Banking
AfDB, European Investment Bank Give $70m to Development Bank of Nigeria

By Modupe Gbadeyanka
The newly established financial institution, Development Bank of Nigeria (DBN) has received a boost of $70 million from the duo of African Development Bank (AfDB) and European Investment Bank (EIB).
A statement issued on Thursday by EIB explained that the equity stake was to strengthen lending for business and agriculture investment in the Africa’s largest economy, which is working hard to diversify its economy and falling into a recession in the second quarter of 2016.
It was disclosed that EIB was providing $20 million, while the AfDB is putting down the remaining $50 million.
DBN was established by the Federal Government of Nigeria to address financing challenges hindering private sector investment in the country. The Bank is called to play an important and catalytic role in providing funding and risk sharing facilities to micro, small and medium enterprises as well as small corporates.
“The Development Bank of Nigeria will overcome the funding gap in the micro-, small- and medium-scale enterprises space and help businesses unlock opportunities across Nigeria.
“DBN’s ambition is strengthened by the financial and technical support of international partners, including the European Investment Bank and African Development Bank.
“The new institution builds on international experience and uses a business model that has demonstrated proven success to enhance private-sector investment across Africa and around the world where other financing options are inadequate or absent,” said Tony Okpanachi, Managing Director of the Development Bank of Nigeria.
“Private sector businesses are critical to the development of the Nigerian economy as they possess huge potential for employment generation and output diversification.
“Nevertheless, there has been under-performance of these businesses and this has undermined their contribution to economic growth.
“Among the issues affecting their performance, the shortage of finance, particularly investment finance, occupies a very central position.
“DBN is expected to contribute to mobilizing significant long-term financing to an important yet underserved sector with high development potential,” said Stefan Nalletamby, Director of the Financial Sector Development Department at the African Development Bank.
“New private sector investment is crucial to create jobs and enable business to expand and limited access to long-term financing holds back economic growth. The European Investment Bank is pleased to support the new Development Bank of Nigeria to strengthen private-sector investment in Africa’s largest economy.
“We look forward to continued close cooperation with Nigerian and international partners to ensure that once fully operational the new Development Bank of Nigeria can help harness the country’s economic potential,” said Ambroise Fayolle, Vice-President of the European Investment Bank (EIB).
“The European Union is committed to supporting private-sector investment in Nigeria. The new backing for the Development Bank of Nigeria by both the European Investment Bank, the bank of the European Union and the African Development Bank, with 13 EU member state shareholders, will make a clear contribution to tackling the lack of access to credit by entrepreneurs and businesses across the country.
“With more investment, we hope to promote a vibrant economy and stimulate growth, employment and increase opportunities, especially for youth,” said Ambassador Ketil Karlsen, Head of the European Union Delegation to Nigeria and the Economic Community of West African States (ECOWAS).
Addressing the investment gap holding back private-sector investment
At present, new investment essential for companies to expand and create jobs is hindered by limited access to commercial banks.
It is estimated by the Development Bank of Nigeria that only 5 percent of the 37 million entrepreneurs and small businesses in Nigeria that contribute to 50 percent of GDP can access credit in the financial system.
Building on broad international support
Other international financial institutions including the World Bank, Germany’s KfW and the French Agence française de développement (AFD) will also support the new bank alongside backing from the Federal Government of Nigeria.
Banking
GTCO Distributes 3,000 Gas Cylinders to Obafemi Owode Residents

