The Central Bank of Nigeria, CBN, has re-deployed the Managing Director of NIRSAL Microfinance Bank, Yusuf Phillip Yila, to the position of Director Development Finance with effect from Friday, January 24, 2020.
Abubakar Abdulahi Kure takes over as the acting MD of NIRSAL Micro finance Bank while Yila succeeds Dr. Mudashiru Olaitan who retires from the CBN effective January 26, 2020.
The CBN has also announced some new directors for the microfinance bank. They are Clement Busari, Director of Strategy Management; Haruna Mustapha, Director, Consumer Protection; Bello Hassan, Director Other Financial Institutions Supervision Department; Dr. Ozoemena Nnaji, Director, Trade and Exchange Department; and Musa Itopa Jimoh as Director Payment System.
Nirsal Microfinance Bank which has its head office in Abuja is a national micro-finance bank set up by the CBN to assist farmers and those in the agric value chain have access funds with little interest rate. It was incorporated in 2019 and granted licence to operate in same year.
However, it did not start operations till 2019. The bank is owned 50% by CBN, 40% by the bankers committee and 10% by NIPOST