The Nigerian Export‑Import Bank (NEXIM) has voiced strong support for a bill that would raise its share capital from the current 50 billion naira to 1 trillion naira. Speaking at a public hearing convened by the Senate Committee on Banking, Insurance and Other Financial Institutions, Managing Director Abba Bello argued that the existing capital is grossly inadequate to fulfill the bank’s mandate and to keep pace with modern banking realities. He explained that the limited capitalization curtails NEXIM’s operational capacity and competitiveness, and that increasing the share capital to 1 trillion naira would enhance its ability to finance exports and strengthen Nigeria’s participation in global trade.
The bill also proposes to reconstitute NEXIM’s board by removing the Central Bank of Nigeria (CBN) as a board member. Bello endorsed this change, noting that the CBN already performs regulatory functions and should not simultaneously act as a regulator and a board member of a financial institution. In addition, the Nigeria Deposit Insurance Corporation (NDIC) suggested that it be represented on the board to ensure adequate oversight and protect stakeholders’ interests.
Support for the capital increase came from several financial‑sector stakeholders, including the National Insurance Commission (NAICOM), the Bank Directors Association of Nigeria (BDAN), and the President of the Capital Market Academics of Nigeria. The hearing also addressed a separate proposal to repeal the National Insurance Commission Act and replace it with the Insurance Regulatory Commission Bill, 2025, which aims to strengthen the regulatory framework for the insurance industry.
In his closing remarks, Senate Committee Chairman Senator Adetokunbo Abiru assured participants that all submissions would be thoroughly examined to produce robust legislation that enhances the powers and effectiveness of Nigeria’s financial and insurance regulators. The proposed bills are expected to have a significant impact on the country’s financial sector, and stakeholders are eagerly awaiting the outcome of the legislative process.
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