The Nigerian Export-Import Bank (NEXIM) recorded a 4,500% surge in staff travel expenses in 2024, rising from N79.6 million in 2023 to N3.9 billion, according to its audited financial statement.
The figure made travel the largest single component of administrative costs during the year, overtaking personnel and professional fees. Despite the spending spike, the bank posted its strongest performance on record.
Profit before tax rose to N30.47 billion in 2024, a 131% increase from N13.18 billion in 2023. The growth was driven by higher interest income, which climbed 32% to N26.1 billion, and a 66% jump in other operating income to N24.99 billion, supported by foreign exchange and dividend gains.
Impairment charges dropped 61%, while total comprehensive income nearly doubled to N75.32 billion, aided by revaluation gains on financial instruments.
The report also showed significant expansion in NEXIM’s operations. Loans and advances grew by N36.7 billion, cash balances increased by N53.9 billion to N163.97 billion, and total assets crossed N600 billion. Shareholders’ equity rose to N162.2 billion, bolstered by retained earnings and fair value gains.
Travel costs accounted for 39% of the total operating expenses of N9.48 billion, nearly matching personnel costs of N4.13 billion. Professional fees stood at N748.5 million, while advertising and marketing costs N1.8 billion.
The financial report noted that the travel surge occurred during a period without a governing board, which was dissolved in June 2023 and only restored in February 2024 when President Bola Tinubu appointed Mr Ibrahim Khalil Gaga as Executive Director, Corporate Services.
NEXIM did not declare dividends for the year, maintaining its policy as a state-owned development bank jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
Auditors KPMG issued an unqualified opinion, confirming compliance with IFRS and CBN reporting standards, with no regulatory penalties recorded.
