Business
Sunday Dare Commends President Bola Tinubu on Appointment of Zach Adedeji as FIRS Chairman
Says Adedeji’s appointment represents a round peg in a round hole
Immediate past minister of Youth and Sports Development, Chief Sunday Dare has applauded President Bola Ahmed Tinubu for appointing Hon. Zach Adedeji as the new acting chairman of the Federal Inland Revenue Service (FIRS).
Dare stated that Adedeji represents a brilliant mind that is ably qualified to lead a prestigious institution such as the FIRS. He added that the new appointee will bring his vast experience to bear, at a time when the nation desires excellence across every sector to drive the Renewed Hope agenda of the current administration.
“The appointment does not come as a surprise to me, because I know Mr. President’s strong conviction to build a team of capable hands and fine brains. Mr. Adedeji is a trailblazer in the field of accounting and public-sector finance. His appointment represents a round peg in a round hole.”
Dare stated that Adedeji will contribute positively to the growth of the FIRS and consequently, the economy of the nation. He added that Adedeji will make the people of Oyo State and Nigeria proud.
“He is not just a first-class graduate on paper, he is also a first-class brain, in his innovative approach to public administration, and commitment to excellence. I trust that he will make the people of Ogbomosho, Oyo, and Nigeria proud.”
Hon. Zacch Adedeji is a first-class graduate in accounting from Obafemi Awolowo University. Until this appointment, he served the nation as the Special Adviser to the President on Revenue.
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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