E-Financial
Okonjo-Iweala Inaugurates Sarah Alade-led NEXIM Board
The Board of the Nigeria Export-Import Bank (NEXIM) recently reconstituted by President Goodluck Ebele Jonathan, has been inaugurated by Dr. Ngozi Okonjo-Iweala, coordinating minister for the Economy (CME) and minister of Finance, with a charge to the Bank to further boost regional trade in West Africa.
Speaking at the Board inauguration in Abuja, Dr. Okonjo-Iweala noted that the Jonathan Administration remains committed to the task of transforming the Nigerian economy and expanding regional trade through the incorporation of the West African economic zone and declared that NEXIM is pivotal to achieving this vision.
According to her, “…NEXIM Bank is a very important part of our finance complex. This a Bank that was set up to support import and export trade within the country. We are happy to say that it’s proven its worth; been performing its functions…but, there are a lot of expectations of this bank. Government of President Goodluck Ebele Jonathan has embarked on a path of transforming the economy and has been trying to work with our private sector to expand trade, particularly regional trade…and NEXIM has so far supported this vision…we can only encourage and support them to keep up their good work…”
The minister reminded the gathering that Nigeria’s economy is 55 per cent of the regional economy which implies that the country’s economic structures have to be well primed and poised to take charge of affairs and pull commensurate weight in the sub region.
The platform for this is for the Government to support the private sector to trade within the region and beyond.
In this regard, she rehashed that NEXIM Bank is critical to Nigeria’s bid to become the powerhouse within the West Africa sub-region and Africa.
She particularly lauded the initiative of the Roberts Orya-led management, stating that she “…is proud of the Bank because it’s going in to some very innovative areas, like shipping along the coast, entering into partnerships with many institutions, like the African Development Bank, Islamic Bank, etc.
Closing her remarks the minister charged members to stand up to the new challenge as the Federal Government expects them to bring their diverse experience to bear in transforming the bank into an instrument of trade facilitation.
Dr. Yerima Lawan Ngama, minister of State for Finance, who upon the dissolution of the Board in 2011, assumed direct supervision of its affairs, used the occasion to give an account of his stewardship to the new Board and members of the Nigerian public.
He categorically declared that NEXIM Bank has done very well to meet the expectations of its major Shareholders, the Federal Government and the general public.
He attributed this to the professionalism of the Bank’s staff.
According to him, “They have done well and this is something I would say is a credit to the present management and the staff because just in the last two to three years, they have turned the Bank from a loss-making to a profit-making institution… Last year was the third year in a row that the bank was posting profit. Not only did we post profit, we also declared dividends…the first time in the history of the bank. This is a good report card for the present management, and also good news for the incoming Board to know that they have people who can really deliver.”
He assured the new Board that they are coming in to work with a clean balance sheet and that it is time that the Bank was rated, and encouraged the new management to invite Agusto & Co to come and give the Bank a local rating as that will go a long way in as a way to raising funds.
The minister of State went further to declare his satisfaction and pride that the Bank has been taken closer to Nigerians.
“Hitherto, it had remained a city Bank. We have it in Abuja, Lagos, Kano and Calabar. But, by and large only those who stay in the city know the existence and do business with the Bank. Congratulating the Roberts Orya-led management, he stated, “I am proud to say that we have about seven agencies in Yenogoa, Akure, Ishiagu, Damaturu, Yola, Gusau and Makurdi. These are the agencies that would ensure that every nook and cranny of Nigeria have customers that do business with the bank…”
Dr. Yerima affirmed that NEXIM now has relationships with international credit institutions which have assisted greatly to broaden the scope of the credit offering; to guarantee credit for both export and import as well as credit insurance.
Specifically, the Bank Shareholders are happy that the Bank has symbiotic agreements with EXIM Bank of India, African Development Bank, Islamic Development Bank, and other technical collaborations and budding relations with TurkExim, USEXIM, Export Development Canada (EDC) etc.
The agreement with the Islamic Development Bank has been signed and the product is being offered now to broaden the income base of the Bank.
