The Association of Small Business Owners of Nigeria (ASBON) claims its members have not gained any benefits from the N786 billion loan disbursed by the Development Bank of Nigeria (DBN) to Micro, Small, and Medium Enterprises (MSMEs) across the country.

In an exclusive interview with Vanguard, ASBON President Dr. Femi Egbesola responded to claims about DBN’s loan distribution, highlighting that despite DBN’s announcement of funding for 494,819 MSMEs and the creation of 1.2 million jobs, no ASBON member has accessed these loans.

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DBN’s Managing Director, Mr. Tony Okpanachi, had emphasized the government’s commitment to supporting MSMEs and the crucial role of the bank in fostering their development. However, Egbesola expressed concerns about the lack of access for ASBON members and called for enhanced collaboration between DBN and Business Membership Organizations (BMOs) to ensure that genuine business owners can benefit from such funding.

Egbesola stated, “We’ve advocated for a strong partnership between MSME supporters and key stakeholders, especially BMOs. It’s essential that DBN works closely with these organizations to provide verifiable data and validate claims within the MSME ecosystem.” He remains hopeful that ASBON members will soon be able to access these vital funds.