Development Bank Releases N482bn To Promote MSMEs

the survival of MSMEs

The Development Bank of Nigeria Plc (DBN) stated that it had expended a total sum of N482 billion on Micro, Small, and Medium Scale Enterprises (MSMEs).

The bank announced that 65 per cent of the inheritors were women and youth-owned businesses. The Managing Director/Chief Executive of the bank, Mr Tony Okpanachi, revealed this at its 2021 Annual General Meeting (AGM) held in Abuja.

He notified stakeholders that the fundamentals of the bank’s financials remained potent, adding that total gross earnings closed at N38.18 billion. At the same time, Profit Before Tax (PBT) stood at N22.76 billion, representing an increase of 25 per cent over the previous year.

The bank’s total assets also increased by 1.4 per cent from N492.3 billion in 2020 to N499.2 billion in 2021.

Okpanachi further attributed the bank’s financial performance to “its robust corporate governance framework, business model, and top-notch enterprise risk management coupled with the highly committed board of directors, management and staff. This is something that I am very proud of.”

He said, “We continued to focus and deliver on our mandate of providing access to finance through our PFIs to Nigeria’sNigeria’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.”

A Partner with KPMG Professional Services, Kabir Okunlola, who is the bank’s external auditor, said that the summary of the financial statement complied with the relevant statutory requirements.

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