Based on Mr. President’s recommendation, NEXIM is the foremost DFI in Nigeria to support the creative and entertainment industry in Nigeria.
The Bank is currently arranging a credit facility with the EXIM Bank of India. He stressed that it is important to note that even before that memorandum was signed, NEXIM had already injected more than N850m into that sector.
One of such facilities was a N300million in Kaduna for an amphitheater to help promote Nigerian films to fully empower the practitioners and the value-chain and save the industry, which is adjudged to be the third biggest in the world from piracy.
On the ECOWAS Trade Support Facility, there are two companies that the Bank is discussing with to provide facility to establish a shipping line that would go from city to city along the West African coast’
This is an addition to the facilities being given to transporters to enhance movement of goods across the borders, namely Chad, Cameroun and Benin Republic.
Presently, there are some initiatives in progress namely, the micro-business development to ensure that those people who have small businesses can get facilities to develop them and the issue of capitalization.
However, the minister said, the Bank has to reappraise its funding structure, and seek out more avenues for raise money or float a bond.
Citing AFREXIM as a best practice, the Minister encouraged NEXIM to further explore the option of raising money from the international market and not solely rely on Shareholders equity contribution.
Ending his remarks, Dr. Yerima promised to work towards ensuring that, going forward, NEXIM Board is exempted from sudden dissolution before the members serve out their tenure, just as other parastatals under his supervision such as the Nigerian Deposit Insurance Corporation (NDIC), among others.
This is for the simple reason that such dissolution breeds instability which is not a good for the Bank’s local and international standing.
Alhaji Suleiman Barau, brought the message of Dr. Sarah Alade, new Board chairman and the deputy governor, Economic Policy, Central Bank of Nigeria (CBN), with a pledge that the new Board members would do their best to improve the existing fortunes of the Bank, knowing full well that much is expected of them.
He assured the Coordinating Minister that the new Board will leave no stone unturned to ensuring that the expectations of Nigerians and Mr. President are met. He promised that the new Board will work to support the Transformation Agenda of Mr. President and the Vision to emerge as the top 20 economies of the world by the 2020.
According to him, “NEXIM will definitely play a key role in developing a vibrant economy, vibrant financial system that would help the Transformation Agenda of Mr. President and the vision 2020….The new Board will work to transform NEXIM to become like AFREXIM, US EXIM bank, and seek sustainable sources for funding the operations of the Bank from the market.”
In line with President Jonathan’s affirmative action on 35 per cent on women representation in governance, Dr. Sarah Alade, would be the first woman to serve as Chairman, NEXIM Board of Directors since the inception of the Bank in 1991
Other members of the reconstituted NEXIM Board are Mr. Musa Batari, Director, Trade and Exchange, CBN; Mr. Kalli Zaji, Director, Home Finance, Federal Ministry of Finance; and Mallam Ajiya Mahia, Director, Trade Federal Ministry of Industry, Trade and Investment. Also on the Board are Alhaji Mohammed I. Babangida, representing private sector interest; Chief (Barr.) Peter Nwaoboshi, also representing private sector interest; Mr. Roberts U. Orya, Managing Director/CEO, NEXIM; Bashir M. Wali, Executive Director, Corporate Services, NEXIM; and Folake I Oke, Executive Director, Business Development, NEXIM.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
First Asset Management, one of Nigeria’s investment managers and a subsidiary of First HoldCo Plc. has launched its FBN Blended Dollar Fund to drive up customer earnings through its rich blend of US equity and high-profile investments domiciled in Nigeria.
In its recent webinar, the company discussed the advantages of its newly launched FBN Blended Dollar Fund. First Asset Management is the first company to launch a blended fund in the equity market to maximise customer earnings.
The event was part of the First Asset Management Leading Conversations Webinar Series, which convenes financial industry experts. The session was moderated by the renowned journalist, Omohefe Osemere and featured a distinguished panel including Laura Fisayo- Kolawole, Head of Equities & Alternative Asset Management at First Asset Management; Robert Hageneers, Head of Markets at FirstBank UK; Gbolahan Ologunro, Portfolio Associate at First Asset Management; and Dr. Ayodeji Akamu, Research Associate for Energy & International Economics at First Bank of Nigeria Limited.
