ASBON Denies Benefiting from DBN’s N786bn Loan Disbursement 🚫💼

The Association of Small Business Owners of Nigeria (ASBON) has stated that none of its members have benefited from the N786 billion disbursed by the Development Bank of Nigeria (DBN) to Micro, Small, and Medium Enterprises (MSMEs) across the country.

ASBON President, Dr. Femi Egbesola, expressed this in an exclusive interview with Vanguard in response to reports of DBN’s loan disbursement.

DBN’s Loan Disbursement Figures 💰📊

DBN’s Managing Director, Tony Okpanachi, had earlier announced that the bank has disbursed a total of N786 billion to 494,819 MSMEs across Nigeria, resulting in the creation of 1.2 million jobs. Okpanachi emphasized the importance of MSMEs in driving the economy, attributing the achievement to the support of key stakeholders.

He said, “Since we commenced operations, we have cumulatively disbursed N786 billion in loans to 494,819 MSMEs across the country, thereby resulting in the creation of 1,200,000 jobs.”

ASBON’s Response: No Access to Funds Yet 🚫

However, Egbesola countered the report, stating that none of ASBON’s members have accessed any funds from DBN. “None of our members has accessed this fund as at date. I really would love to have our members as beneficiaries but none yet,” he said.

Egbesola called for better collaboration between DBN and Business Membership Organizations (BMOs) like ASBON, which represent the interests of genuine business owners. He stressed the need for BMOs to be involved in MSME support programs, as they can provide credible data and testimonials to validate claims of loan disbursement.

Call for Stronger Collaboration 🤝

Egbesola highlighted the importance of stronger partnerships between DBN and MSME-focused organizations. “One would have expected that DBN would work with BMOs that house the majority of real and verifiable business owners in their intervention and support programs,” he added, calling for more transparent validation of such claims.