BREAKING: CBN Reportedly Fires NIRSAL MD, Directors

In a significant leadership shake-up at the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc), the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reportedly ordered the removal of key members of the executive management team.

According to information obtained by Saturday Telegraph from an insider who wished to remain anonymous, three top executives have been relieved of their duties.

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

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The sudden change in leadership has created a wave of anxiety among NIRSAL employees, as many fear this could be the start of a broader round of layoffs within the organization.

“We were informed of the changes on Friday evening through email. A board meeting was scheduled for that morning but was canceled, leaving us uncertain about what will come next. More details should emerge by Monday,” the source shared.

NIRSAL Plc, a non-bank financial institution owned by the CBN, was established to redefine, assess, and manage credit risks associated with agribusiness in Nigeria. The agency has been embroiled in corruption allegations, with its former Managing Director, Mr. Aliyu Abdulhameed, currently facing charges from the Economic and Financial Crimes Commission (EFCC).

Recently, a private consultant returned ₦1.5 billion to the EFCC to avoid conviction in a case involving Abdulhameed.

The EFCC had sought the interim forfeiture of the funds, claiming they were proceeds of unlawful activities. However, both the consultant and Abdulhameed maintained that the money was legitimately earned under a contract approved by NIRSAL’s board.