Tag: NIRSAL

CBN sacks NIRSAL Executive Management team

Aminu Imam
CBN sacks NIRSAL

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…

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CBN’s Anchor Borrowers Scheme: H/Reps. to probe NIRSAL’s N215bn loan

Aminu Imam
Reps on NIRSAL's probe

The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria, (CBN). Also included in the probe is the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI) and other agencies. The resolution followed the adoption of a Motion by Chike Okafor (APC-Imo) on the floor of the House in Abuja, on Tuesday. Presenting his Motion, Okafor linked the growing food scarcity and malnutrition in Nigeria…

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N5.6bn Wheat Project Scam: Ex-NIRSAL boss arrested, 11 months after sacking

Aminu Imam

Almost a year after he was sacked as the Managing Director of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Aliyu AbdulHammed, has been arrested. NIRSAL, a $500m non-bank financial institution, is a creation of the Central Bank of Nigeria (CBN), mandated to manage agribusiness-related credit risks in Nigeria. Recall that AbdulHammed was kicked out of office following allegations of corruption, including a 2018 N5.6 billion wheat project meant for farmers in Kano and Jigawa States. His sack was endorsed by the Board of the CBN following approval…

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CBN N50bn Covid-19 loan: Nigerians react to NIRSAL’s call for repayment

Aminu Imam

…400,000 people benefit from scheme The management of NIRSAL Microfinance Bank has requested for the payback of Covid-19 loans secured by many entrepreneurs across Nigeria through the Central Bank of Nigeria’s, (CBN) Targeted Credit Facility, (TCF). This call was made by the financial institution recently, via its Twitter handle. Nigerians on the platform have been having a complex discussion about the repayment of NIRSAL loans with some admitting that they do not have the means to pay back the loans. Following NIRSAL’s tweet request for the repayment of the loans,…

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