Peter Obi, the Labour Party’s 2023 presidential candidate, has challenged the Development Bank of Nigeria’s (DBN) claim that it has disbursed more than ₦1 trillion to micro, small, and medium enterprises (MSMEs) since 2015.
In a post on his X handle on Wednesday, the former Anambra governor said his findings from nationwide interactions with business owners revealed that most had no knowledge of the bank’s existence, let alone access to its loans.
DBN had announced last week that it disbursed over ₦1 trillion in empowerment interventions, with 62 percent of beneficiaries being women. The bank’s managing director, Tony Okpanachi, represented by Idris Salihu, head of corporate services, said the initiative was designed to expand women’s access to finance and support MSMEs.
But Obi disputed the claim, arguing that if such funds had truly been deployed, the results would be visible across the economy.
“If $1 billion was disbursed in small loans averaging $1,000 each, at least 1 million small businesses would have benefited, creating about 3 million jobs,” Obi said. “The reality is that unemployment remains at a record high, businesses are shutting down, and poverty is worsening.”
He further questioned: “If ₦1 trillion truly left the coffers of DBN to empower Nigerians, where did the money go? Who were the beneficiaries? What businesses were supported, and where is the proof of jobs created or poverty reduced?”
Obi urged the bank to publish a detailed account of beneficiaries and the impact of its interventions, stressing that empowerment should not be reduced to slogans or political rhetoric.
He added that Nigeria must embrace transparency and accountability to ensure public funds are deployed for the people’s benefit rather than being recycled among elites.