Finance Ministry Unveils DBN’s Board, Management
BY COBHAM NSA, ABUJA – The Board and management of the newly licensed Development Bank of Nigeria (DBN) has been unveiled by the Federal Ministry of Finance with a banker and one-time Deputy Managing Director/Deputy CEO, Ecobank Nigeria Limited, Mr. Tony Okpanachi leading the Management team.
A statement by Salisu Na’inna Dambatta, Director (Information), Federal Ministry of Finance in Abuja yesterday said Mr Okpanachi will be ably backed by the Chief Financial Officer, Mrs. Ijeoma Ozulumba and Chief Risk Officer, Mr. Olu Adegbola.
The statement mentioned the Board members as Chairman, Dr. Shehu Yahaya (who was the interim Managing Director of DBN and former Executive Director, AfDB); Managing Director/Chief Executive, Nigeria Sovereign Investment Authority, Uche Orji and Mohammed Kalif, of the African Development Bank.
Also on the list as Independent Directors of the DBN are former Group Managing Director/CEO of United Bank for Africa (UBA), Mr. Philips Oduoza; President and CEO, African Finance Corporation, Mr. Andrew Alli; and Chairman, FBN Merchant Bank, Alhaji Bello Maccido. Others include, Managing Director, CEO Excel Professional Service Limited, Mr. Oladimeji Alo and Founder/Managing Director, JNC International Limited, Mrs Clare Omatseye.
Dambatta explained that the Finance Ministry had received notice from the regulator that it was free to commence operations of the Micro, Small, and Medium Enterprise (MSME) focused Development Bank of Nigeria.
At a recent strategy retreat with the management team, board members, and other key stakeholders of DBN in attendance, Minister of Finance, Mrs. Kemi Adeosun emphasized the significance of DBN’s mandate and assured them of the public sector support to ensure the DBN’s success.
“Despite limited access to financing, MSMEs contribute a significant 45% to the national economy. If these institutions could have reliable access to working and investment capital at low cost, the multiplier effect on economic growth and job creation would be significant,” Mrs Adeosun said.
