The Central Bank of Nigeria, CBN, has injected the sum of N350billion intervention fund into NEXIM bank to keep the bank afloat.
The managing director, Robert Orya revealed this to the Senate committee on Banking, Currency and Financial Institutions on Thursday, January 28.
Orya who said the monies would be invested into Agriculture, solid minerals, transportation and hotel industry also called on other investors to do business with the bank to achieve its goals.
He also told the committee that although he inherited a very unhealthy institution, he has tried to carry out certain reforms in line with the mandate of the bank in other to achieve its goals.
“We inherited a system that was not working, shareholders funds were depleted and the overall system was deteriorating. The problem was that the bank deviated from its core mandate and veered into oil and gas which moped up cash and rendered the bank in a bad shape”, the NEXIM boss noted.
The Chaiman of the committee, Senator Rafiu Adebayo yesterday assured that it would not hesitate to inject direction and light to ensure a stable financial system.
Speaking during the interractive session with the management of NEXIM bank led by its MD, the committee chairman also emphasized the importance and strategic roles of banking panel of the Senate, adding that, “ banking is important in our economic life and we need to keep our financial institutions safe.
“We want to ensure that the engine of our national economy does not break down, we also need rapid changes in our economy and we must serve the best interest of Nigerians. We shall attempt to identify the problems affecting the sector and profeer solutions and we will not hesitate to inject diercrion and light to ensure a stable financial system”.
The NEXIM boss also called on other investors to do business with the bank to achieve its goals.
According to him, “ we inherited a system that was not working, shareholders’ funds were depleted and the overall system was deteriorating.
Orya added:“The problem was that the bank deviated from its core mandate and veered into oil and gas which moped up cash and rendered the bank in a bad shape.”
