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
RipplesNigeria ….without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
In Niger, communities suffer as multi-billion naira Auna Dam project remains uncompleted despite 38 years of investments
In Niger State, the over 20 communities around Auna River have had their hopes for fresh water, electricity supply and...
INVESTIGATION: Years after, 15km Eleme-Onne end of East-West Road remains death-trap despite billions released
In this report, ARINZE CHIJIOKE chronicles the sufferings of road users on the 15km Eleme-Onne end of the East-West Road...
Gaza attacks intensify as 12 Thais, 10 Nepalese killed in Israel
The current violence in Israel has claimed the lives of at least 12 Thai people and 10 Nepalese individuals. Eight...
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...