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 the latest in a series of recent layoffs since Cardoso took office last year.
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The terminated NIRSAL officials 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 representative confirmed the dismissals, noting that the remaining staff are seeking clarification on the reasons behind the decision.
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The CBN’s termination letters attributed the dismissals to an ongoing major restructuring of the organization and its human resources.
Established in 2013, NIRSAL is a CBN-owned non-bank financial institution designed to boost agricultural finance and investment.
It has significantly contributed to de-risking the agriculture sector, facilitating over N219 billion in funding.
The layoffs at NIRSAL are part of a larger trend at the CBN, which has seen over 700 staff members let go in the past year.
This includes the dismissal of seven directors and over 90 senior management staff in May.
These terminations have sparked concerns about the impact of the restructuring on the bank’s operations and the broader financial system.
The future of NIRSAL and its role in supporting agricultural development in Nigeria remains uncertain as the CBN continues its restructuring efforts.
