Nigeria Coalition Against Corruption Demands Accountability and Leadership Change at Nexim Bank.
The Nigeria Coalition Against Corruption (NACA) has called for the immediate resignation of the Managing Director/CEO of the Nexim Bank, citing serious concerns over governance, transparency, and financial accountability within the institution.
According to NACA, the bank has been operating without a constituted Board of Directors from 2024 to date, a situation the coalition says has weakened oversight and created an environment vulnerable to mismanagement. The coalition alleges that significant sums running into billions of naira have been spent on travel-related costs during this period, raising questions about priority, prudence, and compliance with established financial controls.
NACA stated that it will also be writing to all of Nexim Bank’s international partners to request a thorough review of governance practices and to demand full accountability for the bank’s operations under the current leadership.
As one of Nigeria’s key financial institutions mandated to support non-oil exports, Nexim Bank plays a vital role in economic diversification and industrial growth. NACA emphasized that proper management of the bank is essential for strengthening Nigeria’s export capacity and stabilizing the economy. The coalition expressed deep concern that the current state of affairs, as they allege, undermines this national mandate.
NACA is therefore urging relevant authorities to initiate immediate investigations, ensure transparency, and take appropriate action to restore confidence in the institution.
Our Fight
NCAC stands firm against corruption, holding leaders accountable and championing transparency nationwide.
The Nigeria Coalition Against Corruption (NCAC) hereby gives notice of a peaceful protest to be held at the Nigerian Export–Import Bank (NEXIM Bank) and the Economic and Financial Crimes Commission (EFCC) in partnership with other local NGO in Nigeria to demand accountability.
This action will follow the failure of relevant authorities to act on several petitions submitted by the coalition concerning alleged corruption and misconduct at NEXIM Bank if this is not treated in early 2026.
The coalition will demand the immediate sack of the Managing Director of NEXIM Bank, Mr. Abba Bello, should all our petitions continue to be ignored or left unresolved.
This protest aims to demand accountability, transparency, and urgent action from all responsible institutions. The protest will be peaceful and in line with the law.
Corruption must be confronted. Accountability is non-negotiable.
Our Services
Engaging communities to raise awareness about corruption’s impact.
Public Demand for Full Disclosure and Transparency from NEXIM Bank Management (2017–2025)
As concerned stakeholders in Nigeria’s economic development and the integrity of its public financial institutions, we hereby call on the Management of the Nigerian Export–Import Bank (NEXIM Bank) to immediately publish comprehensive and verifiable information on all funds, facilities, allocations, recoveries, loans, assets, partnerships, and expenditures handled by the Bank from 22 April 2017 to 25 November 2025.
This request is made strictly in the public interest, consistent with the Freedom of Information (FOI) Act, Nigeria’s anti-corruption framework, and the national demand for accountability in the management of public resources. Given the scale of funds entrusted to NEXIM Bank and the concerns repeatedly raised by citizens and stakeholders, the Bank must ensure full transparency and public disclosure.
We therefore demand that the Managing Director of NEXIM Bank provide complete documentation on the following:
FULL DISCLOSURE REQUEST
Below is the full list of requested documents, records, reports, account statements, beneficiary information, and financial evidence:
1. Total funds met in NEXIM Bank accounts (naira and dollar) on assumption of office; list of beneficiaries (banks, companies, individuals) with proof of disbursement.
2. List of projects executed with the N500 billion Non-Oil Export Stimulation Fund from CBN and evidence of beneficiaries.
3. Comprehensive account of the ₦50 billion Export Development Fund received in February 2018, including beneficiaries, banks, projects, and payment descriptions.
4. Detailed utilisation report of the additional ₦50 billion received in December 2020 for the Export Development Programme.
5. Beneficiaries and disbursement evidence of the $25m Afreximbank PATIMFA support and all funds received from Afreximbank, EXIM Taiwan, EXIM India, EXIM USA, and AFDB (2017–2025).
6. Allocation and disbursement details from the Federation Account (2017–2025).
7. Records of bad, performing, and non-performing loans (2017–2025).
8. Comprehensive list of all loans disbursed (2017–2025) with beneficiaries and evidence.
9. Total loans and deposits recovered (2017–2025) with documentation.
10. Approved forensic audit reports for 2017–2024 with cost details and beneficiary audit firms.
11. Full account of refunds made by Heritage Bank in 2019 and utilisation breakdown.
12. Detailed disbursement records of the $10,180,583.10 and ₦1.36 billion acknowledged in 2019.
13. List of all fixed deposits (2017–2025), including the $20m fixed deposit, with evidence.
14. Records of all assets recovered and resold (2017–2025), buyers, costs, and evidence.
15. Total profit/income generated (2017–2025) and remittances to the Federation Account.
16. Expenditures on “One State, One Export Product” programme with project evidence.
17. Full loan history of Paytech Technology Ltd — recovered amounts and outstanding balances.
18. Funds received and disbursed under PAVE (Produce, Add Value, Export) with project evidence.
19. Loans disbursed to Metal Manufacturing Nigeria Ltd, Lad Group Ltd, Vertex Agro Ltd, GB Tannery, Multitrex, and NEXPORTRADE.
