Not By NEXIM Bank

Fri, May 23, 2014

By publisher

3 MIN READ

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The Nigerian Export Import Bank dismisses as false, a report in the media that it had embezzled more than N200 billion stabilization and loan guarantee fund from the Central Bank of Nigeria credited to the Conference of Nigerian Political Parties and demands an apology for the embarrassing report

|  By Anayo Ezugwu  |  Jun. 2, 2014 @ 01:00 GMT

IT IS not true that the Nigerian Export Import Bank, NEXIM, has embezzled more than N200 billion stabilization and loan guarantee fund from the Central Bank of Nigeria, CBN. The bank has therefore dismissed as false  a media report credited to the Conference of Nigerian Political Parties, CNPP,  which called for the suspension and immediate probe of Roberts Orya, managing director of the bank.

The bank said it demanded an unreserved apology and a retraction of the false publication from the CNPP and Willy Ezugwu, its secretary-general.  A statement by the bank read:“The attention of the Nigerian Export Import Bank, NEXIM, has been drawn to media publications in various websites as well as broadcast on several FM radio stations since Friday, May 16th, 2014, credited to a group called the ‘Conference of Nigerian Political Parties,’ CNPP, signed by its secretary general, Chief Willy Ezugwu, calling for the suspension of the MD of NEXIM Bank, Mr. Roberts Orya, for alleged dereliction of duty, gross abuse of office and misapplication of the N200bn Stabilisation and Loan Guarantee Fund advanced to the agency by the Central Bank of Nigeria, CBN.

“Given the responsibility of NEXIM Bank to its shareholders, development partners and Nigerian exporters, it becomes imperative to state that these claims are not only false but a product of an obvious smear campaign intended to malign the impressive progress so far achieved by the bank and distract its management led by Mr. Roberts Orya from following through its present transformation initiative which has so far yielded glaring results,” it said.

According to the statement, “The bank has not, in it’s over 23 years of existence, received any N200 billion stabilisation fund from the central bank or any other agency of government. Indeed, the bank has an authorised and called-up share capital of N50 billion equally contributed by the Central Bank of Nigeria and the federal ministry of finance incorporated.

“The board and management have, in the last four years, completely turned around the fortunes of the bank through positive financial performance and increased developmental impact to the Nigerian economy. Key elements of this turnaround include the firm entrenchment of a robust risk management and corporate governance as well as highly skilled personnel. Therefore, it is impossible for loans to be disbursed in the alleged manner. The bank hereby demands that the Conference Of Nigerian Political Parties, CNPP, and Willy Ezugwu must, within forty-eight (48) hours of this rebuttal,  offer an unreserved apology and a retraction of the publication/broadcast through same media channels used in the dissemination of the allegations, failing which NEXIM bank shall take appropriate legal action to protect its corporate integrity.”