The Nation Newspaper

Tag: Diamond Bank

  • Diamond Bank launches new exquisite Naira debit card

    Diamond Bank has launched its Diamond Visa Signature Debit Card, a unique Naira debit card designed to provide customers exceptional spending power and exclusive privileges.

    The new debit card gives customers the opportunity to have wider and richer experiences when they relax or travel, home and abroad.

    Head, Consumer Banking, Diamond Bank Plc, Kari Tukur, said the premium debit card that was not only custom-tailored to reward customers’ everyday lifestyle but also fully integrated into the Xclusiveplus experience.

    According to him, the bank has seen a rise in customer spend in the past few years for luxury travel, luxury experiences and luxury products among the emerging affluent client segment.

    “Our proposition is well positioned to further enhance their lifestyle and provide them with the most satisfying rewards. We are always looking for unique ways to surprise and delight our customers, which is why we introduced the Diamond Visa signature Card,” Tukur said.

    He noted that the bank’s customers want and deserve more adding that with the Diamond Visa Signature card and XclusivePlus, the bank has been able to exceed customer’s expectations.

    “With our XclusivePlus membership which automatically comes with a card upgrade to the Diamond Visa signature debit card, our customer enjoy lots of travel and lifestyle benefits such as free access to over 800 Premium airport lounges globally, great discounts and VIP treatment at luxury hotels around the world, free travel insurance cover for them and their family for medical emergencies, lost luggage, flight cancellation and much more anytime they travel. This insurance is also valid for foreign visa applications,” Tukur said.

    There are also benefits closer to home, including free cinema tickets all year around for the movie lovers, free premium events tickets such as concerts, comedy shows and art exhibitions and lots of great offers and discounts from a wide range of merchants across the country ranging from restaurants, bars, hotels, shopping and much more.

    The Diamond Visa Signature Naira Debit card is the first of its kind in Nigeria and is only available to XclusivePlus subscribers.

     

  • CBN fines four banks N5.8bn over MTN’s transaction

    .Standard Chartered      N2.4b
    .Stanbic IBTC                        N1.8b
    .Citibank                                N1.2b
    .Diamond Bank                  N250m
    writes MTN to refund $8b

    The Central Bank of Nigeria ( CBN ) on Wednesday fined four banks N5.87b for violation of its capital importation policy.

    The apex bank said the affected lenders were asked to refund $8,134,312,397.63 for what it described as ‘flagrant violation of extant laws and regulations of the country, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006’.

    A certificate of capital importation (“CCI”) is a certificate issued by a Nigerian bank confirming an inflow of foreign capital either in the form of cash (loan or equity) or goods. A CCI is usually issued in the name of the investor within 24- 48 hours of the inflow of the capital into Nigeria in line with CBN’s guidlines.

    The four banks that have come under the sledge hammer of the CBN for the violations are Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank.

    Announcing the decision in Abuja , CBN’s Director, Corporate Communications, Isaac Okorafor, said the actions of the bank became necessary following allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited and subsequent investigations carried out by the apex bank in March 2018.

    The CBN has therefore asked the managements of the banks and MTN Nigeria Communications Limited to immediately refund the sum of $8,134,312,397.63, illegally repatriated by the company to the coffers of the Central Bank of Nigeria.

    Figures obtained from the CBN indicated that the highest fine of N2,470,604,767.13 was slammed on Standard Chartered Bank, while Stanbic IBTC Nigeria was fined the sum of N1,885,852,847.45. For its punishment, Citibank Nigeria was penalized in the sum of N1,265,541,562.31, just as Diamond Bank was directed to pay the sum of N250 million for violating extant rules.

    Okorafor further disclosed that the decision of the bank followed thorough investigations by it into the allegations of remittances by the four banks of forex with irregular certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited.

    He said the investigations revealed that the sum of $3,448,119,321.72 was repatriated by Standard Chartered Bank on the basis of the illegally issued CCIs. Similarly, he said the sums of $2,632,005,623.78, $1,766,263,212.75 and $348,914,501.30 were repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, respectively during the period 2007 and 2015. Accordingly, he said the CBN had directed the affected banks to immediately refund the respective sums to the CBN.

    The CBN investigation further revealed that on account of illegal conversion of MTN shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by the company.

    While disclosing that the investigations by the CBN took a while in order to carry out thorough inquiry and give fair hearing to all parties involved, Okorafor advised all banks and multinational companies in Nigeria to adhere strictly to the provisions of all extant laws and regulations of Nigeria in their foreign exchange transactions. He warned that failure by the management of banks and companies to abide by the existing guidelines would be appropriately sanctioned, which sanctions may include denial of access to the Nigerian foreign exchange market.

