DBN appoints five new independent directors

By Tony Obiechina, Abuja

Development Bank of Nigeria (DBN) Plc. announced the appointment of five new board members to fill vacancies resulting from the departure of certain board members whose terms of office have expired.

This decision was made after the 7th General Meeting of Shareholders of the Bank, which was held in April 2024.

These appointments are part of the bank’s ongoing efforts to strengthen its leadership and corporate governance structure, while continuing its mission to promote inclusive growth and economic development.

The appointments, contained in a press statement signed by the company’s Managing Director/CEO, Dr. Tony Okpanachi, reaffirmed DBN’s commitment to sustainability, excellence and innovation as the institution continues to evolve and shape the dynamic landscape of SME financing in Nigeria.

“Their diverse experience and leadership will be crucial as we continue to drive financial inclusion and support economic growth in Nigeria. At the same time, we express our deepest gratitude to our esteemed pioneer directors for their unwavering dedication and contributions. They have played a key role in DBN’s success story and we wish them all the best in their future endeavours,” he stated.

The appointed Directors are:

MRS IMONI AKPOFURE – Independent Non-Executive Director

Imoni Akpofure brings a wealth of experience in finance and sustainable development spanning over 30 years to the DBN Board. Ms. Akpofure was the Regional Director for Africa at CDC Group Plc (now British International Investment), a UK-based development finance institution that invests in profitable private enterprises in developing countries to drive economic growth.

Akpofure has held various senior positions at the International Finance Corporation (IFC) for over 18 years, including as Director for Western Europe. She currently serves as a Director on the Board of Africa50, a pan-African infrastructure foundation, and as a Trustee on the Boards of Engineers in Business Fellowship, UK and the Gamaliel and Susan Onosode Foundation.

Akpofure serves as a board member and trustee of various foundations and organizations in developed and developing economies, particularly in Africa. He is also a member of the investment committees of Africa50, Africa Renewable Energy Fund II (AREFII) and Fund for Agricultural Finance in Nigeria (FAFIN). He holds a BSc in Civil Engineering from Imperial College London; an MSc in Environmental Engineering from Newcastle University, London; and an MBA from INSEAD.

Ms. Imoni Akpofure chairs the Audit and Compliance Committee of the DBN Board and is a member of the DBN Statutory Audit Committee.

MR URUM KALU (UK) EKE, (MFR) – Independent Non-Executive Director

With over 36 years of experience in financial services spanning audit, assurance, advisory, strategy, taxation, process turnaround and capital market operations, Mr. UK Eke MFR is an excellent addition to the DBN board. He is currently the Executive Chairman of Fairchild Group, a fully integrated business advisory firm in Lagos, Nigeria.

Eke was the Group Managing Director of FBN Holdings Plc and served as a non-executive director on the boards of First Bank of Nigeria Limited, FBNQuest Merchant Bank Limited, FirstBank London and First Pensions Custodian Limited. He joined First Bank in 2011 as Executive Director, Public Sector South and was later appointed Group Managing Director of FBN Holdings Plc.

Eke started his career with Deloitte Haskins & Sells International (Chartered Accountants) before moving into banking. Prior to joining FirstBank, he was the Executive Director, Regional Businesses, Lagos & West, Diamond Bank Plc.

He holds a Bachelor of Arts in Political Science from the University of Lagos and an MBA in Project Management Technology from the Federal University of Technology, Owerri. He is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), Fellow of the Institute of Management Consultants (IMC), Fellow of the Chartered Institute of Directors (CIoD) and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and a recipient of the National Award, MFR and the prestigious Zik Prize in Professional Leadership.

Mr UK Eke MFR is the Chairman of the Finance Committee of the DBN Management Board and a member of the DBN Statutory Audit Committee.

MR MOHAMMED MUSTAPHA BINTUBE – Independent Director Independent Director

Mr. Mohammed Bintube is a seasoned banker with over 30 years of experience, most of which has been spent in management positions. He is currently the Chairman of Jaiz Bank Plc and Buraq Capital Limited, an investment management company licensed by the Securities and Exchange Commission.

