CBN fires NIRSAL executive directors amid major restructuring

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), including Managing Director and CEO Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Services Olatunde Akande.

The move, approved by CBN Governor Olayemi Cardoso, is part of an ongoing organizational and human capital restructuring process at the apex bank.

NIRSAL, a non-bank financial institution created by the CBN in 2013 to boost agricultural finance, has been instrumental in facilitating over N219 billion in funding for the sector.

This latest round of dismissals follows a series of significant layoffs at the CBN, where more than 700 staff members, including senior management, have been let go in the past year.

The restructuring efforts have sparked concerns about the impact on both NIRSAL’s operations and the broader financial system, with questions arising about the future direction of the organization and its capacity to support agricultural development in Nigeria.