2023 TII: DBN Emerges Highest-Ranked Public Institution – CeFTIW Survey

The Development Bank of Nigeria (DBN) has again emerged as the highest-ranked public institution in Nigeria in the 2023 Transparency and Integrity Index (TII).  The TII index recently released by the Center for Fiscal Transparency and Integrity Watch is a collaboration between the Centre for Fiscal Transparency and Integrity Watch (CeFTIW) and the Bureau for Public Sector Reform, with support from the MacArthur Foundation.  It assesses 511 MDAs and public sector institutions on their level of transparency and accountability in government processes.  To retain its first position, DBN scored 73.26%, moving up from the 58.74% it scored in 2022, a testament to the bank’s commitment to promoting transparency, accountability, and proactive partnerships.  Speaking at the public presentation of the index, the Secretary to the Government of the Federation, Senator George Akume, represented by the Permanent Secretary, Cabinet Office, Mr. Maurice Mbaeri pointed out that “proactive disclosure of information as enshrined in the Freedom of Information Act seeks to enable public institutions to adopt a proactive stance in disclosing information to the public”.  Akume noted that while access to information is a powerful tool that empowers citizens to request and access government-held information, these “tools are essential to reinforce good governance as it enhances openness and accountability”.  Also speaking, the Chairman, Board of Trustees, CeFTIW, Amb. Angela Nworgu explained that the centre introduced the Transparency and Integrity Index as an annual assessment of public institutions’ compliance with national laws and international conventions that promote transparency, and accountability and minimize corruption.  “The Index was developed to strengthen already existing fiscal transparency legal frameworks, institutional capacity on the requirement of these frameworks and most importantly build a well-informed citizenry that holds the government accountable”, she added.  Reacting to this development, the Managing Director/CEO of DBN, Dr. Tony Okpanachi expressed delight at the report, regarding the ranking as a reflection of the company’s corporate governance, ethics and processes.  Dr. Okpanachi further highlighted, “This report underscores our unwavering dedication to fulfilling our mandate, which involves addressing the financing challenges encountered by Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria. We achieve this by offering financing, partial credit guarantees, and technical assistance to eligible financial intermediaries in a manner that aligns with market conventions and ensures complete financial sustainability.” He reassured that the organization would continue to actively promote the principles of accountability, transparency, sustainability, excellence, diversity, and innovation that are deeply embedded in its corporate philosophy.  

Tinubu Appoints New BOI CEO, Olasupo Olusi

President Bola Tinubu has approved the appointment of Dr Olasupo Olusi as the Managing Director and Chief Executive Officer of the Bank of Industry (BOI) for a term of four years in the first instance. The appointment was announced in a statement by Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Thursday in Abuja. The statement said the appointment of Olusi followed the voluntary resignation of the former BOI Managing Director and Chief Executive Officer, Mr Olukayode Pitan. “Olusi has served as a World Bank economist and development finance expert over the past 20 years. “Between 2011 and 2015, Olusi served as the economic adviser to then Coordinating Minister of the Economy and Minister of Finance. “He is an alumnus of Hull University, United Kingdom,” said the statement. Olusi also obtained a Masters degree in International Money, Finance, and Investment, as well as a Doctorate in Finance & Economics from Durham University, United Kingdom, in 2005. The President tasked the new BOI Chief Executive to ensure that Nigerians operating all sizes of enterprises across sectors were given fair and equitable access to much needed support. He said this would bolster employment generation and wealth creation among income groups in the country with special regard for lower and middle income enterprise operators.

Founder Of Nigeria’s First Rating Firm, Bode Agusto Dies

Bode Agusto, a prominent Nigerian economist and the visionary founder of Agusto & Co, Nigeria’s inaugural credit rating agency, has passed away at the age of 68. Bode Agusto, up until his recent demise, had established himself as an independent consultant of significant repute within the domains of economics, finance, and business strategy. Agusto & Co., founded by Bode Agusto in 1992, played a seminal role in bringing credit rating services to the Nigerian financial landscape.  It was officially granted a license by the Securities and Exchange Commission, thus attaining the distinction of becoming Nigeria’s very first credit rating agency.  Bode Agusto diligently steered the company as Managing Director for a span of 11 years, underlining his enduring commitment to the industry. In a testament to its growth and success, as of 2023, Agusto & Co. has transcended national boundaries, extending its services not only in Nigeria but also to neighboring countries such as Kenya and Rwanda, thereby further solidifying its reputation in the African financial sector. Bode Agusto’s enduring legacy as a pioneer in the fields of economics and finance will continue to be cherished and celebrated within the finance industry, where his innovative contributions have left an indelible mark.