Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

CBN Dismisses NIRSAL Executive Directors

Elizabeth OkandejibyElizabeth Okandeji
August 31, 2024
in Business & Finance
0
CBN Dismisses NIRSAL Executive Directors
Share on FacebookShare on TwitterShare on Whatsapp

All executive director appointments at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) have been discontinued by the Central Bank of Nigeria (CBN).

The decision is the most recent in a string of layoffs at the top bank since CBN Governor Olayemi Cardoso took office last year. Cardoso authorised the decision on Friday.

The NIRSAL executive directors that were fired are Olatunde Akande, the executive director of technical affairs, Kennedy Nwaruh, the executive director of operations, and Abbas Umar Masanawa, the managing director and chief executive officer.

The remaining employees are awaiting clarification on the reasons underlying the executive directors’ termination, according to an NIRSAL official who verified the development.

The CBN stated in the termination letters that the dismissals were due to an ongoing substantial organisational and human capital restructuring exercise.

NIRSAL, a non-bank financial institution completely controlled by the CBN, was founded in 2013 to promote agricultural financing and investment.

It has played a critical role in derisking the agriculture value chain, facilitating approximately N219 billion in funding for the industry. The NIRSAL layoffs are part of a larger trend at the CBN, where over 700 employees have been let go in the last year. In May, seven directors and more than 90 top management employees were fired.

The string of terminations has prompted questions about the bank’s restructuring efforts and their influence on its operations and the entire financial system.

As the CBN continues to restructure, the ramifications for NIRSAL and the broader agriculture sector remain uncertain.

The departure of the executive directors raises concerns about the organisation’s future orientation and ability to effectively assist agricultural growth in Nigeria.

In Essence

The recent dismissal of NIRSAL executive directors by the Central Bank of Nigeria (CBN) reflects a significant organizational shake-up under the leadership of CBN Governor Olayemi Cardoso.

This decision is part of a broader restructuring effort at the CBN, which has seen over 700 employees laid off in the past year, including seven directors and more than 90 top management personnel.

NIRSAL’s role in promoting agricultural financing and investment in Nigeria is critical. Since its establishment in 2013, it has facilitated approximately N219 billion in funding for the agriculture sector.

The dismissal of key executives raises questions about the future direction and effectiveness of NIRSAL in fulfilling its mandate.

Tags: cbnCBN Dismisses NIRSAL Executive DirectorsDirectorsexecutivefederal characterNewsNigeriaNIRSAL
Elizabeth Okandeji

Elizabeth Okandeji

A wordsmith with a passion for all things tech. I write captivating articles and unravel complex concept in the world of technology.

Related Posts

Is LAX at Risk? Chevron Refinery Fire Erupts in Key Jet Fuel Unit
Business & Finance

Is LAX at Risk? Chevron Refinery Fire Erupts in Key Jet Fuel Unit

October 3, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 3, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 2, 2025
Next Post
Haaland’s Hat-Trick Sends Manchester City 3-1 Past West Ham

Haaland's Hat-Trick Sends Manchester City 3-1 Past West Ham

10-Man Arsenal Held to 1-1 Draw by Resilient Brighton at the Emirates

10-Man Arsenal Held to 1-1 Draw by Resilient Brighton at the Emirates

Gaza’s Dual Crisis: Israeli Strikes Intensify as Polio Vaccination Campaign Faces Challenges

Gaza's Dual Crisis: Israeli Strikes Intensify as Polio Vaccination Campaign Faces Challenges

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Ingrown Toenail: Symptoms, Causes, and Complications

Ingrown Toenail: Treatment and Prevention

1 year ago
“They took my blood over 21 Times”- Nnamdi Kanu

“They took my blood over 21 Times”- Nnamdi Kanu

4 years ago
Dollar, Euro and Pounds To Naira Exchange Rate For Today, August 10 2024

Dollar, Euro and Pounds To Naira Exchange Rate For Today, August 11 2024

1 year ago
FG Declares December 26 and 27 to mark Christmas Celebration

FG Declares December 26 and 27 to mark Christmas Celebration

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

What Does the India-China Flight Resumption Mean for Travelers and Trade?

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

Oba Ewuare II Dismisses Iyaloja Role In Benin

Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire

Is Britain’s Fight Against Antisemitism Failing After Manchester Synagogue Attack

Is China’s New ‘K Visa’ a Direct Challenge to the US H-1B Program?

Trending

Is Parental Leave Now Equal in South Africa? Breaking Down the Top Court's Decision
Government

Is Parental Leave Now Equal in South Africa? Breaking Down the Top Court’s Decision

bySomto Nwanolue
October 3, 2025
0

South Africa's Constitutional Court has delivered a watershed moment for gender equality in parenting. The unanimous ruling...

Are ICE Tracking Apps a Security Risk? Behind Apple's Controversial Removal

Are ICE Tracking Apps a Security Risk? Behind Apple’s Controversial Removal

October 3, 2025
Is LAX at Risk? Chevron Refinery Fire Erupts in Key Jet Fuel Unit

Is LAX at Risk? Chevron Refinery Fire Erupts in Key Jet Fuel Unit

October 3, 2025
What Does the India-China Flight Resumption Mean for Travelers and Trade?

What Does the India-China Flight Resumption Mean for Travelers and Trade?

October 3, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 3, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Is Parental Leave Now Equal in South Africa? Breaking Down the Top Court’s Decision
  • Are ICE Tracking Apps a Security Risk? Behind Apple’s Controversial Removal
  • Is LAX at Risk? Chevron Refinery Fire Erupts in Key Jet Fuel Unit

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com