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CBN sacks NIRSAL Executive Directors

by Usman Kadri
August 31, 2024
Reading Time: 1 min read
CBN sacks NIRSAL Executive Directors
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Central Bank of Nigeria (CBN) has terminated the appointments of all executive directors at Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).

THEMOMENTNG reports that NIRSAL is a non-bank financial institution owned by CBN.
It was founded in 2013 and established to redefine and manage agribusiness-related credit risks in Nigeria.

The dismissal of the executive directors is the latest in a series of staff reductions at CBN since the appointment of the apex bank Governor, Olayemi Cardoso last year.

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The dismissed officials include Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Olatunde Akande.

According to a NIRSAL official, the remaining staff are awaiting further clarity on circumstances surrounding their dismissals.

According to CBN; the officials were dismissed due to an ongoing major organisational and human capital restructuring process.

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