News
Finance Ministry unveils Management, Board Members of DBN
By Joseph INOKOTONG
The Federal Ministry of Finance on Thursday, announced details of members of the board and management of the newly licensed Development Bank of Nigeria (DBN).
The Management team is led by Mr. Tony Okpanachi, a banker and erstwhile Deputy Managing Director/Deputy CEO, Ecobank Nigeria Limited.
Prior to his appointment as Managing Director/ CEO of Development Bank of Nigeria, he was the Deputy Managing Director of Ecobank Nigeria Limited. Prior to that, he was the Managing Director, Ecobank Kenya and Cluster Managing Director for East Africa (comprising Kenya, Uganda, Tanzania, Burundi, Rwanda, South Sudan and Ethiopia). He was also at various times Managing Director of Ecobank Malawi and Regional Coordinator for Lagos and South West of Ecobank Nigeria.
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.
Mr Okpanachi will be supported by the Chief Financial Officer, Mrs. Ijeoma Ozulumba and Chief Risk Officer, Mr. Olu Adegbola.
The Board members include: Chairman, 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.
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.
Speaking at a recent strategy retreat with the management team, board members, and other key stakeholders of DBN in attendance, the Minister of Finance, Mrs. Kemi Adeosun reaffirmed the importance of the DBN’s mandate and assured them of the public sector support needed to ensure the DBN’s success. According to Adeosun, “despite limited access to financing, MSMEs contribute a significant 45% to the national economy. If these institutions could have reliable access to working and investment capital at low cost, the multiplier effect on economic growth and job creation would be significant”.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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