BREAKING: CBN sacks 3 NIRSAL Executive Directors

The Central Bank of Nigeria (CBN) has terminated the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).

The decision, approved by CBN Governor Olayemi Cardoso on Friday, marks the latest in a series of layoffs at the apex bank since his assumption of office last year.

The sacked NIRSAL executive directors are:

Managing Director and Chief Executive Officer Abbas Umar Masanawa Executive Director, Operations Kennedy Nwaruh Executive Director, Technical Olatunde Akande

According to a report by The Nation, a NIRSAL official confirmed the development, stating the remaining staff are awaiting clarity on the circumstances surrounding the executive directors’ dismissal.

The apex bank in the termination letters, cited an ongoing major organisational and human capital restructuring process as the reason for the dismissals.

Recall the CBN in May this year dismissed seven directors and over 90 senior management staff.

The series of terminations has raised concerns about the bank’s restructuring efforts and their impact on its operations and the overall financial system.

The NIRSAL layoffs are part of a broader trend at the CBN, where over 700 staff have been let go in the past year.