Business

RMAFC Boss Vows to Reposition Commission for Greater Efficiency

Published

2 weeks ago

September 19, 2025

Joel Ajayi

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, OFR, has reiterated his commitment to repositioning the Commission for greater efficiency in fulfilling its mandate.

He made this known in a keynote address delivered at the opening ceremony of a retreat organised for members of the Central Bank Monitoring Committee (CBMC), held in Kano from Wednesday, 17th to Friday, 19th September 2025. Dr. Shehu was represented at the event by the Committee Chairman and Honourable Commissioner representing Ebonyi State, Engr. Nduka Henry Awuregu.

Dr. Shehu explained that the retreat was convened in line with the new monitoring responsibilities conferred on the Commission under the RMAFC Act, 2025. He recalled that the CBMC was established in February 2021 to put in place processes for closely monitoring revenue inflows to, and disbursements from, the Federation Account domiciled with the Central Bank of Nigeria (CBN). The initiative, he said, was informed by numerous briefs, reports, and memoranda that highlighted the persistent underperformance of revenue projections in annual budgets, resulting in growing fiscal deficits across all levels of government.

The RMAFC Chairman urged members of the Committee to discharge their duties with diligence and professionalism, assuring them of his leadership’s support in tackling emerging challenges. He stressed the importance of a strong working relationship between the Commission and the CBN, noting that the Bank remains a critical partner in the effective monitoring of Federation Account revenues and disbursements.

“With the new Act, all hands must be on deck to ensure the successful repositioning of the Commission to discharge its functions with utmost professionalism,” Dr. Shehu stated, while calling on members to actively engage in all sessions of the retreat.

In his welcome address, the Committee Chairman—represented by his Vice Chairman, Professor Steve Ugba—explained that the retreat was designed to evaluate and improve the effectiveness of the Committee’s oversight role, strengthen inter-agency collaboration, and deliberate on key issues central to fiscal transparency and national economic planning.

Also speaking, the Secretary to the Commission described the retreat as both timely and significant, adding that it would provide the Committee members with the opportunity to critically review their activities, identify areas of strength and weakness, and streamline their operations towards more effective delivery of their mandate.

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Business

NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

Published

3 days ago

October 2, 2025

The Gleamer

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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