CBN Dismisses NIRSAL Executive Directors

The Central Bank of Nigeria (CBN) has made a pivotal move by terminating 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, is part of an ongoing major organisational and human capital restructuring process within the bank.

The executives affected by this action include Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Olatunde Akande.

NIRSAL, established in 2013, is a $500 million public-private initiative wholly owned by the CBN. It was designed to redefine, price, and share agribusiness-related credit risks in Nigeria.

The institution aims to stimulate the flow of affordable finance and investment into the agriculture sector through its five strategic pillars: Risk Sharing, Insurance, Technical Assistance, Incentives, and Rating.

The dismissal of the executive directors has caused uncertainty among the remaining staff, who are awaiting further clarity on the circumstances surrounding these terminations. This restructuring follows a series of layoffs at the CBN since Cardoso's appointment last year, which have seen over 700 staff relieved of their duties.

The sacking of NIRSAL's top management is also linked to past allegations of corruption under its pioneer Managing Director, Mr. Abulhammed Aliyu, who is currently facing charges from the Economic and Financial Crimes Commission (EFCC).