Saturday, 24th September 2022
Breaking News:

Buhari reappoints Bello, other NEXIM Bank executives

By Collins Olayinka, Abuja
07 April 2022   |   4:01 am
President Muhammadu Buhari has approved the re-appointment of the entire executive management of Nigeria Export-Import (NEXIM) Bank.

NEXIM Managing Director, Abba Bello.

President Muhammadu Buhari has approved the re-appointment of the entire executive management of Nigeria Export-Import (NEXIM) Bank.

The current management members of the bank were first appointed on 10th April, 2017 and their first five-year term is due to expire on 9th April, 2022.

Those re-appointmented comprise Abba Bello, Managing Director and Chief Executive Officer, Bala Bello, Executive Director (Corporate Services), and Stella Erhuvwu Okotete, Executive Director (Business Development).

Section 11(4) of the NEXIM Bank Act specifies that the Managing Director and the Executive Directors shall hold office for a period of five years and shall be eligible for re-appointment for a further period of five years.

Accordingly, as the expiration of the first term drew near, it became necessary to appraise their performance since assumption of duties across the core mandate areas of the bank for the purpose of their re-appointment or otherwise.

A statement by the Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning, Yunusa Tanko Abdullahi, said the outcome of an appraisal carried out on the activities of the bank in the past five years revealed that the current management team with the support of the board has performed as well as exemplified by key achievements.

Evidently, the operating profit, previously in the negative (N8.030 billion) at the inception of the current management, has increased to N3.825 billion in 2021 and there was an improvement in returns on capital earnings from -15.31 in 2016 to 2.72 in 2021.

There is a reduction in non-performing loans from 94 per cent in 2017 to 29 per cent as of December 2021, and there is an increase in the total assets of the bank by approximately N136.132 billion or about 222 per cent from the inception of the current management in 2017 to 31st December, 2021.

There is an enhanced liquidity position of the bank through additional funding totallingN103.755 billion from the Central Bank of Nigeria (CBN), N3.936billion from the Federal Ministry of Finance, $50 million from the Nigerian Content Development Management Board (NCDMB) and $25 million from the African Export-Import Bank.

The NEXIM has also made high growth in recoveries from N40.780million in 2016, preceding the current management to an annual average recovery of N1.243billion between 2017 and 2020 and a total collection of N11.903billion for the five-year period.

The bank has made the disbursement of a total sum of N144billion in loans to export-oriented entities in the non-oil sector while accounting for approximately $375 million as export proceeds within the period under review.

The NEXIM bank has been ranked among the best three Development Finance Institutions (DFIs) and the best five public institutions surveyed based on the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Anti-corruption Assessment Criteria.