DBN disbursed N100bn to SMEs in 2019 ― Okpanachi
Development Bank of Nigeria (DBN) Plc says it has disbursed about N100 billion to over 100,000 MSMEs cumulatively resulting in the creation of 3,192 additional jobs in the financial year ended December 2019.
Its managing director, Tony Okpanachi, disclosed this in his address at the DBN’s first virtual third Annual General Meeting which held recently in Abuja in compliance with Federal Government and National Centre for Disease Control (NCDC) social distancing guidelines.
A statement on Thursday noted that Okpanachi made the disclosure while giving a scorecard on the bank’s activities and contribution to the Nigerian economy, he said the bank working through its Participating Financial Institutions (PFIs) has facilitated increase in MSME revenue, as well as assets.
He stated that DBN has focused on engendering gender equality in its loan distribution and empowered youths with 52 per cent of the total loan disbursed to these segments in 2019.
“Through our 27 Participating Financial Institutions, over N100BN was disbursed last year, impacting cumulatively over 100,000 MSMEs.
“So far, 3,192 jobs have been created leading to an increase of 10 per cent in MSMEs revenue and a 6.8 per cent increase in the value of their land assets. Also, 52 per cent of loans disbursed in 2019 was to youths and women-owned businesses.
“This is in our bid to promote economic empowerment and gender equality,” he said.
He further stated that DBN has also set up a credit guarantee subsidiary, Impact Credit Guarantee Company Limited with the aim of de-risking the MSME sector by sharing risks with the PFIs to encourage them to lend to this critical sector of the economy.
He added that DBN also delivered capacity building programs for MSMEs across the six geopolitical zones of the Federation.
Mr Okpanachi assured shareholders that the bank was on the right trajectory and focused its strategy on driving sustainable economic growth.
He informed that the bank was currently expanding its distribution network to include other non-banking financial institutions and working on some concessions to PFIs as well as de-risking of SME lending through the subsidiary, ICGL to increase participation.
He said the strategy will also cover delivery of technical assistance to PFIs and capacity building programs for MSMEs all geared towards encouraging uptake of the DBN funds by PFIs for on lending.
In his remark, chairman of the bank, Dr Shehu Yahaya commended the Federal Government for its commitment and efforts as well as the selfless health workers for their dedication towards tackling the deadly COVID 19 pandemic. He expressed his condolences to those who have lost loved ones while celebrating the gallantry of survivors, stating that “their gallantry gives us hope that we will emerge victorious from this deadly pandemic”.
Development Bank of Nigeria Plc is a wholesale development finance institution, established by the Federal Government of Nigeria in collaboration with global development partners (The World Bank, AfDB, Kfw, AFD and EIB) to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
DBN carries out this function by providing financial institutions, predominantly Deposit-Money and Microfinance Banks with on lending facilities designed to meet the needs of this segment. The bank commenced operations in 2017.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
WHO Considers Madagascar’s COVID Organics For Clinical Observation
The World Health Organisation (WHO) is considering Madagascar’s COVID Organics for clinical observation process. The President of Madagascar, Andry Rajoelina made this known on Wednesday, saying that he and the Director-General of WHO, Tedros Ghebreyesus, had a successful interaction on COVID Organics… Read full story
‘Why Madagascar Herbal Medicine For COVID-19 May Not Be Fake’
CHAIRMAN, Research and Development Committee on the Oyo State and University of Ibadan collaboration on the development of herbal remedies for COVID-19, Professor Oluwasegun Ademowo has said that although the ‘COVID Organic’, Madagascar herbal medicine recorded its first death on Saturday… Read full story
Nationwide Blackout Looms As Electricity Workers Threaten Strike
