Wednesday, 29 March 2017

CBN Approves Operational Licence To The Development Bank of Nigeria

The Central Bank of Nigeria (CBN) has approved an operational Licence with national authorization, to the Development Bank of Nigeria (DBN) Plc.

According to the minister of finance, Kemi Adeosun, the approval was revealed in a letter addressed to the Managing Director/Chief Executive of Officer of DBN dated March 28, 2017. The letter was signed by the Deputy Governor of the CBN in charge of Financial System Stability.

Its approval was subject to meeting the minimum capital requirement of N100 billion and the reconstitution of the Board of the Bank and reviewing its organogram.

The DBN is created to ease stress by providing loans to all sectors of the economy including, manufacturing, services and other industries not currently served by existing development banks thereby filling an important gap in the provision of finance to Micro, Small and Medium Enterprises (MSMEs).

The DBN, was conceived in 2014 however, its take-off had been fraught with delays.

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