The Central Bank of Nigeria (CBN) has announced the termination of appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL). This decision comes as part of ongoing efforts by the apex bank to restructure the organization and enhance its operational efficiency.
NIRSAL, an organization established to stimulate the flow of affordable finance and investments into the agricultural sector by de-risking the agricultural value chain, has been facing scrutiny over its management practices in recent months. The termination of the executive directors’ appointments is seen as a significant step towards revitalizing the organization and restoring confidence among stakeholders.
In a statement issued on Saturday, the CBN said, “The Central Bank of Nigeria has decided to terminate the appointments of all executive directors at NIRSAL. This decision aligns with the bank’s commitment to ensuring that institutions under its supervision adhere to the highest standards of governance and accountability.”
The apex bank emphasized that the restructuring process would involve the appointment of new executives who have a track record of professionalism, integrity, and competence to steer NIRSAL towards achieving its core mandate of supporting the agricultural sector in Nigeria.
The CBN also reassured stakeholders and the general public that this move would not affect the ongoing programs and initiatives under NIRSAL’s purview. “The organization will continue its operations seamlessly, with all ongoing projects and programs remaining on track,” the statement added.
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This development comes amid broader reforms within Nigeria’s financial sector, aimed at enhancing transparency, accountability, and effectiveness in key institutions. The restructuring of NIRSAL is expected to pave the way for improved service delivery and better management of risk-sharing arrangements for agricultural lending in Nigeria.
Stakeholders in the agriculture and finance sectors have welcomed the CBN’s move, expressing optimism that it will lead to a more robust and effective framework for agricultural financing in the country.
