PeakNews Online
The Central Bank of Nigeria (CBN) has terminated the appointments of the board and executive directors of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
This includes the dismissal of Abbas Umar Masanawa, the CEO and Managing Director, along with Kennedy Nwaruh, Executive Director of Operations, and Olatunde Akande, Executive Director of Technical Services.
NIRSAL, a non-bank financial institution owned by the CBN, was established to address agribusiness-related credit risks in Nigeria through risk-sharing mechanisms. However, the reason for the termination of these executives remains unclear. Sources indicate that the officials were informed of their removal via email.
This latest development follows a series of downsizing measures within the CBN. In May, reports surfaced that over 600 officials were let go, including directors, deputy directors, and other senior management staff. Prior to that, around 300 employees had reportedly lost their jobs.
The mass layoffs within the CBN have raised concerns, prompting the House of Representatives to launch an investigation into the dismissal of the “600” officials as of May 29. The reason behind these actions remains a subject of speculation.
