CBN Sacks NIRSAL Executive Directors

In a significant move, the Central Bank of Nigeria (CBN) has dismissed all executive directors of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).

The sacked NIRSAL executive directors include; Managing Director Abbas Umar Masanawa, Executive Director for Operations Kennedy Nwaruh, and Executive Director for Technical Olatunde Akande.

The dismissal was confirmed by an official of the NIRSAL who claimed anonymity, stating that the remaining staff are awaiting further information regarding the reasons behind the decision.

In the termination letters, the CBN cited an ongoing major reorganization and human capital restructuring process as the basis for the dismissals.

Recall that In May, the CBN also sacked seven directors, and over 90 senior management staff were let go of their jobs.

Some of those affected were Directors in charge of the Statistics department, trade and exchange department, policy regulatory department, Information Technology department, the bank’s director of corporate services in Ghana and a whole lot of deputy directors.

Just as the recent dismissal, the bank noted that the directors were dismissed as part of an ongoing major organizational and human capital restructuring process