N50bn fraud: NEXIM Bank exonerates MD, blames immediate management team

The management of Nigerian Export-Import Bank [NEXIM Bank] has described the allegation against the Managing Director of the bank, Abba Bello that he diverted the sum of N50bn as completely untrue.

Recall that a group,  Citizens Committee for Corruption Free Nigeria (CCCN) had started a petition with the Economic and Financial Crimes Commission (EFCC), calling for Bello’s probe over the alleged diversion of N50 billion from Nexim Bank’s coffers.

Specifically, the petition had accused Abba Bello of diverting and mismanaging the N50 billion Rediscounting and Refinancing Facility which was availed by the federal government to assist commercial and merchant banks to provide short-term finance in support of exports.

However, in a rebuttal issued by the bank’s Corporate Communications Department, it explained that the N50 billion Rediscounting and Refinancing Facility has been used to fund about 60 projects since it was released by the Federal Government in 2018.

In an obvious attempt to absolve the Abba Bello-led management of these fraud allegations, the statement had attacked NEXIM Bank’s immediate past management team.

The erstwhile management was dissolved in 2017 by President Muhammadu Buhari due to gross incompetence. Apparently, Abba Bello was brought on board to help rescue Nexim Bank from its huge non-performing loan problem which was worsened by what the statement described as “reckless abuse of process” which led to insider related loans and an absolute breakdown of professionalism in the bank’s loan administration processes.