CBN sacks NIRSAL directors in latest purge

The Central Bank of Nigeria (CBN) has dismissed all directors under the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL), in the latest round of layoffs since Governor Yemi Cardoso took office last year.

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

This move brings the total number of disengaged staff to over 700, following the sack of seven directors and over 90 senior management staff in May. The affected departments included Statistics, Trade and Exchange, Policy Regulatory, Information Technology, and Corporate Services in Ghana.

The CBN attributed the dismissals to an ongoing major organizational and human capital restructuring process aimed at enhancing efficiency and effectiveness.

As the CBN continues to restructure, it remains to be seen how these changes will shape the future of the organization and the country’s financial sector.