Between January 2017 and February 2022, the Nigerian Export-Import Bank recovered N10.2 billion and $3.25 million in debt from delinquent clients, and also put assets of loan defaulters worth N7 billion up for sale.
It stated that its strategic plan aimed upon boosting operational performance was paying dividends, with its balance sheet increasing from N67.73 billion in 2017 to N202.03 billion in February 2022.
Following a loss of N567 million in 2017 and a larger loss of N8.03 billion in 2016, the lender made a profit of N1.09 billion in 2018, N2.13 billion in 2019, N1.28 billion in 2020, and N4.10 billion in 2021.
It ascribed the decrease in earnings in 2020 to the impact of COVID-19 on enterprises, which prompted the bank’s interest rebate and moratorium extension.
These were contained in a financial report made available to journalists. The bank denied a report that it did not account for $10m and N1.36bn recovered from Heritage Bank, stressing that the monies were fully paid to the Central Bank of Nigeria and was not misappropriated as alleged.
The document pointed out that under Abba Bello as the Managing Director, the bank made all the facts known to the ‘House of Representatives Ad hoc Committee on the Assessment and Status of All Recovered Loots, Movable and Immovable Assets from 2002-2020 by agencies of the Federal Government of Nigeria for effective/efficient management and utilization’ in its letter dated June 21, 2021, and in the engagements that followed.
The bank said it had in the past five years contributed to the objectives of the Federal Government under the Economic Recovery and Growth Plan and that it engaged significantly with stakeholders with improved relationship, manifesting in collaborative efforts towards policy intervention and increased focus on the non-oil export sector.
It added, “We also introduced aggressive debt recovery and proactive loan work out measures leading to an increase in overall recoveries from only N200m in December 2016 to N10.2bn and US$3.25m between January 2017 and February 2022. In addition, assets worth about N7bn are currently up for sale.”
