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.
Fidelity Bank Plc is basking in endless and stakeholders are happy.
Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc
With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.
This a crucial evidence for investors that the bank is solution driven.
For instance, at the capital market, the bank was the toast of investors as its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.
Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.
Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.
Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.
Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.
Despite the immense responsibility and intense pressure, especially during turbulent times, Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.
Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as reputation.
She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.
The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.
This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.
Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.
By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.
Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.
Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.
A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.
Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.
Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).
The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).
Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution upward trajectory will be indelible.
She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.
First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.
L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.
The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.
Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.
Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.
Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”
Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”
The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.
The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.
Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.
Kevin Ugwuoke, president and chairman of Council, in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.
He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.
“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.
The institute, however, stressed that the success of the measures would depend largely on effective implementation.
It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.
CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.
The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.
The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.
Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.
The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.
In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.
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