The Central Bank of Nigeria dismisses all executive directors at NIRSAL, including the CEO, as part of ongoing reforms under Governor Olayemi Cardoso
The Central Bank of Nigeria (CBN) has made a significant move by terminating the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
This decision, which was approved by CBN Governor Olayemi Cardoso, marks a major step in the ongoing restructuring efforts within the central bank, aimed at enhancing efficiency and accountability in its affiliated organizations.
The affected executives include prominent figures in NIRSAL's leadership:
Abbas Umar Masanawa, who served as the Managing Director and Chief Executive Officer; Kennedy Nwaruh, the Executive Director of Operations; and Olatunde Akande, the Executive Director of Technical Affairs. Their dismissals come as part of a broader shake-up within the CBN under Governor Cardoso, who has been actively pursuing reforms since assuming office last year.
NIRSAL, established to stimulate investment in the agricultural sector by reducing risks associated with lending, plays a crucial role in Nigeria's efforts to achieve food security and economic diversification.
However, recent evaluations and internal reviews by the CBN reportedly identified inefficiencies and areas in need of improvement within NIRSAL’s management structure, leading to this decisive action.
This development has sparked discussions among industry stakeholders, as it underscores the CBN's commitment to overhauling institutions under its purview to ensure they align with its strategic objectives.
The central bank is expected to announce new appointments soon to fill the leadership vacuum at NIRSAL, with an emphasis on appointing individuals who can drive the organization’s mandate more effectively.
The restructuring at NIRSAL is part of a larger trend of reforms being implemented across various sectors in Nigeria, aimed at improving governance, enhancing transparency, and boosting economic growth.
As the situation unfolds, further details are anticipated from the CBN regarding the future direction of NIRSAL and its role in Nigeria's agricultural financing landscape.
