FG Extends 2016 Capital Budget Implementation To May, Unveils Management, Board Members of DBN

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ABUJA, (Sundiata Post) – The Accountant-General of the Federation, Alhaji Idris Ahmed has issued a Circular extending the tenure of the capital elements  of the 2016 Budget until May 5, 2017 or the passage of the 2017 Budget, whichever is the earliest, Minister of Finance, Mrs. Kemi Adeosun has announced.
A statement by Salisu Na’inna Dambatta Director (Information) urged the Federal Ministries, Departments and Agencies “ to take note of the content of the Circular.”
This is as the Federal Ministry of Finance also announced details of members of the board and management of the newly licensed Development Bank of Nigeria, DBN.
The management team is led by Tony Okpanachi, a banker and erstwhile Deputy Managing Director/Deputy CEO, Ecobank Nigeria Limited.
Before 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, Ijeoma Ozulumba, and Chief Risk Officer, Olu Adegbola.
The board members include: Chairman, Shehu Yahaya (who was the interim MD of DBN and former Executive Director, AfDB); the 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), Philips Oduoza; President and CEO, African Finance Corporation, Andrew Alli; Chairman, FBN Merchant Bank, Bello Maccido; Founder/Managing Director, JNC International Limited, Clare Omatseye; and the Managing Director, CEO Excel Professional Service Limited, 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.