No stabilisation fund from CBN in 23 years – NEXIM

The Nigerian Export Import Bank said it had not received any stabilisation fund from the Central Bank of Nigeria since it began operation 23 years ago.
It said that CBN’s only funding of the bank had remained the N50 billion authorised share capital, which it contributed with the Federal Ministry of Finance Incorporated.
This was contained in a statement signed by its Head, Corporate Communications, Chinedu Moghalu, on Sunday in Abuja.
NEXIM said that it was untrue that it received N200 billion stabilisation fund from the CBN as claimed by the Conference of Nigerian Political Parties.
It said that it had over the years continued to manage its operations with the share contributions of the Federal Government through the CBN and the Ministry of Finance Incorporated.
The statement said: “The bank has, in it’s over 23 years of existence, not received any N200 billion stabilisation fund from the CBN or any other agency of government.
“Indeed, the bank has an authorised and called-up share capital of N50 billion equally contributed by the CBN and the Federal Ministry of Finance Incorporated.”
It stated that although funding from the equity owners of the bank had not been impressive, it had applied prudence, due process and best practice in the management of its resources.
According to it, the board and management of NEXIM 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.
The statement added: “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 manner alleged by the group.”
Condemning the claim by CNPP that it received N200 billion stabilisation fund from the CBN and had applied questionable style in loan disbursement, the bank challenged the group to substantiate the allegation.
It threatened that it might seek legal redress if the group failed to straighten the facts.