MSMEs get N482bn from dev’t bank in 8 years

The Development Bank of Nigeria Plc (DBN), said it has disbursed N482 billion to Micro, Small, and Medium-scale Enterprises (MSMEs) since its inception in 2014, with 65 per cent of that going to women and youth-owned businesses.   The Managing Director/CEO Mr Tony Okpanachi disclosed this at the bank’s annual general meeting in Abuja on […]

The Development Bank of Nigeria Plc (DBN), said it has disbursed N482 billion to Micro, Small, and Medium-scale Enterprises (MSMEs) since its inception in 2014, with 65 per cent of that going to women and youth-owned businesses.  

The Managing Director/CEO Mr Tony Okpanachi disclosed this at the bank’s annual general meeting in Abuja on Tuesday where he presented a financial statement for the year ended 31 December 2021 to the shareholders.

He said total gross earnings closed at N38.18bn, Profit Before Tax (PBT) was N22.76bn representing 25% increase from 2020. Total Assets also increased by 1.4% from N492.3bn to N499.2bn in 2021.   

Okpanachi said the bank continued to deliver on providing access to finance to Nigeria’s most critical, but underserved MSMEs and building their capacities.

“Our cumulative disbursement of N482bn, especially to women-owned or managed businesses; is something that we are particularly delighted about from the perspective of women empowerment and poverty alleviation,” he noted.

Okpanachi expressed his gratitude to the Bank’s shareholders, development partners, PFIs, Board of Directors, and employees for their continued support with a promise to continue to remain focused on the Bank’s mandate as well as sustain efforts toward achieving sustainable financing and capacity building for the MSMEs.

Kabir Okunlola, a Partner with KPMG Professional Services, the external auditors of the bank said the summary of the financial statement of the bank complied with the relevant statutory requirements.