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N50bn share capital: Reps to conduct status inquiry on NEXIM Bank

The House of Representatives yesterday resolved to conduct status of inquiry into the financial status of Nigeria Export Import Bank (NEXIM) following allegations of impropriety on the N50 billion share capital of the bank under the past management teams. Chairman, House committee on finance, Hon. James Faleke, gave the indication at the interactive session on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP).

The chairman said he was dismayed at the level of impunity perpetrated by the handlers of the public fund explaining that the “N50 billion is not owned by the government but owned by Nigerians, so if it is owned by Nigerians and the investment is not yielding income, we as representatives of the people have the right to ask you why.

Whether it is development finance or not, we need to know.” Faleke said the N50 billion capital base, which were eroded by bad loans and losses must be accounted for and recovered. “We have to do a status of inquiry on this NEXIM bank, we want to know how that money, the so-called investment (N50 billion) by Ministry of Finance, even though if the idea behind it was very laudable.

 

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