Loan disbursements to 20,000 SMEs in August 2017 - says DBN Managing Director

shakirudeen taiwo

June 1, 2017 1:58 PM

The total start-up capital for DBN as contributed by the seed investors was estimated at $1.3 billion.

Mr Tony Okpanachi, Chief Executive Officer of DBN

The recently established Small and Medium Enterprises (SMEs) focused bank, Development Bank of Nigeria (DBN), has disclosed that it is planning grant credit facilities to 20,000 SMEs in its first year of operation.

This disclosure was made by the Chief Executive Officer of DBN, Mr Tony Okpanachi whiling speaking to Reuters on the action plans for the institution.

Mr Okpanachi noted that small scale enterprises account for over 60 percent of productive activities in the Nigeria’s economy, while declaring that his agency would ensure it provides needed funds to the microfinance institutions in the country who will then lend directly to these identified SMEs.

“The focus is on new loans. We know agriculture is a focus area, we will encourage that. We know other small industries. We would also try to encourage those sectors that will give maximum impact to the economy.”

“The bank’s board is made up largely of non-executive directors appointed through a competitive process to ensure proper corporate governance,” he stated.

The bank was recently licensed by the Central Bank of Nigeria (CBN), and had the Federal Government, African Development Bank (AfDB), European Investment Bank, World Bank and KfW of Germany as initial investors.

The bank’s total start-up capital as contributed by the seed investors was estimated at $1.3 billion.

Mr Okpanachi informed that the bank will commence ledning in August of 2017.

shakirudeen taiwo