NEXIM Bank Recovers N12bn Non-Performing Loans From Debtors

The Nigerian Export Import Bank has recovered over N12bn Non-Performing Loans from its debtors, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has said.

Ahmed said this on Friday in Abuja while inaugurating members of the board of NEXIM and the National Insurance Commission.

Ahmed congratulated the entire Board, Management and staff of NEXIM for the re-appointment of the Managing Director/Chief Executive, Mr. Abba Bello, the Executive Director, Corporate Services, Dr. Bala Bello and Honourable Stella Okotete, the Executive Director, Business Development by the President for their second and final term of five years which commenced on 21 April, 2022.

She described their reappointment as a testimony to the high level of professionalism and commitment with which they have managed the affairs of the Bank in the last five years.

For instance, she said the Bank now has a healthy balance sheet, which has grown from about N63bn in April 2017 to the current level of N250bn.

She added, that the bank has also recovered from a loss position of N8bn in 2016 to sustained profitability, reaching N4.1bn in 2021.

Ahmed said, “I am aware that prior to your appointment, the Bank had been confronted with a myriad of challenges including high volume of non-performing loans, inadequate capitalisation, paucity of operational funds and loss of focus on core mandate which limited its performance.

“It is therefore heartwarming to note that under your stewardship, the Bank has witnessed a complete turnaround in all areas of its operational and financial indices and is now on the path of growth.

“For instance, the Bank now has a healthy balance sheet, which has grown from about N63bn in April 2017 to the current level of N250bn.

” It has also recovered from a loss position of N8bn in 2016 to sustained profitability, reaching N4.1bn in 2021, while over N12bn has been recovered in non-performing loans.

“I wish to specifically commend your efforts towards the realization of policy objectives of government in the areas of economic diversification and creation ot jobs for our citizens by attracting concessional funds into the export sector through strategic partnership.”

The Minister expressed optimism that in the next five years, the government hopes to see a quantum leap in the contribution of the non-oil sector to export revenue to at least 30 per cent.

“This believe is possible and government will be willing and ready to give you thee desired support to achieve this target.

“The threat of a mono product economy is real, and the recent episode of the COVID-19 Pandemic has further is underscored the need for Nigeria to widen its export basket and deepen its export market,” she added.

Meanwhile, while inaugurating the board of NAICOM, she urged them to familiarize themselves with the functions, procedures, rules and regulations in the industry.

These, she added, would enable them function effectively and efficiently on the Board.

She added, “As we congratulate you on your appointment, let me state that the only way you can reciprocate Mr President’s confidence in you is by bringing your wealth of experience to bear on the activities of the your Commission and the Insurance Industry at large.

“It is your responsibility to ensure good corporate governance is entrenched in the Commission, support management in creating enabling environment for both the staff and other stakeholders and ensure harmony within the Board.

“At this juncture, let me stress the need for the Board and management to evolve policies and create new insurance products as well as build the desired trust and confidence in the minds of Nigerians with a view to enhancing insurance penetration.”