The idea of the Development Bank of Nigeria (DBN) was formed in 2014 and in 2017, President Buhari’s government translated the idea into reality with the eventual establishment of the bank.
While the DBN is said to operate without interfering with Nigeria’s existing development banks, the bank will instead assist with the provision of loans to sectors which aren’t getting loans from the existing development banks such as Bank of Agriculture (BOA) and Bank of Industry (BOI).
This article contains essential information about DBN including the bank’s audience, management team, vision statement and mode of recruitment.
Application for entry into the Development Bank of Nigeria (DBN) is open to Nigerian graduates. While interested applicants are usually required to wait for the recruitment application form to be released online, DBN is said to have recorded large-scale yearly recruitment since its establishment. There can be specific application requirements but here are the general prerequisites the bank considers for recruitment:
- The maximum age for application is 35 years –application isn’t available to older people
- Applicants must be able to operate computer
- Applicants must hold authentic academic qualifications –being any of NCE, HND, OND, and B. Sc in any course of study –awarded by an authorized institution. The breakdown of the academic qualification for application is O’ Level –any of General Certificate Examination (GCE) and National Examination Council (NECO) –with the minimum of 5 passes (including in English language) at no more than two sittings OR a minimum of 4 passes at one sitting. Alternatively, Senior Secondary School Certificate (SSCE) or West African School Certificate (WASCE) with 3 credits (including in English language) and the minimum of passes in 2 other subjects.
- Alternatively again, applicants can submit (i) National Diploma (ND) awarded by an authorized tertiary institution, (ii) (Advanced Level) General Certificate of Education in 3 subjects based on two sittings or 2 subjects based on one sitting, (iii) National Certificate of Education (NCE) awarded by an authorized tertiary institution
Development Bank of Nigeria’s Management Team
In March 2017, the Nigerian government, through the Federal Ministry of Finance, officially declared DBN’s management team, disclosing details of the bank’s board members. Below are the names of DBN’s board members and their official roles:
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- Tony Okpanachi –DBN’s management leader and former Deputy Management Director of Ecobank Nigeria Limited
- Shehu Yahaya –DBN’s chairman and erstwhile Executive Director of AfDB
- Uche Orji –Managing Director/Chief Executive of Nigeria Sovereign Investment Authority
- Mohammed Kalif –Member of the African Development Bank
Also, the names of DBN’s independent directors were declared as:
- Oladimeji Alo –Managing Director, CEO Excel Professional Service Limited
- Clare Omatseye –Founder/Managing Director of JNC International Limited
- Bello Maccido –Chairman of FBN Merchant Bank
- Andrew Alli –CEO and President of African Finance Corporation
- Philips Oduoza –United Bank for Africa’s (UBA) former Group Managing Director/CEO
Targets of Development Bank of Nigeria
The Development Bank of Nigeria (DBN) was initiated as a solution to the failure of Micro, Small and Medium Enterprises (MSMEs) to secure adequate access to loans from financial institutions. While proprietors of small and medium-scale businesses are considered the targets of the Development Bank of Nigeria, it is notable that DBN partners with qualified financial mediators often known as “participating financial institutions”.
These institutions serve as the mediums for MSMEs to secure better access to finances.
Vision of Development Bank of Nigeria
According to its Managing Director, Tony Okpanachi, the Development Bank of Nigeria maintains the vision of becoming the primary development finance institution in Nigeria, hence providing advisory services, Credit Guarantees and financial services aimed at promoting the growth and sustainability of the MSMEs.
How to get a Development Bank of Nigeria Loan
1. Visit your commercial bank: Bank, Microfinance Bank, Development Finance Institution (DFI) and other Financial Institutions and indicate you want to apply for a Development Bank of Nigeria (DBN) Loan.
2. The Bank appraises the business and loan purpose as well as the need, and if its assessment is favourable, the Bank applies to Development Bank of Nigeria (DBN) for subsequent funding.
3. If Development Bank of Nigeria (DBN) approves the loan, DBN will disburse to the Bank for on-lending to end borrowers.
DBN (Development Bank of Nigeria) loans frequently asked questions
Do you want to know more about Development Bank of Nigeria (DBNs) loan services? Here are answers to frequently asked questions that might help you.
* Can businesses borrow directly from DBN?
No, Development Bank of Nigeria (DBN) does not lend directly to businesses. DBN loan is channelled through PFIs. PFIs carry out the credit evaluation and supervision of the loan.
* How many years do I have to pay back the loan?
Depending on the nature of your business and loan purpose, you may have up to 18 months moratorium on principal repayment for working capital & investment projects, and up to 10 years to repay the loan.
* What is the interest rate?
DBN loan offers flexible interest rates that are based on tenure and referenced to market rates.
* How does DBN loan differ from other commercial loans?
DBN loan is specifically targeted at small businesses to ensure that such businesses have increased access to financing. In addition, DBN loans have a longer tenure than other commercial loans, which are usually short-term.
We hope the above information about the Development Bank of Nigeria is satisfactory. If otherwise, you may visit the bank’s official website to learn more.
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