His board experience includes positions as Chairman of the Board of Directors of Emerging Africa Trustees Limited, Chairman of the Board of Directors of Neelds Realty and Chairman of the Board of Directors of Qalam Travels and Tours.

He was also the Chairman of the Board Licensing and Regulatory Committee of the Nigeria Communications Commission (2010-2015) and the Chairman of the Board, Finance and General-Purpose Committee of the Nigerian Reinsurance Corporation (1991-1993). He is a member of the National Council on Privatization of the Federal Government of Nigeria, chaired by His Excellency, the Vice President of the Federal Republic of Nigeria.

Bintube holds a Bachelor of Science in Business Administration from Ahmadu Bello University, Zaria and an Advanced Diploma in Banking and Finance from Fin-Africa, Milan, Italy. He has attended numerous executive and leadership programs around the world and is active in public service and community development. His educational achievements and prestigious awards such as the IET Award underscore his commitment to continuous learning, leadership and excellence.

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Mr Bintube is the Chairman of the Ethics Committee of the DBN Board.

MRS JULIET ANAMMAH – Independent Non-Executive Director

Juliet Anammah is a senior director specializing in consumer behavior, strategic planning and global trend analysis. She has over 28 years of experience in managing the development and implementation of strategic roadmaps, improving the competitive position and financial performance of consumer goods companies.

Anammah started her career at Sanofi Aventis and held various roles at Accenture, rising to the position of Partner/Managing Director overseeing the Manufacturing and Consumer Goods practice in West Africa.

Until January 2020, she served as CEO of Jumia Nigeria, overseeing the transformation of the e-commerce giant from an online retailer to an integrated digital platform spanning marketplace, logistics and payments.

She is a board member of CGAP, a non-profit organization funded by IFC/World Bank and other DFIs. She focuses on improving financial inclusion in developing countries. In 2018, she became a member of the Nigerian Industrial Council, a group of private and public sector professionals appointed by the President of Nigeria to define policies that support the industrial development of the country.

She holds a Bachelor of Science in Pharmacy from the University of Nigeria, Nsukka and an MBA in Finance from ESUT, Nigeria. She is a graduate of the Wharton Advanced Management Program.

MRS FOLAKEMI FATOGBE – Independent Non-Executive Director

Folakemi Fatogbe is a seasoned banker and risk manager with highly developed leadership skills gained over thirty years of professional experience in central, development and commercial banking, corporate management, consulting and entrepreneurship.

Before becoming a dual entrepreneur, Fatogbe served as Special Advisor to CBN Governor Lamido Sanusi on Risk Management and Banking Reforms. She was also a pioneer in risk management at the bank. Her sound risk strategy and management skills were instrumental in the significant work that was done at the bank to avert a banking crisis in Nigeria during and immediately after the global financial crisis.

She is the Creative Director/Founder of OYAATO and CEO/Founder of De-Risking Lab. She is a multi-faceted financial services executive with extensive experience in banking, risk management, and real estate development.

Fatogbe holds an MBA in Finance and International Business from Cardiff Business School and a BA in Artistic Communication from the University of Ibadan.

Ms Fatogbe chairs the Credit and Risk Committee of the DBN Board.

Directors who recently left the board include:

Ms Clare Omatseye (Independent Non-Executive Director)
Mr. Phillips Oduoza (Independent Non-Executive Director)
Dr. Oladimeji Alo (Independent Non-Executive Director)
Mr. Bello Maccido (Independent Non-Executive Director)
Mr. Andrew Alli (Independent Non-Executive Director)
Dr. Shehu Yahaya (Chairman/Non-Executive Director).

DBN was established by the Federal Government of Nigeria in partnership with several international financial institutions such as the World Bank, the African Development Bank (AfDB), KfW Development Bank (Germany), Agence Francaise de Developpement (AfD) and the European Investment Bank (EIB), to provide medium and long-term financing to Micro, Small and Medium Enterprises (SMEs) and partial credit guarantees to eligible financial intermediaries on a market-based and fully financially sustainable basis.

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