SaharaReporters had reported how Okotete was appointed by President Muhammadu Buhari despite issues regarding her qualification.
An advocacy group, Ilaje Global Think Thank Initiative has dragged President Muhammadu Buhari to the Federal High Court in Abuja over the appointment of Stella Okotete as Executive Director (Business Development) at the Nigeria Export-Import (NEXIM) Bank against the Central Bank of Nigeria’s criteria for approved persons’ regime for financial institutions.
SaharaReporters had reported how Okotete was appointed by President Muhammadu Buhari despite issues regarding her qualification.
She was in April 2022 re-appointed by the President for another term of five (5) years.
NEXIM is an export credit agency in Nigeria, established in 1991.
It was gathered that the 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 did not 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 CBN document read.
“Evidence of experience in several areas of banking operations including business development and customer services management.”
Ilaje Global Think Thank, in its suit said the appointment of Okotete by President Buhari was wrongful, illegal, unconstitutional, null and void.
Also joined as defendants in the suit are; the Attorney General of the Federation and Okotete.
The group is asking the court for an order “compelling and mandating 1st Defendant from vacating office as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK) and from refunding to the Federal Government of Nigeria every entitlement, salary and remuneration received during her entire period in office as Executive Director of Nigerian Export-Import Bank (NEXIM BANK).”
The court document read, “1. A DECLARATION that, in view of Section 6.1.1. of the Central Bank Of Nigeria’s Circular on Revised Assessment Criteria for Approved Persons’ Regime for Financial Institutions, 2015, the 1st Defendant is not qualified to hold the position of Executive Director of Nigerian Export-Import Bank (NEXIM BANK)
“2. A DECLARATION that, in view of Section 6.1.1. of the Central Bank Of Nigeria’s Circular on Revised Assessment Criteria for Approved Persons’ Regime for Financial Institutions, 2015, the 2nd Defendant cannot validly appoint or reappoint the 1st Defendant as Executive Director of Nigerian Export-Import Bank (NEXIM BANK)
“3. A DECLARATION that the appointment of the 1st Defendant as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK) by the 2nd Defendant is wrongful, illegal, unconstitutional, null and void.
“4. A MANDATORY ORDER nullifying and rescinding the appointment of the 1st Defendant as the as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK) which was made by the 2nd Defendant.
“5. A MANDATORY ORDER compelling and mandating 1st Defendant from vacating office as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK) and from refunding to the Federal Government of Nigeria every entitlement, salary and remuneration received during her entire period in office as Executive Director of Nigerian Export-Import Bank (NEXIM BANK).
“6. AN ORDER OF THIS HONOURABLE COURT disqualifying the 1st Defendant as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK)
“7. A PERPETUAL INJUNCTION restraining the 1st Defendant, including her privies or agents, from parading herself as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK)
“8. AND SUCH further or other order or orders(s) as the Honorable Court may deem fit to make in the circumstance.”