To Strengthen Corporate Governance, DBN Appoints of 5 Independent Directors
CHIGOZIE AMADI
Development Bank of Nigeria (DBN) Plc has announced the appointment of five new directors to its board to fill the vacancies created by the exit of some directors whose tenures on the board ended.
The decision was reached at its seventh Annual General Meeting (AGM) held in April 2024.
In a statement issued by the company secretary, DBN said the appointments were part of ongoing efforts to strengthen its leadership and corporate governance structure, while continuing its mission of promoting inclusive growth and economic development.
Managing Director/Chief Executive of DBN, Dr. Tony Okpanachi, reaffirmed the DFIs commitment to sustainable development, excellence and innovation as the institution continued to evolve and shape the dynamic MSME financing landscape in the country.
Okpanachi said the new directors’ “diverse expertise and leadership will be instrumental as we continue to drive financial inclusion and support economic growth in Nigeria. At the same time, we extend our deepest gratitude to our esteemed pioneer directors for their unwavering dedication and contribution.
“They have been pivotal to DBN’s success story, and we wish them the very best in their future endeavours”.
The directors comprising Independent Non-Executive Directors included Ms Imoni Akpofure, Mr. Urum Kalu Eke, Mr. Mohammed Mustapha Bintube, Mrs. Juliet Anammah, and Ms. Folakemi Fatogbe.
DBN was set up by the federal government in partnership with several International Finance Institutions, including the World Bank, African Development Bank (AfDB), KfW Development Bank (Germany), Agence Francaise de Developpement (AfD) and the European Investment Bank (EIB).
The objective was to provide medium to long term financing for the micro, small and medium sized enterprises (MSMEs) and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis
