New MD, Board Of Directors Resume At NIRSAL Plc
To effectively drive its mandate delivery in de-risking agricultural lending, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc, now has a new Managing Director and Chief Executive Officer in Mr Babajide Arowosafe.
Also, Non-Bank Financial Institution has inaugurated its new Board of Directors that was reconstituted on Friday, 30th August 2024.
Arowosafe is a development finance expert, with experience from International Finance Corporation (IFC), the World Bank, United Nations Development Programme (UNDP), Ekiti State Government, and Southwest Agric Company (SWAgCo)
A former Commissioner for Agriculture and Natural Resources in Ekiti State, the new MD was in 2015 appointed Executive Director (Technical) of NIRSAL by the Godwin Emefiele-led CBN Management.
He has a bachelor’s degree in Agriculture and Master’s in Agricultural Policy and Administration.
Meanwhile, members of NIRSAL’s newly reconstituted Board of Directors were on Tuesday, 10th September 2024, inaugurated at their 21st meeting held in Abuja.
According to a statement by Head of NIRSAL’s Corporate Communications, Jude Anadozie, leading the new Board is the Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), Mr Muhammad Sani Abdullahi.
Other members of the Board are 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.
Established by the CBN in 2011 with a capital base of N75 billion, NIRSAL provides support to Nigeria’s agri-business market, which accounts for 42 percent of GDP.
Its mandate execution is to “stimulate the flow of affordable finance and investments into the agriculture sector by de-risking the agriculture & agribusiness finance value chain, fixing agricultural value chains, building long-term capacity, and institutionalizing incentives for agricultural lending through its five (5) strategic pillars, namely: Risk Sharing, Insurance, Technical Assistance, Incentives and Rating”.
