The Central Bank of Nigeria (CBN) has terminated the appointments of the board and executive directors of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
The development was confirmed by source at the apex bank on Saturday.
NIRSAL, a non-bank financial institution owned by CBN, was created to redefine, measure, re-price and share agribusiness-related credit risks in Nigeria.
The affected executives are Abbas Umar Masanawa, chief executive officer (CEO) and managing director (MD) of NIRSAL, Kennedy Nwaruh, executive director, operations, and Olatunde Akande, executive director, technical.
The reason for the sack is still unknown, however, the source said the executives were informed of their sack via email.
Aside from the sack in NIRSAL, there have been reports of downsizing within the CBN.
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