•Creates 1.5m jobs in six years
•Shareholders approve N3.5 billion dividend for 2023
Chigozie Amadi
Managing Director/Chief Executive, Development Bank of Nigeria (DBN) Plc, Dr. Tony Okpanachi, yesterday disclosed that the development finance bank has disbursed N786 billion in loans to 494,819 MSMEs since the commencement of business operations in 2017.
Speaking at the company’s 2023 Annual General Meeting (AGM) in Abuja, he said the disbursements represented a commendable 24 per cent growth in support to the economy from the N631 billion as well as 58 per cent increase from the 313,000 MSMES impacted in
the preceding year.
He said till date the bank loan repayment ratio had been 100 per cent, boasting “we don’t have any non -performing loans”.
This came as its shareholders – African Development Bank (AfDB), African Investment Bank (AIB), Ministry of Finance Incorporated (MOFI), and Nigeria Sovereign Investment Authority (NSIA) approved N3.5 billion dividend which translated to N32.70 kobo per share for the year under review. This was the second dividend payment in a row.
Okpanachi said N187 billion of the loan disbursements in 2023 went to 356, 451 women-owned businesses while N81 billion was accessed by 120,326 youth-owned businesses, reinforcing the bank’s commitment to financing the underserved MSME market segments, which had led to the creation of over 1.5 million jobs.
He also said as part of the bank’s commitment to supporting priority sectors outlined by the federal government, N74 billion was allocated to the manufacturing sector thereby benefitting 3,696 end borrowers.
In addition, N38 billion was channelled into agriculture, reaching 8,163 beneficiaries.
The DBN boss said, “These strategic investments underscore the bank’s drive to grow sectors vital to the nation’s economy.
“As we reflect on the culmination of the year 2023, I am pleased to report the operating activities,
financial results and key activities of the Development Bank of Nigeria Plc for the year ended 31st December 2023.
“This past year marked the completion of a significant chapter in our journey, as it concluded the bank’s maiden strategy cycle that has guided our actions and decisions for the past six years.
“As we stand at the threshold of a new era, we embrace the opportunity to introspect, correct courses where necessary, and chart a visionary course forward. The year 2023 served as a stepping stone, propelling us towards a future where innovation, resilience, and adaptability will be the cornerstones of our success.
“We look to the horizon with optimism, committed to building upon our strengths and addressing the lessons of the past as we continue to strive for a brighter and more successful future.”
He also pointed out that sustainability remained at the core of the bank’s values as evident in its concerted efforts to grow its green portfolio which increased substantially to N6 billion in 2023.
“This growth is particularly noteworthy as it signifies a dedicated commitment to environmentally responsible investments aligning with global sustainability goals.”
Okpanachi told THISDAY that the jobs statistics was a good start for the bank, adding that given the requirements in the economy, there is the need to create more jobs.
He said, “We believe by looking into the next five years, we’re scaling up operations to ensure that we’ll be able to create more jobs, because that’s very required in the entire economy.
Further commenting on loan repayment, he said, “Again, we give the credit to the financial institutions we work with; we give credit to the end borrowers that we work with, and I’m sure it’s the lending practices that has made it very possible. Now, DBN has zero non -performing loans.”
