Business and Economy

CBN sacks NIRSAL MD, EDs

Published

3 weeks ago

1 September 2024

Our Editor

The Central Bank of Nigeria (CBN), at the weekend, sacked the entire management of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).

The sacked NIRSAL executives are the Managing Director and Chief Executive Officer, Abbas Umar Masanawa; Executive Director, Operations Kennedy Nwaruh and Executive Director, Technical, Olatunde Akande.

The decision was approved by CBN Governor, Olayemi Cardoso.

A NIRSAL official confirmed the development, describing it as shocking as most staff are currently panic-stricken, unaware of what to expect next.

“Yes, there was a shake-up announced on Friday evening. Most of us got to know of the development via email.“There was supposed to be a board meeting yesterday morning which was never held. I’m sure by Monday, the picture will get clearer. For now, everything is still under wraps” the source noted.

Reasons for sacking the management of NIRSAL remain unclear but could be linked to the ongoing reforms in entities owned by the CBN.

NIRSAL is a non-bank financial institution that is wholly owned by the CBN.

It was established in 2013 to stimulate agricultural finance and investments.

The Sun