Peter Obi, former presidential candidate of the Labour Party (LP) in the 2023 elections, has raised concerns over the Development Bank of Nigeria’s (DBN) claim of disbursing more than ₦1 trillion to micro, small, and medium enterprises (MSMEs) since 2015.
In a post on his X handle on Wednesday, Obi questioned the transparency of the disbursement, pointing out that findings from his interactions with business owners suggest that most were unaware of the bank’s existence.
“Most small business owners across the country have no knowledge of such disbursements, and over 80 per cent are unaware of the bank’s very existence. If $1 billion had indeed been deployed in small loans averaging $1,000 each, at least 1 million small businesses should have benefited,” Obi said.
The former Anambra governor noted that the impact of such funding should be measurable, with new enterprises established, millions of jobs created, and visible improvements in the economy. “Empowerment is not a slogan or a campaign tool — it must be proven by results. Nigerians need to know where the money went. Who exactly were the beneficiaries? What tangible businesses were created? Where is the proof of jobs generated or poverty reduced?” he asked.
Last week, DBN stated that it had disbursed over ₦1 trillion in “empowerment interventions,” with 62 per cent benefiting women. Tony Okpanachi, managing director of DBN, represented by Idris Salihu, head of corporate services, spoke at a women’s empowerment programme in Yola, Adamawa, explaining that the initiative seeks to improve access to finance and transition women from financial exclusion to inclusion.
Obi, however, argued that despite the claim, unemployment remains high, businesses are struggling, and poverty is deepening, calling on the bank to disclose the list of beneficiaries, the enterprises supported, and the number of jobs created.
“Without answers to these questions, the claim of ₦1 trillion disbursement remains yet another round of grand deception, where scarce national resources are captured by a few elites and recycled under the guise of empowerment schemes,” Obi said.
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