By Aduragbemi Omiyale
Over 3,000 residents of the Obafemi Owode Local Government Area of Ogun State have been given a unit each of a 3kg gas cylinder by Guaranty Trust Holding Company (GTCO) Plc under its Waste for Gas initiative launched recently.
The cooking tool was distributed mostly to women in the community after conducting thorough assessments by visiting beneficiaries’ homes to ensure that the support reached those who genuinely needed it.
The financial institution said the items would provide access to gas-powered cooking solutions and simplify daily routines by freeing up time for other productive activities that support financial stability.
It expressed optimism that the cooking gas cylinder will make a meaningful impact in the community and enhance the quality of life for households.
“The Waste for Gas initiative is about making life easier for families, giving them more time to focus on important activities such as education, work, or personal development.
“Beyond this, our goal is to continuously develop sustainable initiatives that empower individuals, strengthen communities, and contribute to socioeconomic growth,” the chief executive of GTCO, Mr Segun Agbaje said.
Also, the Chief Communication Officer of GTCO, Ms Oyinade Adegite, said, “We visited various households across the local government and were surprised to find that some residents had already gone borrowing from money lenders just to afford gas cylinders, while some others were considering doing the same.”
She urged beneficiaries to use the cylinders for their intended purpose and not resell them, adding that GTCO would return for the second phase of the program. The bank’s decision to expand the initiative would depend on how well the items are utilized.
Expressing gratitude for the initiative, Obafemi Owode Local Government Chairman, Mr Ogunsola Adesina, stated that the intervention would significantly improve the standard of living in the area.
He also appealed to GTCO to establish a branch within the community to alleviate the banking challenges residents currently face.
In his remarks, the Olu of Owode-Egba, Mr Kolawole Aremu Sowemimo, advised beneficiaries not to sell the gas cookers and assured them that discussions were underway to establish discounted gas refill stations within the community.
Additionally, the Iyaloja General, Mrs Ganiyat Oyelakin, cautioned beneficiaries to use the gas cookers safely to prevent accidents. Residents were also educated on the proper handling and maintenance of their gas cylinders.
One of the beneficiaries, Mrs Risikat Ayoka, thanked GTCO for the initiative, saying, “We are excited. This gesture will make us stop using firewood for cooking.”
Banking
Union Bank, ICAN Explore Potential Areas of Collaboration

By Aduragbemi Omiyale
The managements of Union Bank of Nigeria and the Institute of Chartered Accountants of Nigeria (ICAN) are looking at ways to join forces for growth.
Recently, the executives of ICAN were at the head office of the financial institution tucked in the iconic Stallion Plaza in Lagos.
This visit underscores ICAN and Union Bank’s mutual commitment to advancing the accounting profession and contributing to the overall growth of Nigeria’s financial sector.
The president of ICAN, Mr Davidson C.S Alaribe, appreciated the warm reception and highlighted the importance of such engagements in promoting professional excellence and ethical standards within the accounting and finance sectors.
In his remarks, the Chief Financial Officer of Union Bank, Mr Oluwagbenga Adeoye, emphasised the bank’s commitment to supporting initiatives that enhance the professional development of accountants and ICAN members.
Banking
Senate Accuses CBN of Stalling N30trn Ways and Means, ABP Investigations

By Adedapo Adesanya
The Senate Ad-hoc Committee on Ways and Means Advance has accused the Central Bank of Nigeria (CBN) of frustrating its investigation into the N30 trillion Ways and Means Advance and the Anchor Borrowers’ Programme (ABP) under former President Muhammadu Buhari’s administration.
The committee made the accusation after receiving an interim report from its consultants at a meeting where they expressed frustration over the central bank’s failure to provide crucial documents required for the probe.
The panel, which was inaugurated a year ago by Senate President, Mr Godswill Akpabio, stated that the delay has significantly stalled progress on the investigation.
The chairman of the committee, Mr Isah Jibrin, criticised the CBN for withholding vital information, despite multiple requests, revealing major infractions with the preliminary reports of the lender.
He dismissed speculations that the Senate had been compromised or gone to sleep, reaffirming its commitment to ensuring accountability and transparency in the management of public funds.
“The information we have here is not different from what we have heard all along. What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report,” he told reporters.
“But we’ve been compelled to make available this interim report to the general public so that they know that we let them know where the problem is, and the problem is that the Central Bank of Nigeria has denied us consistently the documents that we need to complete this assignment. That is the truth.
“It was at the CBN sometimes, I met Bala the deputy governor. And they promised, but nothing came out of it. The Clerk has been there several times. Nothing has come out of it.
“The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.”
The committee issued a strong warning to the CBN representatives, emphasizing the need for full disclosure of how the funds were utilized to address Nigeria’s economic challenges.
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