National Telescope national telescope newspaper
The Central Bank of Nigeria (CBN) has dismissed all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
This move, approved by CBN Governor Olayemi Cardoso on Friday, is part of a series of personnel changes since he took office last year.
The terminated executives include Managing Director and CEO Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Services Olatunde Akande.
A NIRSAL official confirmed the layoffs, noting that remaining staff are awaiting details on the reasons behind the executive dismissals.
According to the CBN, the terminations are due to a significant organizational and human capital restructuring effort.
Established in 2013, NIRSAL, which is fully owned by the CBN, has been instrumental in promoting agricultural finance and has facilitated over N219 billion in funding to the sector.
These layoffs are part of a broader trend at the CBN, which has seen over 700 staff members let go in the past year.
In May alone, the bank dismissed seven directors and more than 90 senior managers. This wave of terminations has sparked concerns about the impact of the restructuring on the bank’s operations and its broader implications for the agricultural sector.
