The Central Bank of Nigeria (CBN) has named Babajide Arowosafe as the new Managing Director and Chief Executive Officer of NIRSAL Plc, following the dissolution of the previous Board and Executive Management on August 30, 2023.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
The decision to dissolve the previous management was made by the Central Bank Governor, Olayemi Cardoso, who ordered the restructuring of NIRSAL Plc. Along with Arowosafe’s appointment, the CBN has also inaugurated a new board for the organization.
The newly appointed board members are:
– Mr. Muhammad Sani Abdullahi, Deputy Governor, Economic Policy, Central Bank of Nigeria (Chairman)
– 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)
– Hon. Shehu Balarabe (Non-Executive Director)
NIRSAL Plc, a wholly-owned subsidiary of the CBN, was established to catalyze the flow of credit and investments into the agricultural sector by de-risking the agribusiness finance value chain and institutionalizing incentives for agricultural lending.
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