FG Extends Tenure of Capital Component of 2016 Budget to May 5
Unveils management board of DBN
The federal government has extended the tenure of the capital elements of the 2016 Budget to May 5.
The Accountant-General of the Federation, Alhaji Idris Ahmed, who issued a circular to this effect, announced the extension of the tenure of the capital component of the budget until May 5, or the passage of the 2017 budget, whichever comes first.
He urged all federal ministries, departments and agencies (MDAs) to take note of the content of the circular.
The Minister of Finance, Mrs. Kemi Adeosun, had last week put the total capital releases of the 2016 Budget at N1 trillion.
In another development, the Ministry of Finance yesterday announced details of members of the board and management of the newly licensed Development Bank of Nigeria (DBN).
The unveiling of the management and board came about 24 hours after the operating licence of the wholesale development bank was approved by the Central Bank of Nigeria (CBN).
A statement released yesterday by the Director of Information on the minidtry,
Salisu Na’inna Dambatta, said the management team is led by Mr. Tony Okpanachi, a banker and erstwhile Deputy Managing Director/Deputy CEO, Ecobank Nigeria Limited.
Before his appointment as Managing Director/ CEO of Development Bank of Nigeria, he was the Deputy Managing Director of Ecobank Nigeria Limited.
He was also the Managing Director, Ecobank Kenya and Cluster Managing Director for East Africa (comprising Kenya, Uganda, Tanzania, Burundi, Rwanda, South Sudan and Ethiopia).
Okpanachi was also at various times Managing Director of Ecobank Malawi and Regional Coordinator for Lagos and South West of Ecobank Nigeria.
A banker with over 26 years’ experience, he holds a Master degree in Business Administration (MBA) from Manchester Business School United Kingdom and a Master of Science degree in Economics from the University of Lagos.
Okpanachi will be supported by the Chief Financial Officer, Mrs. Ijeoma Ozulumba, and Chief Risk Officer, Mr. Olu Adegbola.
Other board members are Dr. Shehu Yahaya as chairman. He was the interim Managing Director of DBN and former Executive Director, African Development Bank (AfDB); Managing Director/Chief Executive, Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji, and Mohammed Kalif of AfDB.
Independent Directors of the DBN are former Group Managing Director/CEO of United Bank for Africa (UBA), Mr. Philips Oduoza; President and CEO, African Finance Corporation, Mr. Andrew Alli; Chairman, FBN Merchant Bank, Alhaji Bello Maccido; Founder/Managing Director, JNC International Limited, Mrs Clare Omatseye, and the Managing Director, CEO Excel Professional Service Limited, Mr. Oladimeji Alo.
The finance ministry last Wednesday received notice from the regulator that it was free to commence operations of the Micro, Small, and Medium Enterprise (MSME)-focused Development Bank of Nigeria.
Speaking at a recent strategy retreat with the management team, board members and other key stakeholders of DBN in attendance, Adeosun reaffirmed the importance of DBN’s mandate and assured them of the public sector support needed to ensure the DBN’s success.
According to her, “Despite limited access to financing, MSMEs contribute a significant 45 per cent to the national economy. If these institutions could have reliable access to working and investment capital at low cost, the multiplier effect on economic growth and job creation would be significant.”