncertain. Stakeholders are closely watching to see how these changes will impact the institution’s mission and the overall financial stability of the sector.
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