The Economic Financial Crime Commission (EFCC) have given a go ahead to the Nigeria Export Import (NEXIM) Bank to commence persecution to all loan defaulters who were indebted to the bank to the tune of about N4.5 billion.
Managing Director of NEXIM, Mr. Roberts Orya, disclosed this in Abuja at an interactive session on the outcome of his recent visit to Nigeria’s Diaspora Community in Germany where he spoke about the “Opportunities for Exports and Source of Investment Capital Inflows.”
And the EFCC has given us a dedicated team to pursue these debtors,” he said.
Orya added that, apart from the involvement of the anti-grant agency, NEXIM had also appointed professional debt recovery agencies to pursue other loans that do not have criminal elements. This, he said, was in addition to a debt recovery team constituted by the management led by him.
Orya said the current management headed by him, inherited a loan portfolio of N14.6 billion out of which N10.03 billion was classified as lost, in line with the prudential guidelines.
He lamented that, “it has been a major challenge to the management because if we have over N10 billion outstanding, it calls for a concerted effort.
But loan recovery is the most difficult task and highly challenging part,” however assuring that, the loan recovery was “the focus task of the management.”
Outside then you know that it is a task that should occupy everybody. We are making aggressive efforts in pursuing these debtors.
But then, the age of these accounts have been there have there for 6, 7 years then the sticky nature of these accounts have hampered recovery efforts. However, efforts have been sustained in conjunction with security agencies to enhance recovery of these delicate loans.”
He said, the management had since its inception about a year ago, made recovery of about N620 million from ” these sticky accounts.”
Orya noted that, since the inception in January1991, NEXIM had disbursed about N70 billion and $280million for various projects.
The chief executive also said the authorized share capital of NEXIM had already been raised to N50 billion, a portion of which was called up.
He however added that, there was still an outstanding N32.7 billion which the Central Bank of Nigeria (CBN) and the Ministry of Finance, will make up.
He said: “Out of the 50 billion, we still have an outstanding of N32.7billion. Between the two shareholders, Central Bank and Fed Min of Finance.
I do know that the share holders are looking our strategy going forward favourably and we are hopeful that something g more delightful will happen very soon.”