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DBN loans N439bn to 180 businesses

The  Development Bank of Nigeria ( DBN) has advanced more than N439 billion credit facility to over 180 businesses within four years of its existence with women and youth-owned businesses being the highest beneficiaries.

The Managing Director/CEO of the bank, Mr. Tony Okpanachi, who made the disclosure during a visit of the  Institute of Directors, Centre for Corporate Governance (IoDCCG) to  the bank, alluded the success within the short period to strict application of sound corporate governance principles and practices and a robust risk assessment mechanism put in place in its operations.

Sharing the historical background of DBN, which he said commenced operation in 2017 as a wholesale development finance institution with the mandate to provide credit facility to MSMEs through participating intermediary banks in Nigeria, Okpanachi said part of the bank’s mandate include Credit Guarantee and Technical Assistance to MSMEs.

The MD informed the visiting IoDCCG’s team that the bank has onboarded about 47 financial institutions as its participating intermediary banks and that with an ownership structure comprising diverse institutions which included the Federal Government  and certain multilateral funding institutions, DBN is capitalised to the tune of half a trillion naira.

In his response, the IoDCCG Chairman, Shuaibu Idris, informed the bank that IoDCCG being an organisation limited by guarantee is the citadel of corporate governance in Nigeria and that the Centre has over the period watched DBN with keen interest and noted its achievements. Idris indicated that the application of good Corporate Governance was the main attraction to IoDCCG and the reason the Centre is approaching the Bank for partnership given the shared vision.

The move, he said, will further strengthen the Bank and enhance its capacity to deliver more on its mandate.

Idris disclosed that IoDCCG offers Corporate Governance trainings, Board Evaluation and Induction as well as Corporate Governance famework review and audit to businesses and institutions in the public and private sector organisations.

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