Nigerian Export Bank, NEXIM Exempted From Banks Law, Not Regulated By Central Bank – Director, Stella Okotete Denies Illegality In Appointment

Stella Okotete, Executive Director (Business development) at the Nigeria Export-Import (NEXIM) Bank has insisted that her appointment was in line with the bank’s act.

The Nigerian Senate had recommended the resignation or sacking of Okotete over alleged fraudulent misrepresentation regarding her qualification.

NEXIM is an export credit agency in Nigeria, established in 1991.

In its function, NEXIM focuses on the development and expansion of the non-oil sectors of the Nigerian economy, with a view to reducing the country's over-reliance on oil exports.

In a report by the Committee on Ethics, Privileges and Public Petitions, it was revealed that Okotete fraudulently misrepresented her qualification to hold the post of Executive Director at the bank.

SaharaReporters had gathered that the ruling All Progressives Congress chieftain did not have the 18 years of post-graduation experience required to occupy such high office as specified by the Central Bank of Nigeria circular of 15th October 2015.

It was also revealed that Okotete also doesn’t have any experience in the banking industry as required by the law.

“A minimum of first degree or its equivalent in any discipline plus a higher degree or professional qualification in any business related discipline. Candidates must also have a minimum of 18 years post-graduation experience, out of which at least 13 must be in the banking industry and at least 2 as General Manager,” the document from the CBN had read.

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“Evidence of experience in several areas of banking operations including business development and customer services management.”

Speaking to SaharaReporters on Monday, Okotete insisted she was qualified as NEXIM bank is exempted from the Banks and Other Financial Institutions Act (BOFIA)

“I have the act of NEXIM, it’s clearing written that NEXIM is exempted from BOFI Act, BOFIA is bank and other financial institutions act and it’s also stated that it’s not the job of CBN to regulate,” she said.

“It’s the job of Mr President to appoint an ED and MD of the bank. Coincidentally, NEXIM bank is owned by CBN, so we are not being regulated by them. They are our owners cause NEXIM is 50 percent owned by CBN 50 percent owned by Federal Ministry of Finance.”