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Fresh Crisis in Diamond Bank Boardroom Corner, As Directors Resign

Fresh Crisis in Diamond Bank Boardroom Corner, As Directors Resign 

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Appointment issues has always been a key cause of uproar in various sectors of the economy, ranging from politics, education, religion etc. Diamond Bank has a key player in the banking sector as not been left out in the saga, one that has gripped the bank customers in shock ever since news got out that their Chairman and three Directors just resigned.
The resignation of the officials followed a protracted dispute involving a major investor, Carlyle Group (NASDAQ CG), over the composition of the board of the bank.
An insider said the dispute that led to Wednesday’s resignations centred on the insistence of the founder of the bank, Paschal Dozie, to have his son on the board.
It was, however, not clear whether this referred to Uzoma Dozie who had been the GMD/CEO of the bank since 2014.
The group had in August 2014 invested $147 million in Diamond Bank when the bank made a $305 million rights issue.
Though Diamond bank is packaging the board crisis via a letter dated October 24 and sent to the Nigerian Stock Exchange.the bank notified “the Nigerian Stock Exchange (NSE) and the public that the following Non- Executive Directors have resigned from the Board of Diamond Bank Plc with immediate effect.
1. Mr. Oluseyi Bickersteth
2. Mr. Rotimi Oyekanmi
3. Mrs. Juliet Anammah
4. Mrs. Aisha Oyebode

In a conversation with the Media Relations Officer Diamond Bank, Eze Anyanwu said “The directors are resigning for varied personal reasons, which will include focusing on their priorities. Diamond Bank will update the market with any further developments in due course,” the letter signed by one Uzoma Uja, had promised.

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