In a significant management shake-up, the Central Bank of Nigeria (CBN) has sacked the top three executives of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc). The affected executives are Managing Director and Chief Executive Officer, Abbas Umar Masanawa; Executive Director, Operations, Kennedy Nwaruh; and Executive Director, Technical, Olatunde Akande.

According to sources, the sackings were announced on Friday evening via email, and a board meeting scheduled for Saturday morning was cancelled. The development has caused panic among NIRSAL employees, who are unsure if the sackings mark the beginning of a larger restructuring exercise.

NIRSAL Plc is a non-bank financial institution wholly owned by the CBN, created to manage agribusiness-related credit risks in Nigeria. However, the agency has been mired in corruption allegations, with its pioneer Managing Director, Abulhammed Aliyu, currently facing corruption charges filed by the Economic and Financial Crimes Commission (EFCC) in court.

The CBN’s decision to shake up the management of NIRSAL Plc may be seen as a move to address the corruption allegations and restore confidence in the agency. However, the timing and nature of the sackings have raised questions about the future of the agency and its employees.