20. Funds from the ECOWAS Trade Support Facility — beneficiaries and payment descriptions.
21. Funds recovered by SPIP for NEXIM Bank (2017–2021).
22. List of warehouses constructed by NEXIM Bank in Nigeria and Africa, including costs and beneficiaries.
23. Total spending on staff travel, duties, and allowances (2017–2025).
24. Beneficiaries and expenditures for all NEXIM programmes, including:
- MSME Clinic
- Rediscounting & Refinancing Facility
- Non-Oil Export Stimulation Facility
- Exporter Enlightenment Forums
- Export Credit Insurance Facility
- Risk-Bearing Facility
- CSR Programmes
- Stocking Facility Programme
- Entertainment Industry Loan Programme
- Sealink Project
- Women and Youth Export Facility
- Foreign Input Facility
- Inter-State Road Transit
- Direct Lending Facility
25. Staff recruitment list (2017–2025) with states of origin and evidence of public advertisements.
26. Loan performance data for 2017–2024.
27. List of operational and official vehicles purchased (2017–2025) with BPP approvals.
28. Total spending on staff training, seminars, conferences, workshops, and induction (2017–2025).
29. List of all bank accounts operated by NEXIM (2017–2025) with statements.
30. Balance sheets for 2017, 2018, 2019, 2020, 2021, 2022, 2023, and 2024.
31. Returns on capital earnings (2017–2025).
32. Operating profits for each fiscal year (2017–2025).
33. Total spending and beneficiaries under NEXIM Aggregator Scheme.
34. Beneficiaries of the 2018 tripartite agreement with Afreximbank and NEPC.
35. List of all loan applications received (2017–2025) with disbursement evidence.
36. Spending on maintenance of NEXIM headquarters and offices (2017–2025).
37. Details of the seizure of ₦523 million and landed assets recorded by SPIP.
38. Total spending on consultancy services (2017–2025).
39. Expenditures on primary and processed commodities (groundnut, grains, cashew, leather, cocoa, etc.).
40. Beneficiaries of the ₦25 billion Non-Oil Exporters Fund (2018), supported jobs, and FX inflow generated.
41. Expenditure on Trade Finance Facility (2017–2025).
42. Loans disbursed to export-oriented companies through commercial banks.
43. Full list of contracts awarded (2017–2025) with BPP procurement documentation.
44–45. Details of legacy loans, current loan status, and all CBN funds for export-oriented support.
46. Total assets of NEXIM Bank (2017–2024).
47. Total export proceeds received (2017–2025) and remittances to Treasury.
48. Breakdown of the ₦103.755 billion CBN liquidity support — beneficiaries and utilisation evidence.
49. All funds received from the Ministry of Finance (including ₦3.93 billion) with beneficiaries.
50. All funds received from Afreximbank (2017–2025) with beneficiaries and payment evidence.
51. Funds received from NCDMB — projects and disbursement details.
52. Approved financial statements of NEXIM Bank (2017–2025).
53. Detailed schedules of all NEXIM Bank account transactions (naira and dollar) for 2017–2025.
Conclusion
Transparency remains a fundamental obligation of every public financial institution.
We therefore call on NEXIM Bank’s leadership to release these documents within the legally mandated timeline under the Freedom of Information Act and to permit independent verification of all financial activities conducted between 22 April 2017 and 25 November 2025.
Nigerians deserve full clarity, accountability, and responsible stewardship of public funds.
Nigerian Coalition Against Corruption Commences Writing Appropriate Authorities to Investigate NEXIM Bank MD, Abba Bello
- NEXIM Bank has operated for a period without a duly constituted board, following the dissolution of its board in 2023. This governance gap weakens independent oversight and heightens corruption risk.
- During this period, management-level controls replaced board supervision, concentrating approval powers and reducing checks on spending, including travel and administrative expenses.
- There have been public allegations and petitions in past years concerning financial mismanagement at NEXIM under the leadership of Managing Director Abubakar Abba Bello. While some allegations were officially denied, they have not been conclusively resolved through an independent forensic audit made public.
- Credible concerns persist regarding the transparency of travel and operational expenses, especially in the absence of a functioning board audit committee.
- No publicly available report has definitively cleared or indicted the MD on these expense-related concerns, underscoring the need for an independent investigation.
Position of the Coalition:
In the interest of transparency, accountability, and public trust, the Nigerian Coalition Against Corruption is formally engaging relevant oversight and anti-graft authorities to conduct an independent forensic investigation into governance practices and expenditure management at NEXIM Bank.
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