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The Development Bank of Nigeria Plc (DBN), announced it has shelled out a total sum of N482 billion to Micro, Small, and Medium Scale Enterprises (MSMEs) in the country since its commencement. The bank revealed that 65 percent of the beneficiaries were women and youth-owned businesses.  This was stated at its 2022 Annual General Meeting (AGM) held in Abuja by Mr Tony Okpanachi, the Managing Director/Chief Executive of the bank.
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Informing the stakeholders present, Mr Okpanachi stated that the fundamentals of the bank’s financials remained robust, strengthening that total gross earnings closed at N38.18 billion, while Profit Before Tax (PBT) stood at N22.76 billion indicating an increase of 25 percent over the previous year.  The bank’s total assets also improved by 1.4 percent from N492.3 billion in 2020 to N499.2 billion in 2021.    He further associated the bank’s financial performance with “its robust corporate governance framework, business model as well as its top-notch enterprise risk management coupled with a highly committed board of directors, management and staff. This is something that I am very proud of.”
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He further revealed that
“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.” 
Kabir Okunlola who is a Partner with KPMG Professional Services and also is the external auditor of the bank announced that the summary of the financial statement complied with the relevant statutory requirements. Featured Image Source: Make Money NG
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This article was first published on 30th April 2022 and updated on May 5th, 2022 at 11:02 am

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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