In a significant shake-up, Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has dismissed the entire executive management of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL). The move, which was confirmed by a source within the organization, saw the affected directors receiving their termination letters on Friday.
This restructuring follows the earlier removal of the pioneer Managing Director, Mr. Aliyu Abdulhameed, who was dismissed over allegations of a multi-billion Naira fraud and has since been under investigation. His replacement, Abbas Umar Masanawa, was also removed in this latest organizational overhaul.
The CBN described the dismissals as part of a broader reorganization effort, aimed at revitalizing the organization. However, insiders suggest that this action is part of Governor Cardoso’s strategy to purge NIRSAL of individuals with questionable records.
The scope of the dismissed executives includes Kennedy Nwaruh, the Executive Director of Operations, and Olatunde Akande, the Executive Director of Technical Services. The reasons for their dismissal remain linked to the alleged mismanagement and misappropriation of resources within NIRSAL.
The broader implications of this restructuring remain uncertain, particularly concerning the fate of other senior staff members in the Directorate cadre. There is growing concern among NIRSAL employees about potential further changes and the impact on their roles and job security.
As the situation develops, the CBN and NIRSAL will need to address these uncertainties and clarify the future direction of the organization to ensure stability and continued focus on its mission to support agricultural lending in Nigeria.
