Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has approved the dismissal of all directors under the Executive management of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).
This move marks another wave of personnel changes at the apex bank since Cardoso took office last year.
According to sources, the sack was approved on Friday and affects key figures within NIRSAL’s executive management, including Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Services Olatunde Akande.
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This mass layoff is part of a broader restructuring effort within the CBN, which has seen over 700 employees dismissed since Cardoso’s tenure began.
Earlier this year, in May, the CBN Governor Olayemi Cardoso had already terminated the services of seven directors and more than 90 senior management staff.
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The recent layoffs further underscore the significant organizational and human capital restructuring underway at the bank.
The ongoing changes at the CBN are part of efforts to streamline operations and address various challenges within the institution, as Olayemi Cardoso continues to implement his vision for the bank’s future.
This development follows closely on the heels of reports that President Bola Tinubu dismissed the heads of the Department of State Services (DSS) and the National Intelligence Agency (NIA) over their handling of the #EndBadGovernance protests, signaling a broader trend of leadership changes across key government institutions.
CBN Governor Olayemi Cardoso Sacks Top Executives.
The individuals affected by the recent sack at the Central Bank of Nigeria (CBN) under the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) are:
- Abbas Umar Masanawa – Managing Director and Chief Executive Officer, NIRSAL.
- Kennedy Nwaruh – Executive Director, Operations, NIRSAL.
- Olatunde Akande – Executive Director, Technical Services, NIRSAL.
