News
CBN Appoints New NIRSAL CEO, Board Members (Full List)
The Central Bank of Nigeria (CBN) has appointed a new Managing Director and Chief Executive Officer (CEO) for the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL), along with new board members.
Jude Nnadozie, Head of Corporate Communications at NIRSAL Plc, confirmed the appointments in a recent statement. Babajide Arowosafe has been named the new Managing Director and CEO.
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EKO HOT BLOG reports that the newly appointed board members are:
- Mr. Muhammad Sani Abdullahi, Deputy Governor of Economic Policy at the CBN, as Chairman
- Mallam Ado Wanka, Non-Executive Director
- Dr. Daphne Dafinone, Non-Executive Director
- Mr. Hamidu Sa’ad, Non-Executive Director
- Dr. Bankole Allibay, Non-Executive Director
- Hon. Shehu Balarabe, Non-Executive Director
The inauguration of the new CEO and board members occurred during the 21st meeting of the Board of Directors on Tuesday.
CBN Appoints NIRSAL CEO
This appointment follows the CBN’s decision in August to terminate the contracts of all executive directors at NIRSAL as part of a restructuring process initiated by CBN Governor Olayemi Cardoso.
This restructuring, part of broader organizational changes under Cardoso’s leadership, also resulted in the dismissal of Managing Director Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and Executive Director of Technical Services Olatunde Akande.
A NIRSAL official confirmed to TheNation that remaining staff are awaiting more information regarding the dismissals. The termination letters cited a “major organisational and human capital restructuring process” as the reason for the changes.
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Established in 2013, NIRSAL is a non-bank financial institution wholly owned by the CBN, aimed at promoting agricultural finance and investment in Nigeria.
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