The Central Bank of Nigeria, CBN has sacked the Board and Executive Management of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL, PLC. The sack according to reports was on the orders of the CBN Governor, Olayemi Cardoso.
The circular for the dissolution directed the Managing Director and CEO to hand over the affairs of NIRSAL Plc to Dr. Maryam Yusuf and that all heads of Units shall report to her for effective operations of NIRSAL.
The affected Executive Management includes the Managing Director and Chief Executive Officer, Abbas Umar Masanawa; Executive Director, Operations, Kennedy Nwaruh; and Executive Director, Technical, Olatunde Akande.
NIRSAL a non-financial institution wholly owned by the CBN was established to redefine and re-price agribusiness-related credit risks in Nigeria. The institution has however been embroiled in series of corruption cases in recent past.
In January 2022, a multi-billion Nara loan guaranteed by NIRSAL for three investor companies for the cultivation of 20,000 hectares of dry season wheat in Kano and Jigawa was allegedly diverted by the companies in connivance with NIRSAL officials.
Subsequently, former President Muhammadu Buhari fired the former NIRSAL MD over the N5.6bn Wheat Project saga.
(Editor: Terverr Tyav)
