The Central Bank of Nigeria (CBN) has dismissed the Board and Executive Management of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) PLC. This action was reportedly taken under the directive of CBN Governor Olayemi Cardoso.
In a circular regarding the dissolution, the Managing Director and CEO has been instructed to transfer the responsibilities of NIRSAL Plc to Dr. Maryam Yusuf, who will oversee the organization. All unit heads are to report directly to her to ensure the smooth functioning of NIRSAL.
The dismissed Executive Management team includes Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Services Olatunde Akande.
NIRSAL, a non-financial institution entirely owned by the CBN, was created to transform and recalibrate agribusiness-related credit risks in Nigeria. However, the organization has faced numerous corruption allegations in recent times.
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In January 2022, it was alleged that a multi-billion Naira loan guaranteed by NIRSAL for three investor companies to cultivate 20,000 hectares of dry season wheat in Kano and Jigawa was misappropriated in collusion with NIRSAL officials.
As a result of this scandal involving the N5.6 billion Wheat Project, former President Muhammadu Buhari dismissed the then Managing Director of NIRSAL.
