The Central Bank of Nigeria (CBN) has dismissed several directors from its Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) microfinance bank.
This move is part of an ongoing effort to streamline staff and implement organizational restructuring.
The dismissed individuals include:
- Abbas Umar Masanawa, Managing Director and Chief Executive Officer of NIRSAL
- Kennedy Nwaruh, Executive Director of Operations
- Olatunde Akande, Executive Director of Technical Service
The CBN has indicated that the dismissals are part of a broader initiative to reorganize and optimize human resources.
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The CBN Governor, Olayemi Cardoso, approved these changes as part of a series of staff reductions since he assumed office. An official from NIRSAL has mentioned that the dismissed staff are awaiting more information about the reasons for their termination.
NIRSAL is a CBN-owned entity designed to manage and mitigate agribusiness-related lending and credit risks in Nigeria.
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NDIC to Liquidate More Banks
In related news, the Nigerian Deposit Insurance Corporation (NDIC) plans to liquidate 87 microfinance banks and primary mortgage banks in Nigeria. Following a notice filed on August 23, 2024, the NDIC will seek a federal high court order to dissolve these banks and release the NDIC from its role as liquidator. The corporation’s notice stated that it will file this application 30 days after the publication of its notice.
The NDIC cited that the banks targeted for liquidation were either non-operational or had already begun self-liquidation. Among the institutions affected, 62 are microfinance banks and 25 are primary mortgage banks.
Over 100 Former CBN Staff Take Legal Action
Additionally, over 100 former CBN employees, recently dismissed under the bank’s reorganization strategy implemented by President Bola Tinubu’s administration, have taken legal action.
They have approached the National Industrial Court (NIC) demanding compensation for damages and other entitlements. President Tinubu had announced a comprehensive overhaul of the CBN during his inauguration speech, leading to the current staff reductions and legal disputes.
