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50,000 Farmers Get N70bn Loan From DBN

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By Mathew Dadiya, Abuja

The Development Bank of Nigeria (DBN) Monday disclosed that it has given out N70 billion as loans to over 50,000 Micro, Small and Medium Enterprises (MSMEs) within three years.

 

Chairman of the bank, Dr.

Shehu Yahaya said this at the maiden seminar series of the bank with the theme: Surviving To Thriving: “MSMEs as the key to unlocking inclusive growth in Africa”, held in Abuja.

Yahaya said that bank will continue to work in line with its mandate which is to alleviate financing constraints being faced by the Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

He said that it was important that the government sought ways to boost job creation through formal enterprises. 

He also observed that poverty and inequality had deepened in the country due to population and economic growth which led to rise in unemployment rate. 

Yahaya said that DBN has changed the narrative by providing finance and partial credit guarantees to eligible financial intermediaries based on market conformity as well as full financially sustainability.

In his address, the Managing Director of DBN, Mr. Tony Okpanachi, said  as bedrock of economic growth and development, MSMEs could play a critical role in accelerating economic transformation and industrialization.

According to Okpanachi, the lecture series was one of the ways to further strengthen the economy by ensuring that MSMEs were adequately empowered to continually contribute effectively to the Gross Domestic Product (GDP) of the nation.

Citing data from both SMEDAN and National Bureau of Statistics (NBC) which put the number of MSMEs in Nigeria at 41.5million, the Managing Director said that they collectively contribute over 50 per cent of Nigeria’s GDP.

“However, access to finance is still a concern for this critical segment of the economy. The latest figure indicates that at the Micro level, about 90.5% do not have access to credit whilst thefigure for SMEs is put at 67.9%. Other pressing areas which rank high for SMEs are assistance in power and water supply – 83.5% as well as tax rate reduction- 73.1%.”

Underscoring the importance of the event, the Okpanachi said MSMEs are the bedrock of Nigeria’s Industrialization and inclusive economic development noting that as the largest employers in many low-income countries including Nigeria, their viability and growth has been restricted by lack of access to long-term debt capital.

“Our mandate at the Development Bank of Nigeria is to alleviate financing constraints faced by the Micro, Small and Medium Enterprises (MSMEs) in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a marketconforming and fully financially sustainable basis and this lecture series is our way of providing a platform for a robust exchange of ideas to tackle the challenges and take advantage of opportunities that exist in the MSME segment of the economy.

“We believe that at the end of today’s interactions we would have a broadened understanding of these challenges and critically examine and act towards practical steps to resolve some of the obstacles that constrain growth within the segment,” he added.

The inaugural Development Bank of Nigeria Plc Annual Lecture Series, is meant to deliberate and forge a sustainable way forward for Micro, Small and Medium Enterprises (MSMEs), not just in Nigeria, but across Africa.

In his keynote address, former President of the African Development Bank (AfDB) Dr. Donald Kaberuka, asserted that unfavorable government policies and bureaucracies rather than lack of access to finance was the major drawback to growth of MSMEs.

 “Think of a small car repairer in Kaduna, or a small kiosk owner in Soweto. If electricity is unreliable his small margins are gone even if they had access to finance.

“Think of red tape, and multiple level taxation or inability to access government procurement or not being paid on time.

“But there is also inexperienced management and capacity, and limited access to accounting services,’’ he said.

Kaberuka called on the Nigerian government to intensify efforts to achieve more than six per cent growth if Nigerians were to feel impact of the growing economy. 

The maiden edition of the lecture series, was conceived as a thought leadership initiative aimed at providing a platform for a robust exchange of ideas to meet the challenges and opportunities that exist in the MSME segment of the economy.

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UBA Wins N156bn Debt Recovery Case Against Stallion Group

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The Court on Friday ruled in the Bank’s favour on all issues and granted all its prayers.

United Bank for Africa (UBA) Plc has secured a significant legal victory in its debt recovery proceedings against Stallion Group, following a court judgment which upheld the Bank’s position on all issues submitted for determination.

In a sweeping decision, delivered by by Justice Daniel Osiagor  of the Federal High Court sitting in Ikoyi, Lagos on Friday,  the Court granted all the reliefs sought by UBA, affirming the validity of the appointment of a Receiver/Manager, the enforceability of the mortgage security and the liability of the guarantors.

The Court observed that the Defendants did not dispute the existence of their indebtedness to the Bank but challenged the amount claimed. It further held that the reconciliation of accounts between the parties did not extinguish or negate the underlying indebtedness.

In a major affirmation of UBA’s enforcement rights, the Court upheld the appointment of the Receiver/Manager and confirmed his entitlement to take possession of the mortgaged property and seek appropriate protective orders.

The Court also dismissed objections raised by the 12th Defendant, holding that it had failed to establish any proprietary rights over the mortgaged property. Consequently, its consent was not required for the creation of the mortgage, and its objections were rejected.

Significantly, the Court restrained the Defendants from diverting receivables due to them from government agencies, thereby reinforcing the Bank’s ability to protect its recovery interests.

The judgment also affirmed the liability of the guarantors, strengthening UBA’s legal position in pursuing recovery of the outstanding obligations.

The decision represents a comprehensive victory for UBA, with the Court resolving all issues in the Bank’s favour and granting all the reliefs sought.

The ruling is particularly significant for the enforcement of creditors’ rights in Nigeria, underscoring the legal validity of properly constituted security arrangements and the authority of duly appointed receivers to enforce creditors’ interests.

It also reinforces the principle that disputes over the precise amount of an outstanding debt do not, by themselves, invalidate the underlying indebtedness or prevent creditors from exercising their lawful recovery rights.

The judgment marks a major milestone in UBA’s efforts to recover its exposure to Stallion Group and safeguard the interests of the Bank and its stakeholders.

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Budget Office Defends Tax Reform Acts, Seeks Due Process

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By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

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Tinubu Congratulates Dangote on World Bank Appointment

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By Jennifer Enuma, Abuja

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.

In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.

The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.

Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.

“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.

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