News
DBN Disburses N400bn to MSMEs
The Development Bank of Nigeria Plc has disbursed the sum of N400 billion to over 150, 000 Micro, Small and Mediun Enterprises (MSMEs) since its inception in 2017.
Mr. Tony Okpanachi, the Managing Director (MD) of the bank, disclosed this during the second Annual Lecture series of the bank, which held virtually.
According to him, “Since commencing operations in 2017, we have disbursed over N400billion in loans to over 150,000 MSMEs, out of which, 57% are women-owned and 28% youth-owned businesses respectively, culminating in the creation of over 130,000 jobs.
“In the year 2020 alone, the sum of N190 billion was disbursed through 19 PFIs; out of which N9.8 billion were to 6,935 first time borrowers; N5.7 billion to 9,066 youths, and N11.8 billion to 25,171 women-owned businesses. Cumulatively, 83% reported an increase in their sales after obtaining the loan, while 48% were able to increase their staff strength after receiving the facility.”
DBN, the MD said, was interested in MSMEs because of its belief in, ‘”big things have small beginnings’ and according to the International Council for Small Businesses (ICSB), formal and informal MSMEs make up over 90% of all businesses, employing over 70% of the workforce and contributing to over 50% of GDP. Nigeria alone has over 41 million registered MSMEs.”
Mr. Okpanachi disclosed that from 2017 to date, 125 MSMEs were also trained, as part of the bank’s capacity-building initiative through the DBN Entrepreneurship Training Programme.
He added that the 2021 Entrepreneurship Training Programme has also commenced and being fully bankrolled by DBN under the platforms of Enterprise Development Centre of the Pan Atlantic University, Google, and Wider Perspectives – a specialised capacity building Agency for micro-businesses.
The MD said, “This underscores our commitment to the cause of championing conversation on how MSMEs can prosper despite the odds in these peculiar times.
“Therefore, it is at times like this that our mandate at DBN finds full expression as captured in our Vision which is “To facilitate Sustainable Socio-Economic Development through the Provision of Finance to Nigerian’s Underserved MSMEs through Eligible Financial Intermediaries.”
In his remarks, Dr. Shehu Yahaya, the Chairman of DBN, said that the theme of this year’s lecture, “Resilient Innovation: MSMEs’ Adaptability in Uncertain Times” spoke directly to the bank’s commitment, as a financial institution, towards providing a conducive environment for MSMEs in Nigeria to thrive.
His words, “Just as we continue our lending to MSMEs through our Participating Financial Institutions, we also extend our engagements with critical stakeholders to advocate for enabling policies that promote the growth and development of these essential segments of our economy.
“The Covid-19 pandemic, which has further complicated an already challenging micro and macro-economic environment, has impacted businesses adversely across all segments.
“The DBN Annual Lecture Series is one of the ways we continue to engage with all stakeholders to search for solutions and influence policies aimed at addressing the constraints faced by Micro, Small, and Medium Scale Enterprises.”
In his address, Prof. Benedict Oramah, the President of African Export-Import Bank (Afrexim) said that his organisation was working with various member countries to create the necessary environment for MSMEs to take advantage of the African Continental Free Trade Agreement (ACFTA).
Accordingly, he said that the free movement of goods across borders of regional members would enhance opportunities for operators in the sub-sector to expand their market reach.
The Afrexim boss who was represented by the Mr. Denys Denya, described MSMEs as, “pillars upon which diversified economies could be built,” as well as, “the cornerstone for building resilient economies.”
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
PalmPay Group (“PalmPay”), a multinational fintech company providing digital financial services across high-growth emerging markets, is pleased to appoint Samuel Oluyemi as Chief Operating Officer (“COO”) of its Nigeria practice, effective immediately.
The appointment comes at a pivotal moment for PalmPay as it looks to reach more underserved communities and continuously strengthen the reliability and security of its services. It also comes as Nigeria’s broader financial services sector continues to modernize, bring millions more Nigerians into the formal financial system, and strengthen the cybersecurity and fraud-prevention standards that underpin public confidence in digital payments.
As COO of PalmPay Nigeria, Mr. Oluyemi will oversee PalmPay’s Nigerian operations — where the company provides a full suite of digital financial services to individuals and businesses — and communicate with regulators to ensure the company’s growth happens harmoniously with the country’s financial, digital, and social inclusion goals.
Mr. Oluyemi brings more than two decades of experience at the Nigeria Inter-Bank Settlement System (“NIBSS”). During his tenure as the Business Development Lead, he championed the development of key national payment services — including the Digital Validation of Nigerian International Passport (e-Passport Validation), Electronic Dividend Mandate Management System (“e-DMMS”), and the Electronic Pensions Contribution Collection System (“EPCCOS”) — and played a pivotal role in introducing and driving early adoption of NIBSS Instant Payment (“NIP”), Nigeria’s first online, real-time, inter-bank transfer system in 2011 and its subsequent extension to the Other Financial Institutions (“OFI”) segment of the Nigeria Payments System.
He holds an MSc in Monetary Economics from the University of Ibadan with extensive local and international professional training.
“Samuel joins PalmPay at an important stage in our journey to strengthen the foundations that will support our long-term goal of driving financial inclusion,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “His extensive experience makes him well positioned to help us scale sustainably while maintaining the operational discipline, governance and customer-first culture that define PalmPay.”
“PalmPay has established itself as one of the most impactful fintech companies in emerging markets by making financial services more accessible and affordable for millions of people,” said Mr. Oluyemi.
“I am excited to join the company and look forward to working alongside an exceptional team to strengthen operational excellence and support PalmPay’s vision of building a leading digital financial services platform. Together, we will continue delivering secure, reliable, and customer-focused financial solutions while contributing to the continued evolution of Nigeria’s digital financial ecosystem.”
As Nigeria’s digital financial services sector continues to mature, this appointment reflects a broader commitment guiding PalmPay across all markets it serves: building financial services that are secure, reliable, and effective enough to earn a permanent place in people’s everyday lives.
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