CBN Sacks NIRSAL Executive Directors
An atmosphere of unease, palpable fears and tension has taken over at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) following the dismal of Executive Directors at the non-bank financial institution by the CBN Governor
By: Abdulwasiu Akintunde
The Central Bank of Nigeria (CBN) has recently terminated the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
This move is part of a broader restructuring effort initiated under the leadership of CBN Governor, Olayemi Cardoso.
Among those affected are Abbas Umar Masanawa, who served as the Managing Director and Chief Executive Officer, the Executive Director of Operations, Kennedy Nwaruh, and the Executive Director of Technical Services, Olatunde Akande.
OPEN TELEVISION Naija (OTN) News gathered that their dismissals signal significant changes at NIRSAL.
An official from NIRSAL has confirmed the terminations, adding that the remaining staff are uncertain about the exact reasons behind these decisions. The development has created an atmosphere of unease as employees await further details.
The CBN, in its termination letters, attributed the dismissals to an ongoing major organizational and human capital restructuring.
This process seems to be a critical part of Governor Cardoso's strategy to reform the apex bank and its subsidiaries.
NIRSAL, a non-bank financial institution fully owned by the CBN, was established in 2013 with a mandate to enhance agricultural finance and investments in Nigeria. It has played a pivotal role in de-risking the agricultural value chain, making it easier for farmers and agribusinesses to secure funding.
To date, NIRSAL has facilitated over N219 billion in funding for the agricultural sector, making it a key player in the nation's efforts to boost agricultural productivity and economic diversification.
The recent layoffs at NIRSAL are just one element of a larger trend within the CBN. Over the past year, more than 700 employees have been dismissed as part of the ongoing restructuring.
In May, the CBN had already dismissed seven directors and over 90 senior management staff, a move that raised eyebrows and sparked concerns about the stability of the institution's operations.
As the restructuring continues, there is growing apprehension about its impact on the CBN's overall functionality and the wider financial system in Nigeria.
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