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Court awards N50 million against NEXIM Bank for ex-MD's illegal detention


3 min read
The Makurdi High Court in Benue State has awarded N50 million as damages against the Nigerian Export-Import (NEXIM) Bank over the unlawful arrest and detention of its former Managing Director, Robert Orya, by the Economic and Financial Crimes Commission (EFCC) and the Inspector General of Police (IGP).
The court tongue-lashed the EFCC and the IGP “for turning themselves tools of persecution in the hands of the NEXIM Bank authorities”.
It ordered them to apologise to Mr Orya.
Mr Orya had filed the suit marked MHC/2393/2020, against the EFCC, the IGP, and NEXIM Bank, among others, accusing the defendants of breach of his fundamental human rights to freedom of movement and to own property. ....

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Two Funding Tools To Reset Nigeria's Export Financing Policy, By Chinedu Moghalu


Two Funding Tools To Reset Nigeria’s Export Financing Policy, By Chinedu Moghalu
5 min read
In due course, Nigeria will be a veritable case study for effective development financing because of this policy response that the CBN and NEXIM Bank have commenced.
As the steep decline in global oil prices continues to take its toll on oil exporting countries, international development experts call for national development policies to attenuate the commodity price shocks.
The Central Bank of Nigeria (CBN) is working with Development Finance Institutions (DFIs) to promote structural transformation among some of its policy responses.
The short-term challenges of lower reserve buffers, negative output growth and inflationary pressures have not masked the dynamism of the Nigerian economy, which still remains the largest in Africa by a wide margin. ....

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