Nirsal Boss Arrested, What Happened To Nirsal Boss? Who Is Nirsal Boss?
by Alaguvelan M | Updated Aug 19, 2023
Nirsal Boss Arrested
The Department of State Services (DSS) has reportedly apprehended Abbas Umar Masanawa, the Managing Director and Chief Executive Officer of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), according to sources. While the specific reasons for his arrest remain undisclosed, insiders suggest it might be linked to the ongoing inquiry involving the former Central Bank of Nigeria Governor, Godwin Emefiele.
Last year, Daily Trust exclusively reported allegations of mismanagement of over N5 billion meant for farmers in Kano and Jigawa states against Masanawa's predecessor, Aliyu Abdulhameed. This ultimately led to Abdulhameed's removal by former President Muhammadu Buhari.
Masanawa previously served as the Managing Director of the Nigeria Security Printing and Minting Company (NSPMC), widely recognized as 'The MINT,' before his appointment to succeed Abdulhammeed. Both Abdulhamid and the contractors associated with him have denied any wrongdoing.
An influential figure, Masanawa, who was considered a strong contender for the 2022 Katsina State governorship election under the banner of the ruling All Progressives Congress (APC), maintained a close relationship with Emefiele. He was initially recommended to lead the company by the suspended apex bank governor and had held the position of executive director in charge of finance and strategy at the same institution.
An anonymous security source revealed that Masanawa, who was taken into custody at his Abuja residence, is believed to have connections with Emefiele's investigation, as well as an ongoing inquiry at the Central Bank's headquarters. As of now, there has been no official confirmation or further details from the DSS spokesperson, Peter Afunanya, who is yet to respond to inquiries.
What Happened To Nirsal Boss?
In a significant development, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Chief Executive Officer, Abbas Umar Masanawa, has reportedly been apprehended by the Department of State Services (DSS) due to his suspected involvement in an ongoing corruption investigation of the Central Bank of Nigeria (CBN).
According to sources cited by Peoples Gazette, Masanawa was taken into custody by the DSS three weeks ago, and he has remained under detention as the investigative process continues. The grounds for Masanawa's arrest reportedly revolve around his tenure as the managing director of the Nigerian Security Printing and Minting Company (NSPMC).
A well-informed source stated, "He was allegedly collaborating with Godwin Emefiele to orchestrate embezzlement within the printing and minting agency. We are currently tracing significant sums of money that appear to have been misappropriated."
Masanawa's association with NSPMC ceased when he decided to contest the Kastina governorship primary election for the All Progressives Congress (APC), all while still holding his position as the nation's printing and minting overseer. The NSPMC, a subsidiary of the Central Bank of Nigeria (CBN), holds the responsibility of producing the country's currency notes, coins, and top-tier security documents.
This turn of events coincides with President Bola Tinubu's appointment of an anti-graft specialist, Jim Obazee, to uncover instances of fraud within the CBN and other federal agencies.
The team led by Obazee is reported to have initiated a comprehensive investigation into various pertinent agencies, which are believed to have colluded with the CBN and its affiliated organizations. Masanawa, who had previously served as a special adviser to Emefiele, had gradually risen through the ranks to assume the position of executive director at the NSPMC.
Following his unsuccessful bid to secure the governorship ticket, Emefiele designated him as the new head of NIRSAL, following the departure of the agency's former leader Aliyu Abdulhameed amidst allegations of corruption.
Who is Nirsal Boss?
Abbas Umar Masanawa presently serves as the Managing Director and Chief Executive Officer (CEO) of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), having assumed this role in February 2023.
With a wealth of expertise spanning over two decades in the financial services sector, Masanawa boasts an extensive background as a seasoned banker. His journey has encompassed various notable positions within renowned institutions such as First Bank of Nigeria, United Bank for Africa, and Sterling Bank. He holds the esteemed title of Fellow from both the Chartered Institute of Bankers (CIBN) and the Institute of Chartered Accountants of Nigeria (ICAN).
Having pursued his education at the University of Maiduguri, Masanawa achieved a Bachelor of Science degree in Economics. Further enhancing his knowledge, he also holds an MBA from the University of Lagos.
At the helm of NIRSAL, Masanawa takes on the pivotal role of CEO, shouldering the comprehensive management of the organization. Additionally, he undertakes the responsibility of executing NIRSAL's overarching mission: fostering agricultural lending advancement throughout Nigeria.
Advocating fervently for agricultural progression, Masanawa is a steadfast believer in the potential of agriculture to catalyze Nigeria's economic transformation. His commitment is deeply rooted in collaborative efforts with governmental bodies, the private sector, and other stakeholders to champion agricultural lending initiatives and propel the growth of the agricultural sector within the country.
Recent developments, however, indicate a notable twist. On August 18, 2023, Masanawa's journey took an unexpected turn as he found himself arrested by the Department of State Services (DSS). The allegations that precipitated his detainment involve purported collaboration with the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in a scheme to allegedly loot the Nigerian Security Printing and Minting Company (NSPMC).
Who Did The Dss Allegedly Arrest?
In the latest twist, Nigeria's clandestine security agency has reportedly taken into custody Abbas Masanawa, the Chief Executive Officer of Nigeria's Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
As per gathered information, Masanawa, previously rumored to have been dismissed, currently finds himself under the confinement of the State Security Service due to an ongoing investigation into alleged misconduct.
While the exact circumstances enveloping his detainment remain elusive at this juncture, it appears that Masanawa has encountered a cycle of arrest, release, and recent re-arrest by the DSS. Sources indicate that Masanawa's apprehension is tied to his purported involvement in the ongoing inquiry into the alleged corruption linked to the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Despite media attempts to solicit comments, Peter Afunanya, the spokesperson for DSS, has yet to respond to the inquiries surrounding this development. Reportedly apprehended three weeks prior, Masanawa continues to remain in custody.
A notable figure in the financial arena, Masanawa, who was reportedly eyeing the governorship of Katsina State through the ruling All Progressives Congress (APC) in 2022, held close ties with Emefiele.
His trajectory witnessed him ascending the ranks as the executive director overseeing finance and strategy within the same organization before being recommended by the suspended apex bank governor to lead the company.
Speaking anonymously to Daily Trust, a security insider disclosed that this close ally of Emefiele, taken from his Abuja residence, has been implicated in the ongoing investigations concerning Emefiele and the inquiries underway at the apex bank's headquarters.
Nirsal Boss Arrested - FAQs
Abbas Masanawa, the CEO of NIRSAL, was reportedly arrested over allegations of his involvement in an ongoing corruption probe related to the suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Abbas Masanawa is the Chief Executive Officer (CEO) of Nigeria's Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
Abbas Masanawa has reportedly been in custody for three weeks following his arrest by the Department of State Services (DSS).
Besides his professional role, Abbas Masanawa is considered a close ally of the suspended CBN Governor, Godwin Emefiele.
Yes, reports suggest that Abbas Masanawa was previously arrested, released, and subsequently rearrested by the DSS in connection with the ongoing investigation.