By Ayomide Otitoju
The Nigerian Export-Import Bank (NEXIM) has thrown its weight behind a proposed bill seeking to increase its share capital from ₦50 billion to ₦1 trillion, while also calling for the removal of the Central Bank of Nigeria (CBN) from its governing board.
Speaking on Wednesday at a one-day public hearing organised by the Senate Committee on Banking, Insurance and Other Financial Institutions, NEXIM Bank’s Managing Director and Chief Executive Officer, Abba Bello, said the bank’s current capital base of ₦50 billion — about $33 million — is inadequate for its mandate.
“The current capitalization limits the bank’s operational capacity and competitiveness,” Bello said. “Raising it to ₦1 trillion will strengthen NEXIM’s ability to finance exports and support Nigeria’s participation in global trade.”
On the proposed restructuring of the board, Bello supported amendments excluding the CBN, arguing that the apex bank’s dual role as both regulator and board member was inconsistent with sound governance principles.
The recapitalisation proposal also received backing from key financial sector stakeholders, including the National Insurance Commission (NAICOM), the Bank Directors Association of Nigeria (BDAN), and Professor Uche Uwaleke, President of the Capital Market Academics of Nigeria. They emphasised that the increase would boost export financing and encourage collaboration across the banking and insurance sectors.
However, the Nigeria Deposit Insurance Corporation (NDIC) recommended that it be included on NEXIM’s board to ensure effective oversight and safeguard stakeholder interests.
Stakeholders also presented submissions on a separate bill seeking to repeal the existing National Insurance Commission Act and replace it with the proposed Insurance Regulatory Commission Bill, 2025 — a move aimed at strengthening the regulatory framework for Nigeria’s insurance industry.
In his closing remarks, the committee chairman, Senator Adetokunbo Abiru (Lagos East), commended participants for their contributions and assured that all inputs would be carefully considered to produce a comprehensive bill enhancing the powers and efficiency of Nigeria’s financial and insurance regulators.
