Development Bank disburses N482bn to MSMEs

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By Favour Nnabugwu

 

A total of N482Billion has been disbursed to Micro, Small, and Medium Scale Enterprises by the Development Bank of Nigeria Plc (DBN) since 2017 to date.

The Managing Director (MD) of the bank, Mr. Tony Okpanachi made this known at the institution’s Annual General Meeting (AGM), in Abuja, today, that 65 percent of the disbursements were to women and youth-owned businesses.

He told stakeholders that the fundamentals of the Bank’s financials were very robust, with Gross Earnings closing at N38.18 billion by December 31, 2021.

He said, “Profit Before Tax (PBT) was  N22.76 billion representing, an increase of 25 percent from the previous year.  Total Assets also increased by 1.4% from N492.3 billion in 2020 to N499.2 billion in 2021″.

Mr. Okpanachi, said the Bank’s financial performance to “its robust corporate governance framework, business model as well as its top-notch enterprise risk management coupled with highly committed Board of Directors, Management and Staff.  This is something that I am very proud of”

According to him, “We continued to focus and deliver on our mandate of providing access to finance through our PFIs to Nigeria’s most critical, but underserved Micro, Small, and Medium Scale Enterprises building their capacity and that of the PFIs in addition to the provision of partial credit guarantee to encourage lending to this very important sub-sector of the economy”.

“Our cumulative disbursement of N482Billion especially to women-owned or managed businesses; is something that we are particularly delighted about from the perspective of women empowerment and poverty alleviation.”

The MD expressed gratitude to the bank’s shareholders, development partners, PFIs, Board of Directors, and employees for their continued support with a promise to continue to remain focused on the bank’s mandate, as well as, sustain efforts toward achieving sustainable financing and capacity building for the MSMEs.

Kabir Okunlola, a Partner with KPMG Professional Services, the external auditors of the Bank said that the summary of the financial statement of the bank complied with the relevant statutory requirements.

“In our opinion, the accompanying summary financial information is consistent, in all material respects, with the audited financial statements, and also in compliance with the Companies and Allied Matters Act (CAMA) 2020, as well as the Banks and Other Financial Institutions Act (BOFIA) 2020,” he said.

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