Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has cancelled  the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).

The sacked NIRSAL executive directors are the Managing Director and Chief Executive Officer Abbas Umar Masanawa; Executive Director, Operations Kennedy Nwaruh and Executive Director, Technical Olatunde Akande.

This decision was approved by CBN Governor, Olayemi Cardoso.

A NIRSAL official confirmed the development to The Nation, stating that the remaining staff were awaiting clarity on the circumstances surrounding the executive directors’ dismissal.

In the termination letters, the CBN cited an ongoing major organisational and human capital restructuring process as the reason for the dismissals.

NIRSAL is a non-bank financial institution  that is wholly owned by the CBN.

It was established in 2013 to stimulate agricultural finance and investments.