The Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) board and Executive Director appointments have been terminated by the Central Bank of Nigeria (CBN), a source at the CBN said on Saturday.
The CBN-owned non-bank financial organisation NIRSAL was established to discuss, measure, reevaluate, and redefine credit risks associated with agribusiness in Nigeria.
The impacted executives are Kennedy Nwaruh, executive director of operations; Olatunde Akande, executive director of technical affairs; and Abbas Umar Masanawa, chief executive officer (CEO) and managing director (MD) of NIRSAL.
The source according to BrandSpur banking and finance news, claimed that the executives received an email informing them of their termination, albeit the cause for the termination is yet unknown. In addition to the firing in NIRSAL, there have been rumours of layoffs at the CBN.
Apex bank managers reportedly fired around “600” people in May, following allegations that 300 workers had lost their jobs.
Directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking officials were allegedly among those impacted by the dismissal.
The House of Representatives decided to look into CBN’s dismissal of the “600” officials on May 29.
Moving the resolution, Nasarawa state legislator Jonathan Gaza stated that the CBN has been undergoing “extensive reform” and has been “downsizing the workforce, which has affected close to 600 employees, including directors.”
According to Gaza, the CBN exercise has sparked “serious” debates and worries among the general public and other stakeholders, particularly the impacted workers and trade organisations.
