Nigeria’s Apex Bank sacks NIRSAL Executive Directors
Kanem Press
By Abbas Musa
Nigeria ‘ Apex Bank has terminated the appointment of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
The decision, approved by Apex Bank boss, Olayemi Cardoso at the weekend, marks the latest in a series of layoffs since his assumption of office in 2023.
The sacked NIRSAL executive directors are the Managing Director and Chief Executive Officer Abbas Umar Masanawa; Executive Director, Operations Kennedy Nwaruh and Executive Director, Technical Olatunde Akande.
A NIRSAL official confirmed the development, stating the remaining staff are awaiting clarity on the circumstances surrounding the dismissal of executive directors’ dismissal.
Kanempress gathered from the termination letters, that the CBN cited an ongoing major organisational and human capital restructuring process as the reason for the dismissals.
NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 to stimulate agricultural finance and investments.
It has played a crucial role in de-risking the agriculture value chain and facilitated over N219 billion in funding for the sector.
The NIRSAL layoffs are part of a broader trend at the CBN, where over 700 staff have been let go in the past year.
In May, seven directors and over 90 senior management staff were dismissed. The series of terminations have raised concerns about the bank’s restructuring efforts and their impact on its operations and the overall financial system.
As the CBN continues its restructuring process, the implications for NIRSAL and the broader agricultural sector.
Mixed reactions trail the dismissal of the executive directors which raise questions about the future direction of the Apex Bank and its effectiveness to support agricultural development in Nigeria.
