Diamond Bank Debunks Media Report On Fund Injection

The Board of Diamond Bank Plc has debunked the media speculation relating to comments attributed to its former Chairman, Mr Oluseyi Bickersteth.

The Bank on Friday, said that, contrary to such media articles, it has not received an offer from an investor to inject cash.

According to statement signed by Ezechinyere Anyanwu, Media Relations Officer, Corporate Communication of the bank, he said further to the Company’s announcement of 26 October 2018, Diamond Bank and its Board of Directors have continue to review all strategic options on a regular basis.

He said Diamond Bank without measure, also enjoys the support of its major shareholders, including The Carlyle Group and Kunoch Holdings who are, as ever, working in cooperation with the Board and management as appropriate to ensure the successful operation of its business in Africa’s most dynamic banking market.

“Further to the announcement of 24 October 2018, Diamond Bank is in active discussions with regards to the appointment of new non-executive directors to the Board and, subject to CBN approval, these will be announced in due course.

“Diamond Bank’s recent Third Quarter results published on October 26, 2018 show the business continues to execute its clearly articulated tech-led retail strategy despite headwinds in the Nigerian economy”, added.

Bloomberg had earlier reported that the bank received an offer from a major investor to inject cash by increasing its stake, a move it said, would help the Nigerian lender keep its capital adequacy ratio above the required threshold, according to the outgoing chairman.

The proposal said to have revolved around the Chief Executive Officer Uzoma Dozie resigning, thereby paving way for the new owners.