Top 3 Decisions Mandated By The Central Bank of Nigeria To Save Diamond Bank In 2018

by Lara Carter

In November 2018, Olatorera Consultancy published a list of Top 10 Nigerian Businesses Undergoing Financial Troubles. Diamond Bank was on the list. The Central Bank of Nigeria (CBN) discovered significant financial mishaps while auditing Diamond Bank’s operations. 4 notable directors of Diamond Bank quit amidst the turmoil. The directors that quit were the Chairman of the board Seyi Bickersteth, CEO of Murtala Muhammed Foundation Aisha Oyebode, Partner at APIS Partners Rotimi Oyekanmi and CEO of Jumia Nigeria Juliet Anammah. There were speculations that Access Bank would buy out Diamond Bank but this was publicly denied.

diamond bank nigeria

The following are the top 3 decisions mandated by CBN to ensure Diamond Bank remains a viable commercial bank:
  1. Convert Diamond Bank’s International Banking Licence to a National Banking License.
  2. Diamond Bank must liquidate all international assets including Diamond Bank UK
  3. Diamond Bank must fully pay off an Eurobond Loan of $200 million by May 2019.

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