Global Credit Ratings (GCR), one of the leading rating agencies in Africa, has assigned Development Bank of Nigeria “AAA” Long Term National Scale rating. GCR stated this on its website. The conferment, which is the highest rating for financial institutions, is in line with the “risk-free” rating of the Nigerian sovereign and attests to DBN’s strong fundamentals and credibility. Managing Director/ CEO, Development Bank of Nigeria, Mr. Tony Okpanachi, expressed satisfaction on the development.
“We are pleased with this debut rating of “AAA”, with a stable outlook, from GCR, one of the foremost rating agencies in Africa. “We appreciate the rigorous and diligent assessment of GCR as it provides an additional layer of independent review of our governance and risk management practice, ESG principles, and broader management of the institution. More importantly, the outcome of the rating exercise, as expressed in our “AAA” national scale rating, is a testament to our balance sheet capacity, quality of the risk asset portfolio, and sound risk management practice