Shareholders of the Development Bank of Nigeria (DBN) on Wednesday approved a N58.35k per share dividend pay out to investors for the 2024 financial year.
The approval was given during the 8th Annual General Meeting of the bank in Abuja.
The directors of the bank had proposed a dividend of N5.84 billion, representing 25 percent of the retained earnings (Of of bt After Tax and after statutory
reserves transfers) in the year ended December 31, 2024, compared to N3.27 billion as at December 31, 2023.
The bank’s profit for the year stood at about N35. 31 billion, from N23.47billion in the corresponding period in 2023.
At the end of the meeting, the Managing Director/Chief Executive Officer of the Bank, Tony Okpanachi, said about $2.5 million has been earmarked for the establishment of a Youth Entrepreneurship Investment Bank.
Okpanachi said the proposed bank was an initiative in collaboration with some development finance institutions, like the African Development Bank (AfDB) and the Nigeria Sovereign Investment Authority (NSIA).
“The youth entrepreneurship investment bank will provide assets-to-equity investment in youth-owned businesses. Working with the African Development Bank, that will provide additional funding, we’re going to provide that platform to invest in youth-owned businesses and encourage entrepreneurship in Nigeria,” the MD said.
“NSIA is taking equity lead. For now, it’s going to be DBN and NSIA. When we commence operations, the plan is to bring other strategic partners, including other international organizations that will want to join. So, we’re going to catalyze more capital from other institutions globally. I can assure you that we’re just going to kick start it soon. But a lot of interest across different global organizations wants to invest in it to ensure they provide that platform for investment in youth owned businesses.
“Let me put on record that this is not the typical bank you hear about. It’s not a bank. It’s an investment vehicle. So, it is just going to be an investment vehicle focused on youth development,” he explained.
Highlights of its performance contained in the financial statement showed that in 2024 DBN achieved a remarkable milestone, reaching a total disbursement of N1.06 trillion to Participating Financial Institutions (PFIs), about 35 percent increase from the cumulative disbursement as of the corresponding period in 2023.
Also, DBN’s loan disbursement stood at N273.13 billion in 2024, marking an impressive 75 percent growth, compared to N155.7 billion disbursed in 2023.
In terms of loan volume, DBN provided funding to 711,819 end-borrowers, reflecting a 44 percent increase, from 494,819 end-borrowers in 2023.
Other major highlights included about N49 billion disbursed to more than 69,182 micro, small and medium enterprises (MSMEs) in economically disadvantaged regions, such as Borno, Adamawa, Katsina, Yobe and Zamfara.
Besides, the Bank said it disbursed about 20-25 percent of private sector loans to MSMEs over the last 5 years, with 25 percent of beneficiaries being women, while training 9,500 MSMEs trained across the country.
In the year under review, the bank, through its various interventions, created about 1.2m jobs nationwide.
Okpanachi said the loan disbursement helped to support 711,819 MSMEs across various sectors and regions in the country.
“This milestone represents a 35% increase in total disbursement value and a 44% growth in the number of MSMEs impacted compared to the previous year underscoring DBN’s unwavering commitment to driving financial inclusion and sustainable economic growth.
“In alignment with the Federal Government of Nigeria’s priority sectors, DBN provided over 15 billion in loans to the manufacturing sector, benefiting more than 3,000 individuals. Similarly, in the agricultural sector, we disbursed over 18 billion to agribusinesses, reaching over 1,500 individuals.
“Additionally, DBN remains at the forefront of supporting green initiatives, with over 26 billion in loans dedicated to MSMEs engaged in climate-friendly and CO2 emission reduction businesses.
“At Development Bank of Nigeria (DBN), we remain steadfast in our commitment to empowering MSMEs, a critical pillar of Nigeria’s economy.
He said a landmark achievement of the bank in 2024 was the successful accreditation by the Green Climate Fund (GCF), making it the first Development Finance Institution (DFI) in Nigeria to attain this status.
“This accreditation is not just a recognition, it is a testament to DBN’s unwavering commitment to sustainable financing and climate resilience,” the Managing Director explained.
At the sub-national level, he said DBN, in collaboration with the Enugu State Government and the S m a l l a n d M e d i u m En t e r p r i s e s Development Agency of Nigeria (SMEDAN) launched a N1 billion fund to empower MSMEs in the State.
Okpanachi said the Bank would remain steadfast in offering financial support, capacity building and advocating for
MSMEs in Nigeria.
“As we move forward, DBN remains fully c o m m i t t e d t o i t s m a n d a t e o f
accelerating sustainable economic
d e v e l o p m e n t t h r o u g h M S M E
empowerment. Our focus will be on d e e p e n i n g n a n c i a l
i n c l u s i o n ,
leveraging technology for greater
impact, and fostering partnerships to drive innovation and scalability.
