President Muhammadu Buhari has approved the renewal of the appointment of Abba Bello as the managing director of the Nigerian Export and Import Bank for a second and final term of four years.
The president also reappointed Bala Bello, Executive Director (Corporate Services), and Stella Erhuvwu Okotete, Executive Director (Business Development).
Mr Buhari’s decision was conveyed through a statement by the special adviser, Media & Communications to the Minister of Finance, Yunusa Abdullahi.
The managing director and the two other management teams were appointed on April 10, 2017 and their first five-year term is due to expire on April 9.
According to the statement, the team had over the first five years performed well by recording great increase in the operating profit of the bank and significantly reducing non-performing loans.
“Evidently, the operating profit, previously in the negative (N8.030billion) at the inception of the current management, has increased to N3.825 billion in 2021, and there is an improvement in returns on capital earnings from -15.31 in 2016 to 2.72 in 2021,” the statement said.
“There is a reduction in non-performing loans from 94 per cent in 2017 to 29 per cent as at 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 inception of the current management in 2017 to 31st December, 2021.
“There is an enhanced liquidity position of the bank through additional funding totalling N103.755 billion from Central Bank of Nigeria (CBN), N3.936 billion from Federal Ministry of Finance, US$50 million from the Nigerian Content Development Management Board (NCDMB) and US$25 million from the African Export-Import Bank.
“The NEXIM has also made high growth in recoveries from N40.780 million in 2016, preceding the current management to an annual average recovery of N1.243billion between 2017 and 2020 and a total collection of N11.903 billion for the five years.
The bank has made the disbursement of a total sum of N144 billion in loans to export-oriented entities in the non-oil sector while accounting for approximately US$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 best five public institutions surveyed based on the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Anti-corruption Assessment Criteria”
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
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