The Central Bank of Nigeria (CBN) has approved the granting of a Wholesale Development Finance Institution Licence with national authorization, to the Development Bank of Nigeria (DBN) Plc.

The approval was conveyed in a letter addressed to the Managing Director/Chief Executive of Officer of DBN dated March 28, 2017. The letter was signed by the Deputy Governor of the CBN in charge of Financial System Stability.
The approval was subject to meeting the minimum capital requirement of N100 billion and the reconstitution of the Board of the Bank and reviewing its organogram.

The DBN, was conceived in 2014 however, its take-off had been fraught with delays. The President Muhammadu Buhari led administration inherited the project with a determination to resolve all outstanding issues and set a target of 2017 for its take-off.
The DBN will have access to US$1.3bn (N396.5 billion) which has been jointly provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency). The Bank is also finalising agreements with the European Investment Bank (EIB).

The DBN will provide loans to all sectors of the economy including, manufacturing, services and other industries not currently served by existing development banks thereby filling an important gap in the provision of finance to Micro, Small and Medium Enterprises (MSMEs).
As a wholesale bank, the DBN will lend wholesale to Microfinance Banks which will on-lend medium to long-term loans to MSMEs, which currently contribute about 48.47 percent to the Gross Domestic Products (GDP) of Nigeria but have access to only about 5 percent of lending from Deposit Money Banks (DMBs).

According to the minister of finance, Kemi Adeosun "We expect that the influx of additional capital from the DBN will lower borrowing rates and the longer tenure of the loans, will provide the required flexibility in the management of cash flows, giving businesses the opportunity to make capital improvements, and acquire equipment or supplies".

papparatzzi2013:
[s]Well done Kemi, for seeing this laudable initiative through.

Your haters enemies and distractors cannot shy away from your achievement.

1. Implementation of BVN - curbed corruption

2. Implementation of TSA - curbed looting

3. Setting up of Efficiency Unit for Govt -- block loopholes for looting and wastage.

4. Halted and reversed the negative growth in Nigeria economy

5. Navigated Nigeria out of recession.

6. Overseeing the take of Development Bank of Nigeria.

What will the lying Pastor Reno Omokirikiri say to all these now?[/s]

papparatzzi2013:
Well done Kemi, for seeing this laudable initiative through.

Your haters enemies and distractors cannot shy away from your achievement.

1. Implementation of BVN - curbed corruption

2. Implementation of TSA - curbed looting

3. Setting up of Efficiency Unit for Govt -- block loopholes for looting and wastage.

4. Halted and reversed the negative growth in Nigeria economy

5. Navigated Nigeria out of recession.

6. Overseeing the take of Development Bank of Nigeria.

What will the lying Pastor Reno Omokirikiri say to all these now?

papparatzzi2013:
Well done Kemi, for seeing this laudable initiative through.

Your haters enemies and distractors cannot shy away from your achievement.

1. Implementation of BVN - curbed corruption

2. Implementation of TSA - curbed looting

3. Setting up of Efficiency Unit for Govt -- block loopholes for looting and wastage.

4. Halted and reversed the negative growth in Nigeria economy

5. Navigated Nigeria out of recession.

6. Overseeing the take of Development Bank of Nigeria.

What will the lying Pastor Reno Omokirikiri say to all these now?

papparatzzi2013:
Well done Kemi, for seeing this laudable initiative through.

Your haters enemies and distractors cannot shy away from your achievement.

1. Implementation of BVN - curbed corruption

2. Implementation of TSA - curbed looting

3. Setting up of Efficiency Unit for Govt -- block loopholes for looting and wastage.

4. Halted and reversed the negative growth in Nigeria economy

5. Navigated Nigeria out of recession.

6. Overseeing the take of Development Bank of Nigeria.

What will the lying Pastor Reno Omokirikiri say to all these now?

erico2k2:

explain number 4 and 5 with facts plz

erico2k2:

explain number 4 and 5 with facts plz

papparatzzi2013:
Well done Kemi, for seeing this laudable initiative through.

Your haters enemies and distractors cannot shy away from your achievement.

1. Implementation of BVN - curbed corruption

2. Implementation of TSA - curbed looting

3. Setting up of Efficiency Unit for Govt -- block loopholes for looting and wastage.

4. Halted and reversed the negative growth in Nigeria economy

5. Navigated Nigeria out of recession.

6. Overseeing the take of Development Bank of Nigeria.

What will the lying Pastor Reno Omokirikiri say to all these now?

vedaxcool:
Nice, hopefully the credit facilities will get to the intended beneficiaries.

"We expect that the influx of additional capital from the DBN will lower borrowing rates and the longer tenure of the loans, will provide the required flexibility in the management of cash flows, giving businesses the opportunity to make capital improvements, and acquire equipment or supplies".

735i:
Madam...the CBN should be allowed to make the announcement...
Face your ministry!!

papparatzzi2013:
Well done Kemi, for seeing this laudable initiative through.

Your haters enemies and distractors cannot shy away from your achievement.

1. Implementation of BVN - curbed corruption

2. Implementation of TSA - curbed looting

3. Setting up of Efficiency Unit for Govt -- block loopholes for looting and wastage.
Tell

4. Halted and reversed the negative growth in Nigeria economy

5. Navigated Nigeria out of recession.

6. Overseeing the take of Development Bank of Nigeria.

What will the lying Pastor Reno Omokirikiri say to all these now?

Splashme:
DBN was conceived since 2013 by Okonjo Iweala and Jonathan and commenced operation since 2014. My elder brother joined the bank iwn 2014.

The Buhari govt came in 2015 to put their activities on hold only to allow them continue operation in June 2016.

Seriously, this fraudulent lying Buhari govt has a way of cornering past govt's achievements and presenting them in the media as theirs

Buhari and APC are such shameless liars