Recruitment delays transactions at $1.3bn devt bank

Five months after a board and management was constituted to prepare the ground for its formal take off, business transactions at Nigeria’s newest Development Finance Institution (DFI), the Development Bank of Nigeria (DBN), has not started.

New Telegraph learnt that delay in the bank’s take-off is caused by a consulting firm engaged by the Federal Government to recruit competent key personnel for it. The consultant is yet to conclude the work, a source told New Telegraph in Abuja. The DBN was conceived in 2014 under former President Goodluck Jonathan, but the bank’s take-off had been fraught with delays.

The Muhammadu Buhari-led administration, which, however, inherited the project, set a target of 2017 for its take-off.

Going by government’s plan, DBN is to be funded up to $1.3 billion (N396.5 billion). The funds were jointly provided by the World Bank, KfW (the German Development Bank), the African Development Bank (AfDB) and the AFD (the French Development Agency).
New Telegraph, August7, 2017

 

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