Obi challenges DBN over N1trn MSME loans, demands full list of beneficiaries

Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has questioned the Development Bank of Nigeria’s (DBN) claim that it has disbursed more than N1 trillion to micro, small and medium enterprises (MSMEs) since 2015.

In a post on his X handle on Wednesday, the former Anambra governor said findings from his engagements with business owners across the country revealed that most had never heard of the bank, let alone benefited from its loans.

Last week, DBN claimed it had disbursed over N1 trillion in empowerment interventions, with 62 per cent of the funds going to women-owned businesses. Tony Okpanachi, DBN managing director, represented by Idris Salihu, head of corporate services, made the disclosure at a women’s empowerment programme in Yola, Adamawa State.

But Obi questioned the impact of such a huge intervention, insisting the results should be visible if the bank’s claim was true.

“If $1 billion were disbursed in small loans averaging about $1,000 each, it could have supported at least 1 million small businesses. The ripple effect would have been no less than 3 million new jobs, visible enterprise growth, an improved economy, and measurable progress in lifting people out of poverty,” he said.

Obi also argued that unemployment remains at record highs, poverty is deepening, and many enterprises are shutting down or relocating outside Nigeria.

He therefore called on DBN to publish a detailed list of beneficiaries, the enterprises supported, and the jobs created.

“How can such a huge sum be disbursed and yet ordinary Nigerians feel no impact? Empowerment is not a slogan or a campaign tool, it must be proven by results. Nigerians need to know where the money went,” Obi said.

The former governor added that without accountability, the disbursement claim risks being seen as another “grand deception where scarce national resources are captured by a few elites and recycled under the guise of empowerment schemes.”

Obi urged the government and financial institutions to prioritise transparency to ensure public funds deliver real benefits to citizens.