The appointments of all the executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL), have been terminated by the Central Bank of Nigeria (CBN)
The executive directors dismissed include the managing director and chief executive officer, Abbas Umar Masanawa, executive director operations Kennedy Nwaruh and executive director Technical Olatunde Akande.
According to a NIRSAL official, the staff are awaiting further clarity on the circumstances surrounding the dismissals.
The CBN cited an ongoing major organisational and human capital restructuring process as the reason for the terminations.
The decision was approved by CBN Governor Olayemi Cardoso on Friday, is the latest in a series of staff reductions at the apex bank since his appointment last year.
NIRSAL which is wholly owned by the CBN, was established to redefine and manage agribusiness-related credit risks in Nigeria.