CBN sacks NIRSAL MD, directors

The Central Bank of Nigeria (CBN) has terminated the appointments of the Managing Director and all the executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).

It was gathered that the dissolution was approved by the CBN Governor, Olayemi Cardoso, on Friday, August 30, 2024.

Those affected include the NIRSAL Managing Director and Chief Executive Officer, Abbas Umar Masanawa; Executive Director, Operations, Kennedy Nwaruh; and Executive Director, Technical, Olatunde Akande.

The CBN Governors, in a circular announcing the dissolution, directed Masanawa to hand over the affairs of NIRSAL to Dr Maryam Yusuf, adding that all heads of units will report to her for effective operations of the institution.

NIRSAL Plc is a non-bank financial institution wholly owned by the CBN.

The institution, which has been embroiled in a series of corruption cases in the past, was created to define, price, and share agribusiness-related credit risks in Nigeria.

The apex bank had in May terminated the appointments of seven directors and over 90 senior management staff.

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NIRSAL’s activities have been enmeshed by allegations of corruption under its pioneer Managing Director, Abulhammed Aliyu, who is currently facing corruption allegations by the Economic and Financial Crimes Commission (EFCC).

A private consultant, Dr Steve Olusegun Ogidan, recently returned N1.5 billion to the EFCC in a plea bargain in a case involving Abdulhameed, insisting, however, that the funds were legitimate earnings from consultancy services.

NIRSAL’s board meeting earlier, scheduled for Friday, failed to be held as a result of the officials being sacked.

Former President Muhammadu Buhari had, in September 2018, approved the appointment of Masanawa as Managing Director of the Nigeria Security Printing and Minting Company (NSPMC).

Mansanawa, in May 2022, resigned to vie for the governorship ticket of the All Progressives Congress (APC) in Katsina State.

After he failed to clinch the ticket, he was appointed as the NIRSAL Managing Director, following the removal of Abdulhammed in December 2022 over corruption allegations.

The Star