The management of Nigerian Export-Import Bank [NEXIM Bank] has described the allegation against the Managing Director of the bank, Abba Bello that he diverted the sum of N50bn as completely untrue.
Recall that a group, Citizens Committee for Corruption Free Nigeria (CCCN) had petition the Economic and Financial Crimes Commission (EFCC), calling for Bello’s probe over the alleged diversion of N50 billion from the Bank’s coffers
Specifically, the petition had accused Abba Bello of diverting and mismanaging the N50 billion Rediscounting and Refinancing Facility which was availed by the Federal Government to assist commercial and merchant banks to provide short-term finance in support of exports.
However, in a rebuttal issued by the bank’s Corporate Communications Department, it explained that the N50 billion Rediscounting and Refinancing Facility has been used to fund about 60 projects since it was released by the Federal Government in 2018.
In an obvious attempt to absolve the Abba Bello-led management of these fraud allegations, the statement had attacked NEXIM Bank’s immediate past management team.
The erstwhile management was dissolved in 2017 by President Muhammadu Buhari due to gross incompetence. Apparently, Abba Bello was brought on board to help rescue Nexim Bank from its huge non-performing loan problem which was worsened by what the statement described as “reckless abuse of process” which led to insider related loans and an absolute breakdown of professionalism in the bank’s loan administration processes.
The statement then praised Bello for successfully re-tooling NEXIM Bank and bringing it back from the brink of failure within the 3-year period he had been in charge. The statement also noted that NEXIM Bank reported profits of N2.03 billion and N1.09 billion in full-year 2019 and 2018 respectively, as against losses of N569 million and N8.03 billion in 2017 and 2016, respectively.
“The current management of the bank, led by Mr. Abba Bello, resumed office in April 2017 to replace the erstwhile government, which was removed by President Muhammadu Buhari, GCFR, over issues relating to gross incompetence, which had made the bank almost insolvent, with huge non-performing loans, exacerbated by reckless abuse of process, insider related loans and lack of professionalism in loans administration, amongst other issues,” some parts of the statement said.
