The Central Bank of Nigeria, (CBN), has fired all the Executive management of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending, (NIRSAL).
According to a reliable source, who confirmed the development to newsmen yesterday, one of the affected personnel said the CBN governor, Olayemi Cardoso, approved the sack on Friday.
The NIRSAL executive management are: Managing Director and Chief Executive Officer, Abbas Umar Masanawa; Kennedy Nwaruh, Executive Director, Operations; and Olatunde Akande, NIRSAL Plc’s Executive Director, Technical.
The sudden change in leadership has reportedly created a wave of anxiety among NIRSAL employees, as many fear this could be the start of a broader round of layoffs within the organisation.
“We were informed of the changes on Friday evening through e-mail. A Board meeting was scheduled for that morning but was canceled, leaving us uncertain about what will come next. More details should emerge by Monday”, the source stated.
NIRSAL Plc, a non-bank financial institution owned by the CBN, was established to redefine, assess, and manage credit risks associated with agribusiness in Nigeria.
The agency has been embroiled in corruption allegations, with its former Managing Director, Aliyu AbdulHameed, currently facing charges from the Economic and Financial Crimes Commission (EFCC). Recently, a private consultant returned ?1.5 billion to the EFCC to avoid conviction in a case involving AbdulHameed.
The EFCC had sought the interim forfeiture of the funds, claiming they were proceeds of unlawful activities. However, both the consultant and AbdulHameed maintained that the money was legitimately earned under a contract approved by NIRSAL’s Board.
Masanawa was former MD/CEO of Nigerian security printing and minting Plc before he resigned to contest Governorship election in Adamawa.
