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FG Pledges Support for NEXIM Bank to Raise Non-oil Export Revenues to 30%

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Mrs. Zainab Ahmed, the Minister of Finance, Budget and National Planning, has said the federal government would provide the necessary support to NEXIM Bank to help improve non-oil export revenues to at least 30 per cent in five years.

She said, “This, I believe, is possible and government will be willing and ready to give you the desired support to achieve this target. The threat of a mono-product economy is real, and the recent episode of the COVID-19 pandemic has further is underscored the need for Nigeria to widen its export basket and deepen its export market.”

The minister congratulated the entire board, management and staff of NEXIM for the re-appointment of the Managing Director/Chief Executive, Mr. Abba Bello, the Executive Director, Corporate Services, Dr. Bala Bello and the Executive Director, Business Development, Hon. Stella Okotete, by President Muhammadu for their second and final term of five years which commenced on April 21, 2022.

She pointed out that their reappointment, no doubt was a testimony to the high level of professionalism and commitment with which you managed the affairs of the bank in the last five years.

Ahmed noted that prior to their appointment; the bank had been confronted with a myriad of challenges including high volume of non-performing loans, inadequate capitalisation, paucity of operational funds and loss of focus on core mandate which limited its performance.

However, she said, “It is, therefore, heartwarming to note that under your stewardship the bank has witnessed a complete turnaround in all areas of its operational and financial indices and is now on the path of growth.”

According to her, the bank under the new management now has a healthy balance sheet, which had grown from about N63 billion in April 2017 to the current level of N250 billion.

The non-oil export development bank had also recovered from a loss position of N8 billion in 2016 to sustained profitability, reaching N4.1 billion in 2021, while over N12 billion has been recovered in non-performing loans.

Ahmed said, “I wish to specifically commend your efforts towards the realization of policy objectives of government in the areas of economic diversification and creation of jobs for our citizens by attracting concessional funds into the export sector through strategic partnership as exemplified by the following initiatives collaboration with the Central Bank of Nigeria to manage the N500 billion Non-Oil Export Stimulation Facility and the N50 billion Export Development Fund, which has now been enhanced to N150 billion owing to the excellent performance of the fund.”

She said the only way the executive management could reciprocate the confidence reposed in them by Buhari on their re-appointment was by redoubling its efforts to consolidate on the earlier performance and take NEXIM to even greater heights.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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