The chairman and three non-executive directors of Diamond Bank have resigned from their positions.
This was confirmed by the bank in a letter dated October 24 and sent to the Nigerian Stock Exchange.
In the letter titled “RESIGNATION OF CHAIRMAN AND NON-EXECUTIVE DIRECTORS,” 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
“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 Uzoma Uja, it’s company secretary, stated.
Mr Bickersteth was recently appointed the bank’s chairman.
It was gathered by Premium Times that 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.
The group had in August 2014 invested $147 million in Diamond Bank when the bank made a $305 million rights issue. Announcing the investment November that year, the bank said the rights issue was to improve its Tier 1 capital, strengthen its balance sheet and support its continued growth plans.
It said the proceeds would be used for the development of its “IT infrastructure, working capital support and the expansion and refurbishment of its branches.”