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.
The shareholders of Access Holdings Plc have unanimously approved the company’s proposed capital raising of $1.5 billion through a bond or share sale and a further N365 billion via a Rights Issue to fund its ambitious growth plans.
The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.
The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside late Herbert Wigwe.
The shareholders stated that Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.
“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets.
During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned capital raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).
In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.
Central Bank of Nigeria (CBN) has been forced to deny a report saying it issued a directive requiring all banks and financial institutions to identify individuals or entities engaging in transactions with cryptocurrency exchanges and to ensure that such accounts are put on Post No Debit (PND) instruction for six months.
A “Post No Debit” instruction is a directive issued by a bank or financial institution to restrict certain transactions on a customer’s account.
When a PND instruction is in place, the account holder is prohibited from making debit transactions, meaning they cannot withdraw funds or make payments using the affected account.
Confusion occurred when the central bank denied the story on X but then deleted the denial.
The alleged circular also stated that regulated financial institutions engaged in crypto or facilitating payments for crypto exchanges are prohibited.
However, this contradicts an earlier ban lifted in December 2023, allowing banks to facilitate transactions for crypto exchanges.
The central bank lifted the ban nearly two years after enforcing a comprehensive ban on banks engaging with digital currencies.
According to a statement by the CBN at the time, it recognized that the increasing global demand and adoption of crypto make it unjustifiable to maintain the stringent restrictions imposed on financial institutions in 2021.
However, due to the swift devaluation of the naira and the subsequent inflation rate of 29.9%, the government shifted its attention to platforms offering cryptocurrency services.
It disabled websites associated with crypto trading that had gained notoriety for setting informal valuations for the naira.
Binance encountered significant scrutiny when the CBN raised concerns regarding “suspicious financial transactions” occurring through Binance Nigeria in 2023.
Olayemi Cardoso, governor, CBN, said $26 billion had passed through Nigeria via Binance in 2023 from unidentified sources and users.
Binance is facing further challenges in Nigeria, with its executive Tigran Gambaryan, who is based in the United States, being detained in the country.
He’s facing five charges linked to money laundering following a meeting with Nigerian officials regarding Binance’s regulatory compliance.
Nadeem Anjarwalla, one of the executives who met with Nigerian officials about Binance’s regulatory issues, subsequently escaped custody and was tracked down to Kenya, where he faces extradition.
Nigeria Deposit Insurance Corporation (NDIC) has inaugurated an Anti-Corruption and Transparency Unit (ACTU) at its headquarters in Abuja.
Speaking at the inauguration which was conducted by officials of the Independent Corrupt Practices and Other Related Offences Commission (ICPC); Mr. Bello Hassan, managing director/chief executive, NDIC, said the corporation has a culture of zero tolerance for corruption, which is further strengthened by its core values of teamwork, respect and fairness, integrity, professionalism, and passion.
Represented by Mr. Mustapha M. Ibrahim, executive director, Operations, Hassan, said, the NDIC ACTU has strengthened the Corporation’s operational system through the implementation of various compliance measures to ensure ethics, integrity, transparency and accountability in the workplace.
He explained that the specific measures include robust Internal Controls, regular Risk Assessments, and strict adherence to regulatory guidelines, and comprehensive training programs for employees.
Hassan described the inauguration as a significant step in the Corporation’s ongoing commitment in the fight against corruption and enhances transparency.
He emphasised that NDIC Management remains committed to supporting ACTU activities, recognizing the unit’s critical role in ensuring the Corporation’s operations are conducted with integrity, free from corruption, and fostering public trust.
Dr. Musa Adamu Aliyu, chairman, ICPC, who was represented by Mr. Olusegun Adigun, acting director System Study and Review, ICPC, praised NDIC management for their dedication and active support in establishing and advancing the activities of the ACTU to address corruption issues and foster ethical practices.
He applauded the efficiency and diligence of the NDIC ACTU in fulfilling its mandate, resulting in the Corporation retaining the first position for two consecutive years on the annual ICPC Ethics and Integrity Compliance Scorecard.
He urged the new ACTU members to see their nomination as an opportunity to build on the good legacies of the previous members and to complement Management’s efforts in promoting the core values of the Corporation through their assigned duties.
Telcos Ask NCC to Allow Them Hike Tariff
UK Pledges €1Bn to Fight against Malaria in Nigeria
OJI Demands Ban on Netflix, TikTok, Others over Same-Sex Content
FCCPC to Review Multichoice’s Tariff Hike
Airtel Boosts NIPR Public Relations Week with Onsite Unlimited Data Connection
See Full List of Fake Loan Apps Blacklisted By CBN
AXA Mansard Empowers Female SMEs with Financial, Digital Skills
CBN Sacks another 50 Staff, 117 Disengaged in 20 Days
Nigerian Business Leaders Partner Google for Strategic Advantage, Seeks Competitive Edge in Privacy-First Era
New CAMON Device Set to Redefine Mobile Content Creation
News3 days agoNigerian Banks Lost over N8Bn to Internet Fraudsters in 2022- EFCC
Telecom3 days agoSecure Identity Alliance: OSIA Becomes Official ITU Standard
Telecom3 days agoZipline Achieves One Millionth Delivery Milestone
Telecom2 days agoQualcomm Shortlists Startups for Qualcomm Make in Africa 2024 and Awards 2023 Wireless Reach Social Impact Fund
News2 days ago60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech
News2 days ago9mobile Partners Microsoft to Host Impactful Training Session for Journalists
E-Business2 days agoDexude Secures Funding to Revolutionize Education in Nigeria, Beyond
Telecom2 days agoALTON, ATCON Urge FG to Address Telecoms Industry Challenges