Finance ministry names board, management of Development Bank of Nigeria

The Federal Ministry of Finance yesterday unveiled members of the board and management of the newly licensed Development Bank of Nigeria (DBN).A statement by the Director of Information in the Ministry, Alhaji Salisu Na’Inna Dambatta said erstwhile Deputy Managing Director of Ecobank Nigeria Limited, Mr. Anthony Okpanachi, has been named Managing Director/ CEO.

Prior to that, he was the Managing Director, Ecobank Kenya and Cluster Managing Director for East Africa (comprising Kenya, Uganda, Tanzania, Burundi, Rwanda, South Sudan and Ethiopia). He was also at various times Managing Director of Ecobank Malawi and Regional Coordinator for Lagos and South West of Ecobank Nigeria.

A seasoned banker with over 26 years experience, He holds a Masters Degree in Business Administration (MBA) from Manchester Business School UK and Masters 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.Members of the Board include: Interim MD of DBN and former Executive Director, African Development Bank (AfDB), Dr. Shehu Yahaya (Chairman), Managing Director/Chief Executive of the Nigeria Sovereign Investment Authority (NSIA), Uche Orji and Mohammed Kalif of the AfDB.

Independent Directors of the DBN include former Group Managing Director/CEO of United Bank for Africa (UBA), Mr. Philips Oduoza; President and CEO of the African Finance Corporation (AFC), Mr. Andrew Alli; Chairman, FBN Merchant Bank, Alhaji Bello Maccido; Managing Director, JNC International Limited, Mrs. Clare Omatseye and the Managing Director/CEO, Excel Professional Services Limited, Mr. Oladimeji Alo.

The Ministry of Finance had on Wednesday received notice from the Central Bank of Nigeria (CBN) that the DBN, which would focus on Micro, Small, and Medium Enterprises (MSMEs) was free to commence operations.