Banking
NEXIM Denies Mismanaging CBN’s N50bn Export Fund
By Adedapo Adesanya
The Nigerian Export-Import Bank (NEXIM) has refuted claims made by an organisation that it mismanaged a N50 billion fund released by the Central Bank of Nigeria two years ago for the Export Development Fund (EDF).
In a statement by its Head of Corporate Communications, Mr Tayo Omidiji, the bank said the allegations were from a faceless organisation identified as Citizens Committee for Corruption Free Nigeria (CCCN).
The group had written petitions to the Economic and Financial Crimes Commission (EFCC) to look into the fund, which it suspected had been misused by the bank.
The bank regarded the allegations as “malicious lies, amounting to an unpatriotic act of disservice to the bank and to the country at large.”
Mr Omidiji clarified that following the release of the fund in February 2018, to support export-oriented projects towards achieving the federal government’s non-oil exports growth plan, a total of N52.9 billion had been disbursed to support 62 projects.
He added that this had by extension resulted in the creation of 8,062 jobs in a little over two years.
The statement said the clarification was a necessary procedure to set the records straight and allay the concerns of its numerous stakeholders since the instigators of the campaign appeared to be relentless.
According to the bank, under the current management led by Mr Abba Bello, he has been able to reposition the bank within three years of assuming office by turning its fortunes with profits of N2.03 billion recorded in 2019 up by more than 85 per cent from N1.09 billion in 2018.
It noted that, “This was against a loss of N569 million in 2017 and a much bigger loss of N8.03 billion in 2016, which explains why the previous management could not produce an approved financial statement for three years, 2014 to 2016.”
The current management resumed office in April 2017 to replace the erstwhile management, which was removed by President Muhammadu Buhari over issues relating to gross incompetence, which had rendered the bank almost insolvent, with huge non-performing loans, exacerbated by reckless abuse of process, insider related loans and lack of professionalism in loans administration, among other issues.
Nevertheless, the bank noted that the projects support through the EDF were to reputable exporting companies with verifiable track records, many of them ranking highly on the list of top 100 exporters published quarterly by the CBN.
“The loans granted are adequately secured, mostly with bank guarantees, and are all performing, with export proceeds received from 2019 to date amounting to $90.1 million and €80,000, translating to N34.8 billion, from projects that have so far repatriated their revenues.
“In addition, an estimated 8,062 jobs have been created and/or sustained as a result of the intervention,” the statement read.
It said that the progress been recorded angered its those who are affected by its, adding that the intent would not deter it and called for support from Nigerians.
“Moreover, such individuals may not be happy with the spirited efforts of the Bank to recover the huge amount of bad loans which were booked by the previous management, a large proportion of which was insider related.
“Despite the malicious attacks, the current management of the Bank remains focused on the task of achieving its mandate of broadening Nigeria’s foreign exchange earnings by funding credible export-oriented businesses in the non-oil sectors. We, therefore, advise the public to ignore any reporting to the contrary,” it added.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
