Newly licensed Development Bank of Nigeria will be headed by Tony Okpanachi, Premium Times reported March 30, citing the country's finance ministry.

Okpanachi is deputy CEO of Ecobank Nigeria Ltd., a unit of Ecobank Transnational Inc. Ijeoma Ozulumba was named CFO of Development Bank of Nigeria, and Olu Adegbola chief risk officer.

Members of the board include Chairman Shehu Yahaya, Uche Orji and Mohammed Kalif. The independent directors are Philips Oduoza, Andrew Alli, Bello Maccido, Clare Omatseye and Oladimeji Alo.