A nationwide blackout is imminent as electricity workers, under the aegis of National Union of Electricity Employees (NUEE), have vowed to down tool if the Police and other security operatives continue to lay siege at their offices across the federation as witnessed early Wednesday morning… Read full story
OAU Gets Full Accreditation For Law, Dentistry, Others
The National Universities Commission (NUC) has approved the full accreditation for the faculties of Law, Dentistry, Basic Medical Sciences, Social Sciences and Science at the Obafemi Awolowo University (OAU), Ile Ife. The confirmation was made known to Tribune Online in a press release signed by the university’s Public… Read full story
COVID-19: NLC Inaugurates Situation Room To Protect Jobs
The Chairman of the Nigeria Labour Congress (NLC), Kaduna branch has inaugurated a situation room in order to protect workers from losing their jobs following the outbreak of COVID-19 in the country. The state chairman, comrade Ayuba Magaji Suleiman, said the same committee was inaugurated at the national body… Read full story
N7.65bn Fraud: Kalu Begins Freedom Battle June 2
The Federal High Court in Lagos has fixed June 2 to hear a motion on notice seeking the freedom from prison of Senator Orji Uzor Kalu, a former Abia State governor. The motion will be heard by Justice Mohammed Liman. Orji is serving a 12-year jail term at the Correctional Service Centre in Kuje, Abuja for looting… Read full story
Buhari Sacks Uwakwe As NECO Registrar Over Corrupt Allegations
President Muhammadu Buhari has approved the termination of the appointment of Prof Charles Uwakwe as the Registrar/Chief Executive of the National Examinations Council (NECO). Also, four management staff of the council were dismissed from service for various offences… Read full story
Man Who Operated Illegal Bureau De Change And Swindled Customer Of N6m Jailed Seven Years
A man who operated an illegal bureau de change in Kaduna for two years and swindled a customer of his money to the tune of N6.1 million was on Wednesday jailed seven years without an option of fine. Justice Peter Mallong of the Federal High Court, Kaduna, sentenced the man, Sadiq Mustapha, to seven years… Read full story
(GRAPHIC CONTENT): 60-Year-Old Kills 57-Year-Old Wife ‘For Having Affairs With Another Man’
A 60-year-old man, Yikatey Somatey, has been arrested for killing his wife at Gando near Nyanyema, a suburb of the Sawla-Tuna Kalba District of the Savannah region in Ghana after he accused her of having affairs with another man. The suspect accused his wife, Bora Bonbiatey 57, of cheating on him by having affairs… Read full story
Hospitals’ Constant Rejection Of The Sick
A few days ago at the press briefing of the Presidential Task Force on Covid-19, the Minister of Health, Dr. Osagie Ehanire, complained about the poor hospital attendance by pregnant women, nursing mothers and outpatients,as revealed by recent official statistics. Hospital visits by these categories of… Read full story
Pawpaw Seeds Aid Treatment Of Cancer, Ulcer, Infections, Others —Studies
RECENT studies have proven pawpaw seeds to possess a whole lot of medicinal benefits, apart from its nutritional value. According to a 2017 study published in the Journal of Pharamacognosy and Phytochemistry, Pawpaw extracts are effective against cancer because they are rich in the enzyme, papain, which… Read full story
Makinde Names Retired General, Colonel As Amotekun Chairman, Commandant
Oyo State governor, Seyi Makinde, has appointed retired General Kunle Togun and retired Colonel Olayanju Bisiriyu Olayinka as chairman and commandant of the Oyo State Security Network, codenamed Amotekun. The governor, in a statement signed by his Special Assistant (Print Media) Moses Alao, indicated that the… Read full story
Rivers State Govt Relaxes Lockdown In Port Harcourt And Obio/Akpor
Rivers State Government has suspended the total lockdown on Obio/Akpor and Port Harcourt Local Government Areas for six days, with effect from Thursday, May 21, 2020. Governor Nyesom Wike stated this today in a state-wide broadcast… Read full story
COVID-19: Cleaning, Disinfecting Not The Same —Experts
IS Covid-19 making you worried if you are cleaning your home enough? So far, medical advice has focused mostly on the importance of frequent washing of hands with soap and flowing water, which is said to be the most effective protection against the new disease… Read full story