Finance

Development Bank rated best institution in transparency, integrity

DBN to disburse N150bn loan to 120,000 MSMEs in 2023

Accolades came the way of Development Bank of Nigeria (DBN) as the organisation, once again, emerged as the highest-ranked public institution in Nigeria in the 2023 Transparency and Integrity Index (TII) recently released by the Center for Fiscal Transparency and Integrity Watch.

The index, which was put together by the Centre for Fiscal Transparency and Integrity Watch (CeFTIW) in collaboration with the Bureau for Public Sector Reform, with support from the MacArthur Foundation assessed 511 MDAs and public sector institutions on their level of transparency and accountability in government processes.

To retain its first position, DBN scored 73.26%, moving up from the 58.74% it scored in 2022, a testament to the bank’s commitment to promoting transparency, accountability, and proactive partnerships.

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Speaking at the public presentation of the transparency and integrity index, the Secretary to the Government of the Federation, Senator George Akume, represented by the Permanent Secretary, Cabinet Office, Mr. Maurice Mbaeri pointed out that “proactive disclosure of information as enshrined in the Freedom of Information Act seeks to enable public institutions to adopt a proactive stance in disclosing information to the public”.

Akume noted that while access to information is a powerful tool that empowers citizens to request and access government-held information, these “tools are essential to reinforce good governance as it enhances openness and accountability”.

Also speaking, the Chairman, Board of Trustees, CeFTIW, Angela Nworgu, explained that the centre introduced the Transparency and Integrity Index as an annual assessment of public institutions’ compliance with national laws and international conventions that promote transparency, and accountability and minimize corruption.

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“The Index was developed to strengthen already existing fiscal transparency legal frameworks, institutional capacity on the requirement of these frameworks and most importantly build a well-informed citizenry that holds the government accountable”, she added.

Reacting to this development, the Managing Director/CEO, of Development Bank of Nigeria, Dr. Tony Okpanachi expressed delight at the report, regarding the ranking as a reflection of the company’s corporate governance, ethics and processes.

Once more, the recent CeFTIW ranking highlights our commitment to upholding strong corporate governance practices and fostering transparent and excellent relationships with our various stakeholders, strategic partners, and clients. These principles remain central to our institutional core values

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Dr. Okpanachi further highlighted, “This report underscores our unwavering dedication to fulfilling our mandate, which involves addressing the financing challenges encountered by Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria. We achieve this by offering financing, partial credit guarantees, and technical assistance to eligible financial intermediaries in a manner that aligns with market conventions and ensures complete financial sustainability.

He reassured that the organization would continue to actively promote the principles of accountability, transparency, sustainability, excellence, diversity, and innovation that are deeply embedded in its corporate philosophy.

Sunnews

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