The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has taken decisive action by dismissing the entire executive management team of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL). The move is seen as part of a broader effort to reorganize and cleanse the institution following allegations of significant financial misconduct.
According to a source within NIRSAL, the affected directors received their termination letters on Friday. This development follows the earlier dismissal of the pioneer Managing Director, Mr. Aliyu Abdulhameed, who had been ousted amid an investigation into an alleged multi-billion Naira fraud. Mr. Abdulhameed’s successor, Mr. Abbas Umar Masanawa, has now also been relieved of his duties as part of the latest round of dismissals.
While the CBN officially stated that the exercise is part of a reorganization effort, insiders suggest that Governor Cardoso’s decision was motivated by a desire to remove individuals with questionable records from the institution.
“This is about cleaning up the system and ensuring that those with unwholesome pasts are no longer in positions of influence,” said a source familiar with the situation.
In addition to Mr. Masanawa, other top officials who have been sacked include Mr. Kennedy Nwaruh, Executive Director of Operations, and Mr. Olatunde Akande, NIRSAL’s Executive Director of Technical Services. The future of other senior staff members within the organization remains uncertain, causing concern among employees.
The extent of the involvement of the entire executive team in the alleged mismanagement of NIRSAL’s resources is not fully clear. However, the dismissals signal a strong message from the CBN’s leadership about the need for accountability and integrity within the institution.