NEXIM Bank puts defaulters’ N7 billion assets up for sale

The Nigerian Export-Import Bank said it collected 10.2 billion naira and $3.25 million in debts from delinquent customers between January 2017 and February 2022, and put up for sale assets from defaulting loans. worth 7 billion naira.

He noted that his strategic plan focused on improving operational performance is bearing fruit with the growth of his balance sheet from N67.73 billion in 2017 to N202.03 billion in February 2022.

The lender recorded a profit of N1.09 billion in 2018; N2.13 billion in 2019; 1.28 billion naira in 2020 and 4.10 billion naira in 2021, after a loss of 567 million naira in 2017 and a larger loss of 8.03 billion naira in 2016.

She attributed the decline in profits in 2020 to the impact of COVID-19 on businesses, which necessitated the remission of interest and the extension of the moratorium the bank granted to its customers.

These were included in a financial report made available to Sunday PUNCH. The bank denied a report that it had failed to account for $10 million and N1.36 billion recovered from Heritage Bank, pointing out that the funds had been paid in full to the Central Bank of Nigeria and had not misappropriated as alleged.

The document pointed out that under Abba Bello as general manager, the bank had made known all the facts to the “ad hoc committee of the House of Representatives on the evaluation and status of all loot, movable and immovable property recovered from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective/Efficient Management and Utilization” in its letter dated June 21, 2021 and ensuing commitments.

The bank said that over the past five years it has contributed to the federal government’s objectives under the Economic Recovery and Growth Plan and has engaged significantly with stakeholders with a relationship improved, manifested in collaborative efforts for policy intervention and increased focus on the non-oil export sector.

He added, “We have also introduced aggressive debt collection and proactive lending measures which has resulted in an increase in overall recoveries from just N200 million in December 2016 to N10.2 billion and N3.25 million US dollars between January 2017 and February 2022. In addition, assets worth approximately N7bn are currently up for sale.

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