On August 31, 2024, the Central Bank of Nigeria (CBN) dismissed all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). This includes Managing Director and CEO Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Olatunde Akande. CBN Governor Olayemi Cardoso approved the decision.A NIRSAL official confirmed the terminations to The Nation, noting that the remaining staff are seeking more information about the reasons behind the dismissals. The CBN cited an extensive organizational and human capital restructuring process as the cause for these changes.NIRSAL, established in 2013, is a non-bank financial institution wholly owned by the CBN. It was created to boost agricultural finance and investments in Nigeria.
