Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has approved a significant round of layoffs at the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), marking the latest in a series of high-profile staff reductions since Cardoso’s appointment last year.
The recent dismissals affect several top executives at NIRSAL, including the Managing Director and Chief Executive Officer, Abbas Umar Masanawa; Executive Director of Operations, Kennedy Nwaruh; and Executive Director of Technical Services, Olatunde Akande. The CBN’s decision was communicated through termination letters that cited a “major organisational and human capital restructuring process” as the reason for the layoffs.
A NIRSAL official, who spoke on condition of anonymity, confirmed the development to TheNation. The remaining staff at NIRSAL are reportedly awaiting further clarification regarding the circumstances surrounding these dismissals.
NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 with the aim of stimulating agricultural finance and investments in Nigeria. The institution has been pivotal in de-risking the agriculture value chain and has facilitated over ₦219 billion in funding for the sector.
The recent layoffs at NIRSAL are part of a broader trend of staff terminations at the CBN. Over the past year, more than 700 employees have been let go, including seven directors and over 90 senior management staff in May alone. These widespread dismissals reflect Governor Cardoso’s ongoing efforts to restructure the CBN’s operations and staffing.
The sweeping changes have raised concerns about their potential impact on the CBN’s operations and the broader financial system. As the restructuring process continues, questions remain about the future direction of NIRSAL and its capacity to support agricultural development effectively in Nigeria.
The CBN’s efforts to reshape its structure and operations are seen as part of a broader initiative to enhance efficiency and address perceived issues within the organization. However, the full implications of these restructuring moves on both NIRSAL and the agriculture sector remain to be seen.
