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Mr. Abba Bello, the Managing Director/Chief Executive Officer of the Nigerian Export-Import Bank (NEXIM), said that the bank’s aggressive debt recovery and proactive loan measures increased recoveries from N200 million in December 2016 to N10.2 billion and $3.25 million between January 2017 and February 2022.
The MD also stated that the loan recovery drive had resulted in the seizure of assets worth around N7 billion, which are now up for sale.
He said that efforts to clean up the balance sheet, as well as improvements in risk management techniques, had resulted in new loans granted in 2018 performing 100 percent, which is a significant improvement over the previous years’ large non-performing loans.
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Upon taking office on May 2, 2017, the new management created a new Strategic Plan (2018–2022) aimed at increasing operational performance, fulfilling the bank’s mandate, and contributing to the federal government’s Economic Recovery and Growth Plan objectives.
In its fifth year of operation, Bello said the plan has helped the bank achieve a dramatic turnaround in its operational performance.
The NEXIM Bank CEO also revealed that the development finance institution’s activities under the Export Development Fund (EDF) resulted in the processing of 442 applications worth N461 billion and $43.69 million, of which N214.65 billion was approved and N153.03 billion was disbursed to 101 beneficiaries, as well as approvals worth N55.85 billion that were in the pre-disbursement stage.
He stated that so far, $492.97 million and €1.17 million have been received as export proceeds from projects that have repatriated their income, amounting to N196.32 billion, while others have yet to complete the transaction circle.
