- May 03, 2017
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NEXIM Bank appoints Abubakar Bello as managing director
The new Managing Director and CEO of the Nigerian Export-Import Bank, Abubakar Bello, ceremonially took over the reins of leadership of the Bank from Bashir M. Wali, who was the Acting MD till Thursday, April 20, 2017.
NEXIM Bank is the official trade policy bank of the Federal Government, jointly owned, equally, by the Federal Ministry of Finance Incorporated and Central Bank of Nigeria. NEXIM Bank is the state-owned development finance institution mandated to promote the diversification of Nigeria’s non-oil exports. The DFI provides financing and advisory services to Nigerian exporters.
Last June, the CBN released the guidelines for accessing the newly created N500 billion Export Stimulation Fund. The apex bank also announced it was expanding its Export Credit Rediscounting and Refinancing Facilities by N50 billion. NEXIM Bank is the fund manager for both the ESF and RRF, which are accessible at single digit interest rates.
In recent years, NEXIM Bank has focused on financing export-oriented businesses in the value chains of the manufacturing, agro-processing, solid minerals and services sectors. The Bank has also been facilitating the establishment of a shipping company, through the Sealink project, to provide maritime links between countries of West and Central Africa. The Sealink, which is actively supported by private sector institutions and professional associations in the two Africa regions, was conceived to give a boost to intra-regional trade. Nigerian exporters and their regional counterparts are expected to save both time and money as they move cargoes across the regions.
On April 20, 2017, the federal government appointed a new management for NEXIM Bank, headed by Abubakar Bello. Dr. Bala Bello and Stella Okotete were also appointed as Executive Directors in charge of Corporate Services and Business Development, respectively. Prior to his appointment, Abubakar Bello was Executive Director in charge of North-East and North-West zones at Unity Bank.
The handover ceremony was a mere formality as the new team headed by Bello had resumed at the Bank on April 21, as their appointments were announced to take “immediate effect.”
Re-disseminated by The Asian Banker from Financialnigeria.com