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Buhari approves re-appointment of NEXIM Bank executives for second term

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

This was revealed in a statement signed by Yunusa Tanko Abdullahi, special adviser on media & communications to the Minister of Finance, Budget & National Planning.

The current management was appointed 10th April 2017 and their tenure was billed to expire on the 9th April, 2022 after the five years of service, however the provisions of 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.

What the statement said

“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, the outcome of the appraisal revealed that the current management team with the support of the board has performed as well as exemplified by key achievements.”

Some of the reappointed officials include:

Abba Bello, managing director and chief executive officer

Bala Bello, executive director (Corporate Services)

Stella Erhuvwu Okotete, executive director (Business Development).

Abdullahi said the current executive management team has turned around the fortunes of the bank and re-positioned it on the path of prosperity towards a better realisation of its mandate. During this management’s tenure, NEXIM’s operating profit, previously in the negative (N8.030billion) at the inception of the current management increased to N3.825billion in 2021, and there is an improvement in returns on capital earnings from -15.31 in 2016 to 2.72 in 2021.

The banks’ s non-performing loans also reduced from 94 percent in 2017 to 29 percent as at December, 2021, and there was an increase in the total assets of the bank by approximately N136.13 billion or about 222 percent from inception of the current management in 2017 to 31st December, 2021.

“There is an enhanced liquidity position of the bank through additional funding totallingN103.75 billion from Central Bank of Nigeria (CBN), N3.93 billion from Federal Ministry of Finance, $50million from the Nigerian Content Development Management Board (NCDMB) and $25 million from the African Export-Import Bank,” he stated.

NEXIM has also made high growth in recoveries from N40.78 million in 2016, preceding the current management to an annual average recovery of N1.24 billion between 2017 and 2020 and a total collection of N11.90 billion for the five-year period.

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