    In a letter by the CBN to MTN, the financial sector regulator told the telecom giant that its investigation also revealed that shareholders of the company invested t $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank (SCB), Citi Bank (CB) and Diamond Bank (DB) and that the CCIs issued at the time of the investment by the above banks to your organization in respect of the $402,590,261.03 showed that $59,436,923.44 was invested as shareholders’ loan and $343,153,339.56 as equity.

    “However, a review of your organization’s financial statements for the year ended December 31, 2007 revealed that $399,594,146.00 was recorded/invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by the banks,” it said.

    “Following a request by your organization through Standard Chartered Bank for CBN’s approval to convert the shareholder’s loan to preference shares, an approval-in-principle was granted vide our letter dated November 13, 2007; with the grant of final approval made subject to the fulfillment of the following conditions by your organization.”

    It said MTN’s implementation of the decision in item 5B of its board resolution dated November 08, 2007 and submission of documentary evidence to that effect to the Director, Trade and Exchange Department of the Central Bank of Nigeria; and provision of an undertaking that no remittance for either interest or principal repayment would be made to the shareholders from the date of the loan to the date they were converted to preference shares.

    In spite of the non-fulfillment of the above conditions, and consequently, the non-issuance of a final approval by the CBN, the apex bank claimed that MTN converted the shareholders’ loan to preference shares with Standard Charted Bank issuing new CCIs in respect of the illegal conversion.

    Also, the action of its banker in aiding your organisation in the illegal conversion of the shareholders’ loan was later described by SCB in a letter to the CBN dated December 10, 2009 as an “unintended omission”; and        On account of the illegal conversion of your shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated on behalf of your company by the aforementioned banks between 2007 and 2015.

    CBN’s Letter to Standard Chartered bank claimed that the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006; and that the investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB) at the initial stage of the investment.

    “The CCIs issued at the time of investment by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded/invested as shareholders’ loan and $343,153,339.56 as equity. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which revealed that $399,594,146.00 was invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria”.

    CBN’s letter to Stanbic-IBTC said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank, Diamond Bank and Citibank, out of which eight of the CCIs totaling $377,216,508.30 were transferred to your bank by Standard Chartered Bank.  Consequently, your bank repatriated the sum of $929,051,331.83 as proceeds of divestment from the CCIs valued at $42,704,408.61.

    “On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited between 2007 and 2015. Your bank falsely reported thirty five CCIs valued $313,683,925.84 inappropriately as “other purchases” in your MTR 203 returns for February 2008 instead of “capital importation,” it said.

    CBN’s letter to CitiBank said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation evidenced by the CCIs issued by your bank, Standard Chartered Bank and Diamond Bank.

    CBN’s letter to Diamond Bank said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2011 to 2006. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank and Standard Chartered Bank.

    Other findings from our investigation included that Diamond Bank issued three CCIs in favour of Dantata Investment for the sum of $5 million without converting the foreign exchange received into Naira as required by our regulations.  On the basis of these illegally issued CCIs, your bank repatriated the sum of $102,545,336.77 in respect of these CCIs. A further review of the CCIs also showed that no Form “M” was opened as evidence of the utilization of the FX for the importation of goods (as “Not valid for FX”) into the country.

    Diamond Bank was also accused of remitting the sum of $348,914,501.38 as dividend to MTN Nigeria Communications Limited offshore corporate shareholders without any documentary evidence of the audited account of the company to justify the basis of the payment of the dividend declared and paid by MTNN. This action was a violation of the provision of Memorandum 24(4)(b) of the Foreign Exchange Manual.

    The bank also failed to indemnify SCB for losses and/or liabilities that may arise from the use of the CCIs you transferred to SCB in violation of the provisions of the Foreign Exchange Manual 2006 among other violations.

    “Your bank illegally remitted the sum of $352,222,358.39 on behalf of Standard Chartered Bank and Stanbic IBTC Bank in respect of the various CCIs issued to MTN Nigeria Communications Limited.        Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter,” it said.

     

  • Diamond Bank to conclude UK unit sale this year

    Diamond Bank expects to conclude the sale of its British unit before the end of the year and is going through a change of ownership, its chief executive said.

    The mid-tier lender struck a deal with British industrialist Sanjeev Gupta earlier this year after selling its West African subsidiaries last year. In May, Diamond Bank posted a 2017 loss, its first time in the red in six years after selling assets to conserve capital and to focus on its home market.

