Sequel to granting license of operation to the Development Bank of Nigeria (DBN) by the country’s apex bank The CBN, the Federal Ministry of Finance on Thursday, unveiled the management team and members of the board of the newly-licensed DBN.
According to a statement by the Federal Ministry of Finance, the management team is led by Mr. Tony Okpanachi, a banker and former Deputy Managing Director/Deputy CEO, Ecobank Nigeria Limited.
Prior to his appointment as Managing Director/ CEO of Development Bank of Nigeria, Okpanachi was the Deputy Managing Director of Ecobank Nigeria Limited. Before that, he was the Managing Director, Ecobank Kenya and Cluster Managing Director for East Africa (comprising Kenya, Uganda, Tanzania, Burundi, Rwanda, South Sudan and Ethiopia). He was also at various times Managing Director of Ecobank Malawi and Regional Coordinator for Lagos and South West of Ecobank Nigeria.
A tested Banker with over 26 years’ experience, Okpanachi holds a Master degree in Business Administration (MBA) from Manchester Business School UK and a Master of Science degree in Economics from University of Lagos.
Mr Okpanachi will be supported by the Chief Financial Officer, Mrs. Ijeoma Ozulumba and Chief Risk Officer, Mr. Olu Adegbola.
Members of the Board include: Chairman, Dr. Shehu Yahaya (was the interim MD 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.
To serve 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; Chairman, FBN Merchant Bank, Alhaji Bello Maccido; Founder/Managing Director, JNC International Limited, Mrs Clare Omatseye and the Managing Director, CEO Excel Professional Service Limited, Mr. Oladimeji Alo, (channelstv 30/3/17).
It will be recalled that the Finance Ministry had received on Wednesday notice of license approval grant from the regulator to commence operations of the Micro, Small, and Medium Enterprises (MSMEs) focused Development Bank of Nigeria.
While speaking at a recent policy retreat with the management team, board members, and other major stakeholders of DBN in attendance, the Minister of Finance, Mrs Kemi Adeosun reasserted the importance of the DBN’s mandate and assured them of the public sector support necessary to ensure the DBN’s success. Adeosun confirmed that despite limited access to financing, MSMEs contribute a significant 45% to the national economy:
“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
From our end, we welcome the newly-licensed Development Bank of Nigeria, and also congratulate the Federal Ministry of Finance, the CBN, and all appointees on the laudable achievement and wish all success as they take up their respective roles. Although it takes some time for any new system to propagate or settle down, we however hope the MSMEs will do more with the new facility. The time to think and act is now; these are life and business essentials, so let’s keep thinking clearly. Thank you for reading and do have a beautiful day!
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