Development Bank eligibility criteria

MINIMUM ELIGIBILITY CRITERIA
1. To be eligible to receive financing from DBN, the PFI shall have
met the minimum eligibility requirements set out below on the
Cut-Off Date. The PFI shall maintain the minimum eligibility
requirements throughout the Financing Period.
2. DBN or its representative will conduct an annual due diligence
process to confirm that the PFI is not in breach of the minimum
eligibility requirements and may declare all advances to the
PFI immediately payable if the PFI is in breach of one or more
of the requirements or fails to remedy the breach of a
requirement within any grace period allowed by DBN at DBN’s
absolute discretion.
3. To be eligible to receive financing from DBN, the PFI shall:
3.1. hold a duly issued and valid license from CBN to carry
on business as a bank or finance company;
3.2. demonstrate within the three most recent financial
years, two years of profitable lending operations, with
effective risk management procedures, controls, and
acceptable levels of loan portfolio quality and
performance;
3.3. ensure that its shareholders and Board of Directors
shall be qualified persons of proven integrity and shall
be knowledgeable in business and financial matters, in
accordance with the applicable regulatory guidelines
on fit and proper persons;
3.4. show evidence of compliance with all applicable laws
and applicable CBN regulations;
3.5. have qualified and experienced management,
adequate organisation and institutional capacity for
its specific risk profile;
3.6. have well defined policies and written procedures for
management of all types of financial risks (liquidity,
credit, currency, interest rate and market risk, as well
as risks associated with balance sheet and income