By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has sacked some of the top management of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
Business Post gathered that the termination happened this weekend.
The sacked NIRSAL executives are the Managing Director and Chief Executive Officer, Mr Abbas Umar Masanawa; the Executive Director for Operations, Mr Kennedy Nwaruh; and the Executive Director for Technical, Mr Olatunde Akande.
The decision was approved by CBN Governor, Mr Yemi Cardoso.
According to a report by The Sun Newspapers, a NIRSAL official confirmed the development, which some have described as shocking as most staff are currently panic-stricken, unaware of what to expect next.
“Yes, there was a shake-up announced on Friday evening. Most of us got to know about the development via email.
“There was supposed to be a board meeting yesterday morning which was never held. I’m sure by Monday, the picture will get clearer. For now, everything is still under wraps,” the report noted.
This newspaper could not immediately verify the cause for the sacking of the management of NIRSAL.
However, it has been reported that Mr Cardoso has been doing some house cleaning, some of which was to remove loyalists of his predecessors, Mr Godwin Emefiele.
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.