The panel discussion revolved around the theme, “Blending Returns in a Dynamic Global Environment: Navigating Trump’s Trade Agreement,” addressing its impact on equity markets in both Nigeria and the United States. The conversation offered insights into global investment strategies amidst ongoing economic volatility.
During the session, First Asset Management introduced the FBN Blended Dollar Fund, explaining its significance and urging investors to seize this opportunity. With a global economic landscape filled with uncertainties, investors are increasingly concentrating on strategies to blend returns across asset classes.
This year, the positive shift in investor sentiment towards Nigeria has been driven by improvement in the monetary policy framework, increased domestic crude oil production, and rising non-oil revenue supported by improved VAT and customs duty collections—factors anticipated to continue bolstering investor confidence.
Laura Fisayo-Kolawole provided insights into U.S. President Donald Trump’s new economic policies, aimed at protecting local industries and stimulating the U.S. economy. She discussed the potential long-term effects of high tariffs designed to discourage imports, noting that while there is optimism stemming from Trump’s first-term policies, the market remains volatile and the full impact of these tariffs, effective from April 2, 2025, is still uncertain.
Ike Onyia, Managing Director at First Asset Management, underscored that the FBN Blended Dollar Fund is a versatile product ideal for investors with a keen interest in growth. It offers competitive returns that can help hedge against inflation and currency risk while providing liquidity.
With a structure that allocates 20% to U.S. equities and 80% to fixed-income instruments, money market instruments, and Euro bonds domiciled in Nigeria, the fund presents diversified exposure to global markets. Onyia expressed enthusiasm about launching a product that offers a unique opportunity for investors to position themselves in an evolving economic landscape.
PalmPay, one of Africa’s fastest-growing fintech platforms, yesterday officially launched its new PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme.
This partnership reflects PalmPay and Verve’s shared commitment to driving financial inclusion by expanding access and delivering greater value across the digital payments ecosystem.
With over 35 million users and a network of 1.1 million agents and merchants across Nigeria, PalmPay is building one of the continent’s most dynamic fintech ecosystems. The launch of its debit card represents a key milestone in PalmPay’s transformation from a mobile wallet and agent network into a comprehensive digital financial services provider – offering integrated solutions for payments, savings, credit, insurance, and now, card access.
The PalmPay Debit Card is seamlessly integrated with the PalmPay wallet, combining the convenience of a traditional bank card with the speed and flexibility of a digital platform, and access to PalmPay’s unique financial ecosystem.
Key Features include:
- Zero maintenance fees
- Easy in-app application and nationwide delivery
- Exclusive cashback and merchant rewards
- Full wallet integration, including access to high-yield savings (up to 16% APR, paid daily)
- Seamless offline and online payments across the Verve network
The card is accepted at all major payment terminals within Nigeria, offering both debit and contactless options. With this launch, PalmPay aims to redefine the everyday banking experience – making it more accessible, reliable, and rewarding.
Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a tailored offering for high-volume users. Benefits include:
- A dedicated PalmPay Premium Card
- Priority customer support
- Higher transaction cashbacks and savings interest rates
- Exclusive merchant rewards and advanced financial tools
This premium service reinforces PalmPay’s commitment to empower users at every stage of their financial journey – from first-time account holders to high-earning professionals seeking more from their financial tools.
The PalmPay Debit Card was made possible through PalmPay’s strategic partnership with Verve, reinforcing both companies’ shared commitment to inclusive, locally relevant digital banking solutions.
“PalmPay is dedicated to using technology to broaden financial access,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “This collaboration enables us to offer secure, widely accepted payment cards integrated with the full power of PalmPay’s ecosystem. Together, we’re reshaping how Nigerians experience digital finance.”
Vincent Ogbunude, Managing Director of Verve International, added: “We are proud to partner with PalmPay on this important milestone. Our alliance with PalmPay reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”
From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is building the financial infrastructure of the future – redefining digital banking to be more personalised, comprehensive and accessible to everyone.
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