How intrigues, lapses, losses caused Diamond Bank’s fall | The Guardian Nigeria Newspaper

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Uzoma Dozie, Group Chief Executive of Diamond Bank Plc

A persistent breach of governance rules, particularly manifested in avoidable exposure to the oil sector, leading to huge Non-Performing Loans (NPLs), and board disharmony, resulting in wrong decisions, brought Diamond Bank to its knees.

Besides, a recurring insistence to take final decisions on some issues of importance, rooted in “ownership” mentality, irrespective of assessed consequences, aggravated board politics and hastened the company’s collapse.

The sudden fall of the retail banking giant, with N1.55 trillion total assets as at September 2018 and lost value in share price now at N1.37, from N7 in about five years ago, alongside its offshore operations, surely attests to failed decisions and consequences of poor corporate governance.

For the Chief Executive Officer of Access Bank, Herbert Wigwe, the “merger” with Diamond Bank and its leadership in digital and mobile-led retail banking, “will accelerate…



Source: Guardian Newspaper