Finance Minister Charges NEXIM Board On Service Delivery

BY EDMOND ODOK, ABUJA – The Minister of Finance, Mrs Kemi Adeosun has charged the newly inaugurated Board of Directors of the Nigerian Export-Import Bank (NEXIM) on effective mandate delivery to the nation’s export business community.

Mrs Adeosun’s challenge to the NEXIM Board comes on the heels of recently constituted Governing Boards of Government Agencies by President Muhammadu Buhari.

She said the new Board must work hard on re-positioning the Bank as government’s national guarantor under the ECOWAS Inter-state Road Transit programme, as well as reinventing itself as Africa’s leading Export Development Bank.

Heading the new Board, in line with the Nigerian Export-Import Bank Act 38 of 1991, as its Chairman is the Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), Dr Joseph Okwu Nnanna.

Other members include; Dr Mudashiru Olaitan; Mrs Olubunmi Siyanbola; Mr Ochapa Ogenyi; Engr (Hon) Adesina Adegbenro; and Hajiya Ramatu Ahmed.

These newly appointed directors join the Bank’s Executive Management Team (EMT) headed by the Managing Director/Chief Executive, Abba Bello, ably assisted by Bala Bello, Executive Director, Corporate Services and Stella Okotete, Executive Director, Business Development.

A statement by NEXIM’s Head, Strategy & Communications, Tayo Omidiji said the new Board Chairman, Dr Nnanna, brings to bear his rich experience as an economist and banker over the last three decades, during which he has been involved in policy formulation and development of financial markets.  

Nnanna, who joined the CBN in 1994 and rose to the position of Director, Research & Statistics in 2001, was appointed Deputy Governor in 2015.  

Over the years, the NEXIM Board Chairman has occupied several positions within the apex bank, and the Director General, West African Monetary Institute (WAMI) from 2006-2008.  He also served as a Staff Economist & Desk Officer in the African Department of the International Monetary Fund (IMF) and was a Consultant to the United Nations Conference on Trade & Development (UNCTAD).

According to Omidiji, given recent efforts to retool and enhance its operations, NEXIM Bank is excited the Board’s inauguration will engender necessary synergy and strengthen the corporate governance structures to deliver quickly on its mandate.

He stated that since assuming office in April, 2017, the NEXIM executive management has embarked on strategic repositioning exercise and restructuring of its operations.

Omidiji said the development aims at achieving Federal Government’s economic diversification objectives in line with its Economic Recovery and Growth Plan (ERGP).

Established by Act 38 of 1991 as an Export Credit Agency (ECA), the Bank’s mission is to promote export diversification through the provision of finance; risk bearing; and advisory services in line with Government Trade Policy and global best practice.

Boasting a share capital of N50,000,000,000 (Fifty Billion Naira) held equally by the Federal Ministry of Finance Incorporated and the Central Bank of Nigeria (CBN), the Bank, which replaced the Nigerian Export Credit Guarantee & Insurance Corporation earlier set up under Act 15 of 1988, is charged with providing export credit guarantee and export credit insurance facilities to its clients.

Its main statutory functions also include the provision of credit in local currency to its clients in support of exports; and establishment and management of funds connected with exports among others.