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Buhari approves reappointment of Bello, Okotete, others at NEXIM Bank

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By Zika Bobby

President Muhammadu Buhari has approved the re-appointment of Stella Okotete and other executive management of Nigeria Export-Import (NEXIM) Bank.

The re-appointment follows the fact that the members of the current management of the bank were appointed on 10th April, 2017 and their first five-year term is due to expire on 9th April, 2022.

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In a statement signed by the Special Adviser, Media & Communications to the Minister of Finance, Yunusa Tanko Abdullahi, it stated that the re-appointment comprise Abba Bello, Managing Director and Chief Executive Officer, Bala Bello, Executive Director (Corporate Services), and Stella Erhuvwu Okotete, Executive Director (Business Development).

The statement reads in parts: “Section 11(4) of the NEXIM Bank Act specifies that the Managing Director and the Executive Directors shall hold office for a period of five years and shall be eligible for re-appointment for a further period of five years.

“Accordingly, as the expiration of the first term drew near, it became necessary to appraise their performance since assumption of duties across the core mandate areas of the bank for the purpose of their re-appointment or otherwise.

“The outcome of the appraisal revealed that the current management team with the support of the board has performed as well as exemplified by key achievements.

“Evidently, the operating profit, previously in the negative (N8.030billion) at the inception of the current management, has increased to N3.825billion in 2021, and there is an improvement in returns on capital earnings from -15.31 in 2016 to 2.72 in 2021.

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“There is a reduction in non-performing loans from 94% in 2017 to 29% as at December, 2021, and there is an increase in the total assets of the bank by approximately N136.132billion or about 222% from inception of the current management in 2017 to 31st December, 2021.

“There is an enhanced liquidity position of the bank through additional funding totalling N103.755billion from Central Bank of Nigeria (CBN), N3.936billion from Federal Ministry of Finance, US$50million from the Nigerian Content Development Management Board (NCDMB) and US$25million from the African Export-Import Bank.

“The NEXIM has also made high growth in recoveries from N40.780million in 2016, preceding the current management to an annual average recovery of N1.243billion between 2017 and 2020 and a total collection of N11.903billion for the five-year period.

The bank has made the disbursement of a total sum of N144billion in loans to export-oriented entities in the non-oil sector while accounting for approximately US$375million as export proceeds within the period under review.

“The NEXIM bank has been ranked among the best three Development Finance Institutions (DFIs) and best five public institutions surveyed based on the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Anti-corruption Assessment Criteria.

“In view of all the achievements, the current executive management team as constituted has turned around the fortunes of the bank and re-positioned it on the path of prosperity towards a better realisation of its mandate.”

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Nigeria Newspapers

President Buhari departs Abuja for UAE

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President Muhammadu Buhari will on Thursday depart Abuja for the United Arab Emirates (UAE) to meet the new president of the country, His Highness Sheikh Mohamed bin Zayed Al Nahyan.

The president will meet the new President of the United Arab Emirates (UAE) to convey his condolences on the passing of the former president and Ruler of Abu Dhabi, His Highness, Sheikh Khalifa bin Zayed Al Nahyan.

The President will also extend his congratulations to the new President, renewing bonds of the longstanding friendship between Nigeria and the UAE.

Buhari, in an earlier congratulatory message to the new UAE leader, had reaffirmed Nigeria’s cordial relationship with the country.

He noted that the cooperation between both governments has helped Nigeria in tracking down illegal assets and tracing terrorist funds.

Under the new leadership, President Buhari looks forward to a bigger and stronger partnership for peace, stability, and prosperity for both countries.

President Buhari will be accompanied by the Minister of State Foreign Affairs, Amb. Zubairu Dada, the Minister of Communications and Digital Economy, Prof. Isa Ali Pantami, the Minister of Federal Capital Territory, Mohammed Bello, and the Minister of Aviation, Senator Hadi Sirika.

Other members of his delegation are the National Security Adviser, Maj. Gen. Mohammed Monguno (Rtd) and the Director-General, National Intelligence Agency, Ambassador Ahmed Rufai Abubakar.

The President is expected back in the country on Saturday.

