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The board and senior management of Diamond Bank Plc seems to be giving mixed signals concerning a planned capital investment by new investors.
While the bank had issued a statement on Friday debunking those claims, erstwhile chairman of the bank, Oluseyi Bickerseth seems to have given a hint of a recapitalisation in the works.
Bickerseth’s view
In an interview on Friday (after the bank had issued a notice that Bickerseth had resigned), he maintained that he was still on the board and that a possible shareholder meeting could be in the works.
“We had a valid board meeting on Oct. 22 which I chaired,” he said.
Bickersteth also stated that he was open to all options for recapitalisation, including a rights issue or a takeover.
The bank had on Wednesday October 24 issued a notice to the NSE, disclosing that Bickerseth and three other board members Aisha Oyebode, Rotimi Oyekanmi, Juliet Anammah had resigned.
In the notice, the bank also disclosed that the directors were stepping down for various personal reasons. Diamond Bank is yet to debunk the Bickerseth’s claim nor announced a new chairman. Bickerseth was appointed Chairman on the June 26 2018 following the retirement of Professor Chris Ogbechie.
No moves in the works
Group Managing Director of the bank, Uzoma Dozie also on Friday, stated that the Dozie family would consider options when presented.
“The Dozie family, I suspect, will consider options when put on the table. At present there are none.”
Diamond bank was founded by Pascal Dozie in 1990, and the family continues to maintain a key stake.
Other key investors, who spoke anonymously advocated for a change in management, which some reports this week had alluded to.
Current Managing Director, Uzoma Dozie was appointed on October 2014, following the voluntary retirement of Alex Otti.
Diamond Bank closed at ₦1.44 on Friday’s trading session, down 3.36%.
The stock had gained in the prior 4 sessions on the NSE and was the best performing stock last week.
It closed up 2.5% on Monday, 3.25% on Tuesday, 9.45% on Wednesday and 7.19% on Thursday.
