The 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), as part of an ongoing restructuring process.
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The decision, approved by CBN Governor Olayemi Cardoso, affects Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Services Olatunde Akande.
The CBN cited a “major organisational and human capital restructuring process” as the reason for the dismissals. The move is part of broader efforts to reshape the CBN’s structure and operations under Governor Cardoso’s leadership.
NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 to stimulate agricultural finance and investments in Nigeria. The institution has facilitated over ₦219 billion in funding for the sector.
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The layoffs at NIRSAL are the latest in a broader trend of staff terminations at the CBN, with over 700 employees let go in the past year. The widespread dismissals have sparked concerns about the ongoing restructuring efforts and their potential impact on the CBN’s operations and the overall financial system.
