Daily Trust - N50bn export fund: Beneficiaries repatriated N35bn

 

N50bn export fund: Beneficiaries repatriated N35bn

The management of the Nigerian Export-Import Bank (NEXIM) has disclosed that export proceeds received from 2019 to date amounts to $90.1 million and €80,000, translating to N34.8, billion from projects that have so far repatriated their revenues.

The Head of Strategy and Communications of NEXIM, Mr. Tayo Omidiji, disclosed that the proceeds were from the beneficiaries of N50bn Export Development Fund (EDF).

Mr. Omidiji made the disclosure while reacting to a media report alleging that the Managing Director of NEXIM, Abba Bello, will face the Economic and Financial Crimes Commission (EFCC) for mismanagement of the N50bn.

The petition was attributed to a faceless organisation identified as Citizens Committee for Corruption Free Nigeria (CCCN) which address cannot be verified.

He said, “Three years after, the fortunes of the bank have remarkably improved, with profits of N2.03bn achieved in 2019 and 1.09bn in 2018, against a loss of N569m in 2017 and a much bigger loss of N8.03bn in 2016, which explains why the previous management could not produce an approved financial statement for three years, 2014 to 2016.”

Omidiji further said the N50bn, which was wrongly referred to as Rediscounting and Refinancing Facility (RRF), was the Export Development Fund (EDF) released to the new management of the bank by the Central Bank of Nigeria (CBN) to support export-oriented projects towards achieving the Zero Oil Plan of the Federal Government.

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N50bn export fund: Beneficiaries repatriated N35bn

The management of the Nigerian Export-Import Bank (NEXIM) has disclosed that export proceeds received from 2019 to date amounts to $90.1 million and €80,000, translating to N34.8, billion from projects that have so far repatriated their revenues.

The Head of Strategy and Communications of NEXIM, Mr. Tayo Omidiji, disclosed that the proceeds were from the beneficiaries of N50bn Export Development Fund (EDF).

Mr. Omidiji made the disclosure while reacting to a media report alleging that the Managing Director of NEXIM, Abba Bello, will face the Economic and Financial Crimes Commission (EFCC) for mismanagement of the N50bn.

The petition was attributed to a faceless organisation identified as Citizens Committee for Corruption Free Nigeria (CCCN) which address cannot be verified.

He said, “Three years after, the fortunes of the bank have remarkably improved, with profits of N2.03bn achieved in 2019 and 1.09bn in 2018, against a loss of N569m in 2017 and a much bigger loss of N8.03bn in 2016, which explains why the previous management could not produce an approved financial statement for three years, 2014 to 2016.”

Omidiji further said the N50bn, which was wrongly referred to as Rediscounting and Refinancing Facility (RRF), was the Export Development Fund (EDF) released to the new management of the bank by the Central Bank of Nigeria (CBN) to support export-oriented projects towards achieving the Zero Oil Plan of the Federal Government.

texem
More Stories