The Governing Board of the National Insurance Commission (NAICOM) and Executive Management of the Nigerian Export-Import Bank (NEXIM) were on Friday Inaugurated by the Federal government with a call for them to engage in strategic partnerships.
Speaking while inaugurating the NEXIM Executive Management, on behalf of the Federal government, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed wish to specifically commended the team’s efforts towards the realization of policy objectives of government in the areas of economic diversification and jobs creation.
She said, “I m aware that prior to your appointment, the Bank had been confronted with a myriad of challenges including high volume of non-performing loans, inadequate capitalization, paucity of operational funds and loss of focus on core mandate which limited its performance.
“It is therefore heartwarming to note that under your stewardship the Bank has witnessed a complete turnaround in all areas of its operational and financial indices and is now on the
path of growth. For instance, the Bank now has a healthy balance sheet, which has grown from aboutN63bn in April 2017 to the current level ofN250bn.
“It has also recovered from a loss position of N8bn in 2016 to sustained profitability, reaching N4.1 bn in 2021, while over N 1 2bn has been recovered in non-performing loans”.
“I wish to specifically commend your efforts towards the realization of policy objectives of government in the areas of economic diversification and creation of jobs for our citizens by attracting concessional funds into the export sector through strategic partnerships”.
“These laudable initiatives and programmes implemented by the Bank under this management are commendable and should be sustained. As we commend the Board, Management and Staff for the achievements over the past years, I wish to state that the only way the Executive Management can reciprocate the confidence reposed in them by Mr. President on their re- appointment is by re-doubling its efforts to consolidate on the earlier performance and take NEXIM to even greater heights”.
While inaugurating the Governing Board of NAICOM, the Minister reminded the members of the task ahead which is the re-positioning of the Insurance Industry to make it attractive to investors and the insuring public.
She said, “at this juncture let me stress the need for the Board and Management to evolve policies and create new Insurance products as well as build the desired trust and confidence in the minds of Nigerians with a view to enhancing Insurance penetration”.
The Chairman and three part-time members of the Governing Board of the Commission are9, Dr. Abubakar Sani (Chairman) Chief (Barrister) Robert Ohuoba Member; Ijeoma Chinenye Ekeocha (Member) and Alhaji Muazu Barau (Member).
