The Minister of Finance, Mrs. Kemi Adeosun, has confirmed that The Central Bank of Nigeria (CBN) has approved a wholesale development finance institution licence with national authorization for the Development Bank of Nigeria(DBN). The approval was made subject to meeting the minimum capital requirement of N100 billion, reconstitution of the Board of the bank and reviewing its organizational structure. This was stated in a letter to the MD/CEO of DBN dated March 28, 2017, signed by the Deputy Governor of the CBN in charge of Financial System Stability.
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