Mr. Babajide Arowosafe has officially assumed the role of Managing Director and Chief Executive Officer of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL Plc, following the reconstitution of the company’s Board of Directors.
His inauguration took place during the 21st meeting of the board on Tuesday, which also marked the swearing-in of other board members.
Arowosafe brings a wealth of experience in development finance, having previously worked with institutions like the International Finance Corporation, World Bank, United Nations Development Programme, Ekiti State Government and Southwest Agric Company.
Jude Nnadozie, Head of Corporate Communications at NIRSAL Plc, disclosed that the new board is led by Mr. Muhammad Sani Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria. Other board members include Mallam Ado Wanka, Dr. Daphne Dafinone, Mr. Hamidu Sa’ad, Dr. Bankole Allibay and Hon. Shehu Balarabe, all serving as Non-Executive Directors.
During the meeting, the board emphasized the importance of refocusing NIRSAL on its primary mandate: de-risking agricultural lending to promote growth and stability in Nigeria’s agricultural sector.
READ ALSO : CBN orders removal of NIRSAL MD, directors
Credible News recalls that reorganization took place at the NIRSAL Plc, as the Governor of the Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso, reportedly ordered the removal of key members of the executive management team.
An anonymous source in the CBN disclosed that three top executives have been relieved of their duties. There was no independent confirmation at press time.
Those reportedly affected include Abbas Masanawa, the Managing Director and Chief Executive Officer; Kennedy Nwaruh, the Executive Director of Operations; and Olatunde Akande, the Executive Director of Technical.
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