The Central Bank of Nigeria has reportedly sacked all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending .NIRSAL.
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 in Nigeria, but it activities has been characterised with fraud.
It was gathered that the sacked NIRSAL executive directors are the Managing Director and Chief Executive Officer Abbas Umar Masanawa; Executive Director, Operations Kennedy Nwaruh and Executive Director, Technical Olatunde Akande.
It was gathered that their sack was approved by CBN Governor, Olayemi Cardoso.
A NIRSAL official who confirmed the development said that the remaining staff were awaiting clarity on the circumstances surrounding the executive directors’ dismissal.
In the termination letters, the CBN cited an ongoing major organisational and human capital restructuring process as the reason for the dismissals.
