NIRSAL CEO, Abbas Masanawa Sacked For Allegedly Looting Treasury With Godwin Emefiele

Abbas Masanawa, the CEO of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, has been fired.

According to reports, Masanawa’s departure may be linked to his alleged role in the ongoing corruption investigation of suspended CBN chairman Godwin Emefiele.

THE WITNESS has learned that Masanawa is currently being held by the Department of State Services (DSS) and is being interrogated about his suspected role in the Emefiele theft.

According to sources, Mr Masanawa was detained four weeks ago upon his return to Nigeria from Hajj and has remained in custody while the inquiry is ongoing.

Mr Masanawa’s arrest stemmed from his role as the managing director of Nigerian Security Printing and Minting Company (NSPMC). He resigned from NSPMC in 2022.

The NSPMC is a subsidiary of the Central Bank of Nigeria (CBN) responsible for printing and minting the nation’s currency notes, coins and high-level security documents.

Mr Emefiele was fired as CBN governor on June 9 and was arrested the next day by the DSS.

Dr. Peter Afunanya, spokesperson for the DSS, in his reaction to the development simply said in a message to THE WITNESS on Friday that ‘No comments’.

Mr Masanawa served as special adviser to Mr Emefiele and steadily moved up the rung to become the executive director at the NSPMC.

Former President Muhammadu Buhari appointed him as the organisation’s managing director in September 2018.

In May 2022, Mr Mansanawa declared his intention to contest the governorship election in Katsina without stepping down from office. He promptly resigned from his position.

After he failed to clinch the ticket, Mr Emefiele appointed him as the new head of NIRSAL, following the removal of the agency’s former boss Aliyu Abdulhameed.

Recall, that the Federal Government will on August 23, 2023 arraign Emefiele and his associates for an alleged N6.9 billion procurement fraud at the Federal Capital Territory High Court, Maitama, Abuja.

Emefiele will be arraigned alongside a female CBN employee, Sa’adatu Yaro and her company, April1616 Investment Limited on 20 charges of procurement fraud, conspiracy and conferring corrupt advantages on his associates.