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).
This decision, approved by CBN Governor Olayemi Cardoso on Friday, is the latest in a series of layoffs at the apex bank since he took office last year.
The sacked NIRSAL executive directors include Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Olatunde Akande.
A NIRSAL official confirmed this development, noting that the remaining staff are seeking clarity on the reasons behind the executive directors’ dismissals.
In the termination letters, the CBN cited an ongoing major organizational and human capital restructuring process as the reason for the dismissals.
NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 to promote agricultural finance and investments.
These layoffs at NIRSAL are part of a larger trend at the CBN, which has seen over 700 staff let go in the past year.
In May, seven directors and over 90 senior management staff were dismissed. This series of terminations has raised concerns about the bank’s restructuring efforts and their potential impact on its operations and the broader financial system.
As the CBN continues its restructuring, the implications for NIRSAL and the agricultural sector at large remain uncertain.
The dismissal of the executive directors raises questions about the future direction of the organization and its ability to effectively support agricultural development in Nigeria.
