MD, NEXIM, Mr. Roberts Orya
Nigerian Export-Import Bank (NEXIM) said its un-audited profit as at October stood at N765 million.
This was disclosed by its Managing Director/Chief Executive Officer, Mr. Roberts Orya, when he received members of the House Committee on Banking and Currency who were on a familiarisation tour to the bank.
Orya said the current management team had in 2009 inherited a loss of N5.6 billion as well as total debt portfolio totalling N14.6 billion- where about N10.03 billion were classified as non-performing loans.
According to him, the bank soon returned to profitability 2010, recording a profit of N189 million and established both corporate governance and risk management instrument that were hitherto lacking in the institution.
Meanwhile, Chairman, House Committee on Banking and Currency, Mr. Chukwudi Onyereri has expressed satisfaction at the various initiatives by the bank's management to promote non-oil exports in the country.
He said: “I will also want to commend you (Roberts Orya) for your foresight because you had earlier mentioned that when you came on board with your management team-that what you saw wasn’t good enough to say starting from the scratch. It was below any form of expectation. And for me and the rest members of the committee, we know it is difficult to start from a negative side. It’s bad enough to start on zero and worse off if you have to start from the negative.
“You have used the wisdom which the president really saw in you before giving you the appointment to drive the bank to where it is now-and that is quite commendable. For somebody that recorded a loss of so much-N5.6 billion to a position where you have been able to make a profit of at the first instance, N189 million and looking forward to get up to N765 million is also commendable. “
The Managing Director also disclosed that the bank was planning to implement a credit insurance scheme needed to promote the country’s non-oil export in order to insure and mitigate some of the risks associated with export activities.
Orya said discussions are at advance stage with the Ministry of Finance for the provision of a seed fund with which to start the credit insurance policy for export commodities.
He said he intended to make NEXIM independent of government's funding in the near future.
He said he intended to make NEXIM independent of government's funding in the near future.
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