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Nigeria Newspapers

$200bn investments needed to access clean cooking gas by 2030-Sylva

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From Uche Usim, Abuja

With the global energy transition chants reaching a crescendo, the Minister of State, Petroleum Resources, Mr Timipre Sylva has said that an annual investment of around $25 billion in the next eight years could help 2.6 billion people globally access clean cooking by 2030.

He also canvassed for $25 billion annual investments for electricity so that 759 million Africans who currently lack it can enjoy it.

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The Minister, who said these at the annual Symposium and Exhibition of the Society of Petroleum Engineers (SPE), on Tuesday in Lagos.

However, the Minister stressed that with “approximately 208.62 trillion cubic feet (TCF) of proven gas valued at over $803.9 trillion and potential upside of 600TCF of gas, the most extensive in Africa, and in the top 10 globally.

“And in line with Federal Government’s declaration of years 2021-2030 as the ‘Decade of Gas’, we are taking steps to expand and develop the nation’s huge gas resources through

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enhanced gas exploration, development and utilisation schemes which will lead to gas reserves growth, increased gas production, maturation of the domestic and export gas market, as well as gas flare elimination,” he said.

His suggestions drew inspiration from the United Nations Commission for Africa’s (UNECA) report, which highlighted that Africa needs about $40 billion worth of investments every year if it is to meet its energy needs.

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The Minister, while making reference to the United Nations’ Department of Economic and Social Affairs report, noted that everyone in the world could have access to clean, affordable energy within the next nine to 10 years if countries modestly increase investments in the energy sector.

He said: “A major question that is yet to beanswered is whether Africa will benefit from an equitable share in this global

investment and growth or, will continue to fall further behind global standards as encapsulated in the UN’s 17-SDGs.

“Despite the long-term and required drop in demand for fossil fuels, short-term demand and prices remain robust, providing strong commercial justification for their extraction and a need to smooth the transition”.

Sylva added that the required investment represents only a small fraction of the multi-trillion-dollar global energy investment needed overall.

He noted that despite contributing less than 6% of world energy consumption and 2% of total global emissions, there is a need for the continent to shift to cleaner energy use.

With significantly untapped fossil fuel reserves, which could provide much-needed foreign direct investment and export revenue, Sylva said Africa has the ability to play a leading role and should play a leading role in the transition to a net-zero energy future. According to him, the continent’s enormous resources can be harnessed using clean energy technologies.

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Describing the PIA as a game changer, Sylva said the legislation will help support the continent to alleviate energy poverty.

He said: “The PIA has generous incentives to enable development, distribution, penetration, and utilisation of gas even as it incentivizes entry into the midstream, especially for pipelines with an additional 5-year tax holiday for investment in gas pipelines.

“The PIA is a supply-side enabler, capable of provoking and triggering commercial interests and investments in gas utilization as well as treating gas as a stand-alone commodity.”

“As a nation, we are following a transition pathway that combines technology, investment, business strategies, and government policy that will enable Nigeria to transition from its current energy system to a low-carbon energy system with natural gas playing a pivotal role over the next generation, roughly between now and 2060.

“Natural gas is a key resource for a just energy transition and has all the credentials to support Nigeria and indeed Africa meet up with her commitment with the UN 17 Sustainable Development Goals (SDGs).

“As a major source of wealth and energy in Africa, the development of oil and gas resources proves critical for our

economic growth and revenue expansion,” he added.

The Minister insisted that there must be multiple pathways to the energy transition in order to ensure that no country is left behind in the process of achieving net-zero by 2060.

“As a continent, we need to be

intentional and recognize the need to develop hydrocarbon resources in environmentally and socially responsible ways.

“And as alluded to by the African

Union, we need to be realistic in choosing the energy transition pathways which addresses our unique requirements and circumstances. As well as enhancing policy, legislation and implementation approaches across national, regional, and continental level, to enable a favorable environment for development.

“We need to develop bankable projects to scale up access to funding and investment. And adopt a mix of energy solutions to address the needs of each country including solutions to high tariffs and accessibility to sustainable energy options.

“We need to promote energy efficiency which is necessary for energy transition and focus on building energy infrastructure and strengthening transmission corridors,” Sylva said.

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