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Monday , 10 December 2018

Panic withdrawal hit Diamond ! Dozie confused, NSE axe falls

It is multiple  tragedy as customers in some part of Eastern  Nigeria and Lagos in the last few hours on Monday began making panicky withdrawal    uncertain about the  future  of the bank.

One of the first signs for banks whose ratio is suspect is indication to raise fresh funds.
Diamond Bank is at the verge of raising fresh funds after selling some of its foreign assets to strengthen its balance sheet.
Though Diamond  is denying.. the board had said it wishes to clarify that the company has not received an offer from an investor to inject cash.
“We are in active discussions to appoint new board directors and we have the support of our major shareholders, including the Carlyle Group, to ensure successful operations.”

Whenever a financial institution is under serious threat of capital base, the seat of the managing director remains uncertain.
This may best define the scenario at Diamond Bank Plc even though it announced weekend that it had yet to receive any investment offer from potential investors.
There had been strong boardroom politics and strategic opposition to the continued stay of the current Group Managing Director, Mr. Uzoma Dozie even as the board is now on hot seat of reviewing all strategic plans.. Now there  is apparent pressure on Uzoma to quit or remain as GMD and perform out-of-this-world that will pull capital capable of deepening the coffers of the bank  is coming from the bank’s recent comment that four of its directors, including its former Chairman, Oluseyi Bickersteth, had resigned, fuelling speculation that the lender was in talks with a new investor to recapitalise.
You need also gathered that capital squeeze which pushed directors of Diamond Bank to approach Access Bank for intervention in a bid to stave off a possible regulatory intervention and resultant withdrawal of the CBN’s operating licence in view of freezing capital adequacy ratio caused by high Non Performing Loans (NPLs) portfolio of over N150billion, has activated acquisition move rather than assistance that was sought.

  • Diamond Bank Plc is also the second highly sanctioned bank with a N7.3m fine.at the Sock Exchange recently

The bank had an outstanding fine of N2.4m from 2017, added to the N3.8m and N1.1m fines it received at different times this year.

Though the CBN is yet to open up on its recent stress test on banks, pundits are becoming convinced that many banks are not standing well when their minimum regulatory ratio is put on the table.

About Younews Ng

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