Business

Lender disburses N52.9bn for 62 projects in two years

Nigerian Export- Import Bank (NEXIM Bank) has clarified that the Central Bank of Nigeria’s (CBN) N50 billon Export Development Fund (EDF) it secured in 2018 has financed 62 projects transacting to total disbursement of N52.9 billion between 2018 till date. The bank realised profit in the sum of N2.03 billion in 2019 and 1.09bn in 2018 against a loss of N569 million in 2017 and N8.03 billion in 2016. NEXIM made the clarification in a statement by Head of Strategy and Communications department, Tayo Omidiji, to debunk allegation in social media space that CBN’s N50 billion Export Development Fund (EDF) released to the new management of the Bank by the Central Bank of Nigeria (CBN), to support export-oriented projects towards achieving the zero oil plan of the Federal Government was inappropriately applied. “The current management of the bank, led by Mr. Abba Bello, resumed office in April 2017 to replace the erstwhile management, 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, among other issues.”

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