The Development Bank of Nigeria (DBN) has approved a ₦5.83 billion dividend payout for the 2024 financial year, signaling strong performance and shareholder confidence. This equates to ₦58.35 kobo per share.
At its 8th Annual General Meeting (AGM) held in Abuja, DBN shareholders also gave the green light for a $2.5 million (₦equivalent) equity investment in the proposed Youth Entrepreneurship Investment Bank (YEIB)—a strategic move to support youth-driven enterprises across Nigeria.
Record-Breaking Financial Growth
Independent Non-Executive Director, Mr. Kyari Bukar, highlighted DBN’s impressive financial growth in 2024. Profit Before Tax (PBT) soared to ₦38.8 billion—up 60% from ₦24.5 billion in 2023. Gross earnings also surged 53% to ₦84 billion, compared to ₦54.8 billion the previous year.
Key performance indicators included:
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Return on Average Assets (ROAA): Rose to 6% from 4.6% in 2023
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Return on Average Equity (ROAE): Climbed to 15.3% from 10.9%
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Cost-to-Income Ratio: Improved to 15.6% from 17.9%
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Total Assets: Jumped 40% year-on-year to ₦759.1 billion
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Loan Income: Increased by 55% to ₦58.5 billion from ₦37.8 billion
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Loan Portfolio: Grew 7% to ₦438.5 billion
Over the last five years, DBN’s total assets have grown at an 11% CAGR, while its loan portfolio grew at a 20% CAGR.
Empowering Nigeria’s MSMEs
Managing Director/CEO, Tony Okpanachi, emphasized DBN’s commitment to Nigeria’s micro, small, and medium-sized enterprises (MSMEs). In 2024 alone, the bank disbursed ₦273 billion, contributing to a cumulative disbursement of over ₦1.06 trillion since inception in 2017.
This supported 711,819 MSMEs across diverse sectors and regions—marking a 35% increase in disbursement value and a 44% rise in the number of MSMEs reached year-on-year.
“MSMEs are the heartbeat of our economy,” said Okpanachi. “Through strategic partnerships with 79 Participating Financial Institutions, we ensured that financing reached the businesses that needed it most.”
A New Era: The Youth Entrepreneurship Investment Bank (YEIB)
As part of its forward-looking strategy, DBN will invest $2.5 million in YEIB—an innovative initiative designed not as a traditional bank but as a youth-focused investment vehicle.
According to Okpanachi, YEIB will provide equity funding, not just loans, to youth-owned businesses. The initiative aligns with DBN’s broader mandate to foster job creation and support entrepreneurship among Nigeria’s growing youth population.
“YEIB isn’t a conventional bank,” he clarified. “It’s a platform that will channel equity investments into youth-driven ventures, empowering the next generation of entrepreneurs.”
The bank expects the YEIB framework to be finalized by the end of 2025, with full operations beginning in early 2026. The African Development Bank (AfDB) is also involved in the initiative, offering additional funding and support.
Tackling Climate Change and Advancing Sustainability
DBN also celebrated a major milestone in 2024 by being accredited by the Green Climate Fund (GCF) as Nigeria’s first Direct Access Entity (DEA). This positions DBN as the country’s sole authorized channel for accessing GCF green financing, reinforcing its commitment to sustainable development and environmental stewardship.
Looking Ahead
As DBN continues to break new ground in inclusive finance, the focus remains on empowering MSMEs, accelerating youth entrepreneurship, and deepening financial inclusion through innovation and strategic partnerships.
“We remain steadfast in our mission to catalyze sustainable economic growth,” said Okpanachi. “By supporting youth, MSMEs, and climate initiatives, we’re building a resilient and prosperous Nigeria.”
