Nigerian Incentive-based Risk Sharing System of Agricultural Lending (NIRSAL) has appointed Babajide Arowosafe as its new Managing Director and CEO, effective immediately.
Gatekeepers News reports that this development comes two weeks after the Central Bank of Nigeria (CBN) terminated the appointments of the previous board and executive directors of NIRSAL.
In a statement, NIRSAL announced the new board members, including Muhammad Abdullahi, CBN Deputy Governor, Economic Policy, as NIRSAL Chairman.
“The Board noted the need to refocus NIRSAL Plc back to its core mandate of de-risking agricultural lending,” the company said.
Arowosafe, a development finance expert, brings experience from the International Finance Corporation (IFC), the World Bank, the United Nations Development Programme (UNDP), Ekiti State Government, and Southwest Agric Company (SWAgCo).
The new board members include Mallam Ado Wanka, Daphne Dafinone, Hamidu Sa’ad, Bankole Allibay, and Shehu Balarabe.
NIRSAL, a non-bank financial institution owned by the CBN, was created to redefine, measure, re-price, and share agribusiness-related credit risks in Nigeria.
