Nigeria appoints Okpanachi Devt Bank MD, names board

The Federal Government has appointed Mr Tony Okpanachi, as the pioneer Managing Director of the Development Bank of Nigeria (DBN).

Also appointed are the Chairman of the board,  Dr. Shehu Yahaya (who was the interim MD of DBN and former Executive Director, AfDB); Managing Director/Chief Executive, Nigeria Sovereign Investment Authority, Uche Orji and Mohammed  Kalif, of the African Development Bank as members.

A seasoned Banker with over 26 years’ experience, He holds a Master degree in Business Administration (MBA) from Manchester Business School UK and a Master of Science degree in Economics from University of Lagos.

A statement from the Ministry of Finance, signed by Director, Information Salisu Na’inna said Mr Okpanachi will be supported by the Chief Financial Officer, Mrs. Ijeoma Ozulumba and Chief Risk Officer, Mr. Olu Adegbola.

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

The Finance Ministry had on Wednesday received notice from the regulator that it was free to commence operations of the Micro, Small, and Medium Enterprise (MSME) focused Development Bank of Nigeria.

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