CBN sacks NIRSAL MD, directors

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).

A source at CBN confirmed on Saturday.

NIRSAL, a non-bank financial institution owned by CBN, was created to redefine, measure, re-price and share agribusiness-related credit risks in Nigeria.

The affected executives are Abbas Umar Masanawa, chief executive officer (CEO) and managing director (MD) of NIRSAL, Kennedy Nwaruh, executive director, operations, and Olatunde Akande, executive director, technical.

The reason for the sack is still unknown, however, the source said the executives were informed of their sack via email.

Aside from the sack in NIRSAL, there have been reports of downsizing within the CBN.

Over “600” officials were reportedly sacked within the apex bank in May, weeks after reports of 300 employees losing their jobs.

The sack had reportedly affected directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking officials.

On May 29, the house of representatives resolved to probe CBN over the sacking of the “600” officials.

Jonathan Gaza, a lawmaker from Nasarawa state, while moving the motion, said as part of an “extensive reform,” the CBN has been “downsizing the workforce, which has affected close to 600 employees, including directors”.

Gaza said the exercise by the CBN has raised “significant” concerns and controversies among the masses and stakeholders, including the affected employees and labour unions.