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).
The decision, approved by CBN Governor Olayemi Cardoso, marks the latest in a series of layoffs at the apex bank since his assumption of office last year.
The sacked NIRSAL executive directors are the Managing Director and Chief Executive Officer Abbas Umar Masanawa; Executive Director, Operations Kennedy Nwaruh and Executive Director, Technical Olatunde Akande.
NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 to stimulate agricultural finance and investments. It has played a crucial role in de-risking the agriculture value chain and facilitated over N219 billion in funding for the sector.
In the termination letters, the CBN cited an ongoing major organisational and human capital restructuring process as the reason for the dismissals.
The NIRSAL layoffs are part of a broader trend at the CBN, where over 700 staff have been let go in the past year. In May, seven directors and over 90 senior management staff were dismissed. The series of terminations has raised concerns about the bank’s restructuring efforts and their impact on its operations and the overall financial system.
As the CBN continues its restructuring process, the implications for NIRSAL and the broader agricultural sector remain uncertain.
Ugochi Olivia Ubah is an Educator and a Writer