CBN Sacks NIRSAL MD, Directors

• CBN dissolves NIRSAL Plc’s Board and Executive Management, citing corruption scandals and loan diversions involving former officials
• The CBN Governor appoints Dr. Maryam Yusuf to oversee NIRSAL Plc’s affairs, following the dismissal of the previous MD over a N5.6 billion scandal

The Central Bank of Nigeria (CBN) has dissolved the Board and Executive Management of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc). This decision was made under the directive of the Central Bank Governor, Olayemi Cardoso.

A circular seen by Daily Trust instructed that the Managing Director and CEO hand over NIRSAL Plc’s affairs to Dr. Maryam Yusuf. Additionally, all heads of units were directed to report to her for effective institution management.

The Executive Management members affected by this dissolution include Managing Director and Chief Executive Officer Abbas Umar Masanawa, Executive Director of Operations Kennedy Nwaruh, and NIRSAL Plc’s Executive Director of Technical Services Olatunde Akande.

NIRSAL Plc, a non-bank financial institution wholly owned by the CBN, was established to redefine, measure, reprice, and manage agribusiness-related credit risks in Nigeria. However, the institution has been involved in a series of corruption scandals in recent years.

In January 2022, Daily Trust investigated a multi-billion-naira loan guaranteed by NIRSAL for three companies intended to cultivate and harvest 20,000 hectares of dry season wheat in Kano and Jigawa. The investigation alleged that these companies diverted the funds in collaboration with NIRSAL officials. Following this, former President Muhammadu Buhari dismissed the previous NIRSAL MD over the N5.6 billion Wheat Project scandal.

Last month, a private consultant, Dr. Steve Olusegun Ogidan, returned N1.5 billion to the Economic and Financial Crimes Commission (EFCC) to avoid conviction in a case involving former NIRSAL MD, Aliyu Abdulhameed. The EFCC sought interim forfeiture of the funds, alleging they were proceeds of unlawful activities, while Ogidan and Abdulhameed claimed the money was legitimately earned from a PMRO contract approved by NIRSAL’s board.