CBN Deputy Governor, Abdullahi, Chairs Newly Reconstituted NIRSAL Board
*Arowosafe takes charge as MD/CEO
James Emejo in Abuja
The new board of NIRSAL Plc, chaired by Central Bank of Nigeria (CBN) Deputy Governor, Economic Policy Directorate, Mr. Muhammad Sani Abdullahi, has been inaugurated.
Also, Mr. Babajide Arowosafe,
a development finance expert, was appointed as new Managing Director/Chief Executive of NIRSAL.
This followed the reconstitution of the board of directors of the institution on August, 30, 2024, according to a statement by NIRSAL’s Head, Corporate Communications, Jude Nnadozie.
He said the inauguration took place at the 21st Meeting of the Board of Directors held on September 10, 2024.
The board emphasised the need to refocus NIRSAL back to its core mandate of de-risking agricultural lending.
Prior to his appointment,
Arowosafe, has worked with the International Finance Corporation (IFC), World Bank, United Nations Development Programme (UNDP), Ekiti State Government, and Southwest Agric Company (SWAgCo), the statement added.
Other members of the board include, 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, and Hon. Shehu Balarabe, Non-Executive Director.
Last month, CBN, Mr. Olayemi Cardoso, reportedly ordered the sack of top management staff of the NIRSAL,
According to sources who spoke on conditions of anonymity, those affected included Managing Director/Chief Executive, Mr. Abbas Umar Masanawa; Executive Director, Operations,
Mr. Kennedy Nwaruh and Executive Director, Technical,
Mr. Olatunde Akande.
NIRSAL is a $500 million public private initiative, wholly owned by the CBN as a licensed financial institution designed to appropriately define, price and share agribusiness related credit risk.
The institution has a mandate to increase the flow of finance to commercial agriculture by de-risking and fixing the agricultural value chain.
However, its activities had been overshadowed by allegations of corruption under its pioneer Managing Director, Mr. Abulhammed Aliyu, who is currently facing corruption allegation charges by the Economic and Financial Crimes Commission (EFFC).
Only recently a private Consultant Dr. Steve Olusegun Ogidan returned N1.5 billion to the EFCC in a plea bargain to avoid conviction in a case involving Abdulhameed, after arguing it was legitimate earnings from consultancy services.
The EFCC pursued interim forfeiture of the funds, alleging they were proceeds of unlawful activities, while Ogidan and Abdulhameed contended the funds were legitimate payments under a PMRO contract approved by NIRSAL’s board.
