President Muhammadu Buhari has approved the re-appointment of Stella Okotete and other entire executive management of Nigeria Export-Import (NEXIM) Bank.
The re-appointment was as a result of the fact that the 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.
In a statement signed by the Special Adviser, Media and Communications to the Minister of Finance, Yunusa Tanko Abdullahi, stated that the re-appointment comprise Abba Bello, Managing Director and Chief Executive Officer, Bala Bello, Executive Director (Corporate Services), and Stella Erhuvwu Okotete, Executive Director (Business Development).
The statement reads in parts: “Section 11(4) of the NEXIM Bank Act specifies that the Managing Director and the Executive Directors shall hold office for a period of five years and shall be eligible for re-appointment for a further period of five years.
“Accordingly, as the expiration of the first term drew near, it became necessary to appraise their performance since assumption of duties across the core mandate areas of the bank for the purpose of their re-appointment or otherwise.
“The outcome of the appraisal revealed that the current management team with the support of the board has performed as well as exemplified by key achievements.
“Evidently, 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% in 2017 to 29% as at December, 2021, and there is an increase in the total assets of the bank by approximately N136.132billion or about 222% from inception of the current management in 2017 to 31st December, 2021.
“There is an enhanced liquidity position of the bank through additional funding totallingN103.755billion 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 made the disbursement of 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.
“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.
“In view of all the achievements, the current executive management team as constituted has turned around the fortunes of the bank and re-positioned it on the path of prosperity towards a better realisation of its mandate.”
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