President Muhammadu Buhari has approved the re-appointment of the entire executive management of Nigeria Export-Import (NEXIM) Bank.
Members of the current management of the bank were appointed on 10th April, 2017 and their first five-year term is due to expire on 9th April, 2022.
Those re-appointment are Abba Bello, Managing Director and Chief Executive Officer, Bala Bello, Executive Director (Corporate Services), and Stella Erhuvwu Okotete, Executive Director (Business Development).
An appraisal of NEXIM bank’s executive management team revealed that the current management team performed as well as exemplified by key achievements.
According to a statement from the Federal Ministry of Finance Budget and National Planning, “the operating profit, previously in the negative (N8.030billion) at the inception of the current management, has 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.
“There is a reduction in non-performing loans from 94 percent in 2017 to 29 percent as at December, 2021, and there is an increase in the total assets of the bank by approximately N136.132billion or about 222 percent from inception of the current management in 2017 to 31st December, 2021”.
The ministry added that “there is an enhanced liquidity position of the bank through additional funding totalling N103.755billion from Central Bank of Nigeria (CBN), N3.936billion from Federal Ministry of Finance, US$50million from the Nigerian Content Development Management Board (NCDMB) and US$25million 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 disbursed a total sum of N144billion in loans to export-oriented entities in the non-oil sector while accounting for approximately US$375million as export proceeds within the period under review.