Buhari approves re-appointment of NEXIM Bank mgt

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

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

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Those involved in the re-appointment comprise Abba Bello, managing director; Bala Bello, executive director (corporate services) and Stella Erhuvwu Okotete, executive director (business development).

Accordingly, as the expiration of their first term drew nearer, it became necessary to appraise their performance for possible re-appointment.

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

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

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

There is an enhanced liquidity position of the bank through additional funding totalling N103.755bn from the Central Bank of Nigeria (CBN), N3.936bn from the federal ministry of finance, $50m from the Nigerian Content Development Management Board (NCDMB) and $25m from the African Export-Import Bank (Afreximbank).

The bank has made the disbursement of a total sum of N144bn in loans to export-oriented entities in the non-oil sector, while accounting for approximately $375m as export proceeds within the period under review.