- The Federal Ministry of Finance has confirmed the completion of the recruitment of the Executive Management team of the proposed Development Bank of Nigeria (DBN).
- The bank has therefore formally applied for the issuance of its operational license from the Central Bank of Nigeria (CBN), which is expected imminently, a statement by the Ministry of Finance, said on Thursday.
- The DBN was conceived in 2014, but its take-off had been fraught with delays.
- The Muhammadu Buhari led administration inherited the project and set a target of 2017 for its take-off.
- The DBN will have access to US$1.3bn (N396.5 billion) which has been jointly provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency).
- The Bank is also finalising agreements with the European Investment Bank (EIB).
Source: Development Bank of Nigeria completes first recruitment, set to take off
