Thursday, March 30, 2017

CBN grant licence to the Development Bank of Nigeria

   

    The Central Bank of Nigeria, CBN, has granted licence to the Development Bank of Nigeria, DBN, Plc, Minister of Finance, Kemi Adeosun, has confirmed.


   The approval was conveyed in a letter addressed to Managing Director/Chief Executive of Officer of DBN, dated March 28, 2017.

   It was subject to meeting the minimum capital requirement of N100 billion and the reconstitution of the board of the bank.

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

   The minister said the DBN will have access to US$1.3 billion which had been jointly provided by the World Bank, German Development Bank, the African Development Bank, and the French Development Agency.

   The bank is also finalising agreements with the European Investment Bank.

   The DBN would provide loans to all sectors of the economy, including manufacturing, services and other industries not currently served by existing development banks.

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