    Its half-year 2018 pretax profit declined 69 percent to N2.92 billion, hurting its shares, which fell a further 1.60 per cent.

    Diamond Bank said it expected loan growth to return, growing five percent this year after credit declined in the first half by 3.6 per cent.

    Weak economic growth hurt loan growth in Nigeria last year. However, as the economy improves the bank expects loans to grow especially as the central bank introduces liquidity to the banking sector targeting credit to manufacturers.

    “The loan growth would come from corporate banking. With the turnaround in GDP we would begin to see opportunities in fast moving consumers’ goods, manufacturing,” the bank said on a call with analysts.

  • Diamond Bank drives H1 growth with digital banking

    Diamond Bank Plc grew its top-line to N98.5 billion in the first half of this year through its focus on retail digital banking which hit three million customers.

    Key extracts of the interim report and accounts of Diamond Bank Plc for the six-month period ended June 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed that gross earnings rose to N98.5 billion in first half 2018 as against N97.9 billion recorded in comparable period of 2017. Non-interest income rose by 6.4 per cent to N18.8 billion on higher fees from retail transactions on mobile platform while customers’ loan volume decreased by 3.6 per cent to N728.7 billion as maturities exceeded new loans during the period. Investments in fixed income securities increased by 8.0 per cent to N241.7 billion over the same period.

    Although the bank’s net interest income reduced by 14.4 per cent to N46.2 billion due to lower interest income from loans and investments, and higher interest expense on deposits; impairment charges declined by 2.9 per cent to N18.39 billion. Pre and post tax profits stood at N2.92 billion and N1.8 billion respectively in first half 2018 as against N9.52 billion and N8.02 billion recorded in corresponding period of 2017.

    Chief Executive Officer, Diamond Bank Plc, Mr. Uzoma Dozie said the first half report underscored the bank’s strong focus on the Nigerian market, especially the retail business segment through its digital penetration strategy.

    He pointed out that the first half results showed that the bank’s digital strategy is paying off as the institution recorded a milestone figure of three million digital customers as well as a significant increase in its mobile platform transaction fees.

    He noted that the  economy has continued to record improvements because of stable, higher than anticipated oil prices adding that the economy has witnessed 15 months of expansion, although investor sentiment has remained mixed caused in part by the election season factor.

    “We have capitalised on the positive macro environment to sustain interest income in the short run with positive prospects for growth and have made progress in growing non-interest income. Importantly, we have continued to build awareness of Diamond Bank in the wider financial ecosystem to develop new frontiers in retail banking,” Dozie said.

    He pointed out that in addition to retail banking, the bank is investing more resources in its mid-market business banking services to seize the opportunities emerging in that segment.

    “In the second half of 2018, these investments will lead to improved profitability overall.  Despite a tough six months being reported, the outlook for 2018 remains bright for the bank as we continue to focus on a return to strong profitability and improvement in other key performance indices,” Dozie said.

  • Diamond Bank: dealing with financially excluded difficult

    Diamond Bank has said it is not easy dealing with finanially exluded members of the country.

    Its Executive Director, Business Development, Chizoma Okolie, said the bank has, however, being doing a lot to capture more people into the formal banking sector net.

    Sharing Perspectives on Consumer-centric Inclusion Banking in Lagos, she quoted the World Bank as saying 64million adults are financially exluded in the country while about 31million banked customers use the automated teller machine (ATM) to do their transactions.

    According to her, there is need to know what people in the financial services sector, stressing that the lender identified convenience, simplicity, borrow with little credit history, know me/involve me.

    She explained that there is always the need to bring convenience to the customers without necessarily disrupting their life styles, adding that the culture of the people also needed to be preserved while trying to catch them into the formal banking net.

    She said the determination of the lender to get more people to embrace financial services made it to partner MTN Nigeria to unveil the Diamond Y’ellow Account.

    According to her, the initiative has recorded a resounding success as account holders under the scheme has now hit 10 million because it has taken care of simplicity and convenience as their nearest agent could be located through the mobile phone.

    She said Beta Friends account is another initiative introduced by the lender to simplify banking to the customers.

    While this initiative sits within the comfort of the bank, she said it also does not distort people’s way of life and promoting social inclusion by providing opportunities through connecting people and connecting businesses. Currently, the product has 580,000 customers mostly women.

    For the Diamond Closa, she said it already has 317 agents.

  • FSD Africa assures Diamond Bank on financial inclusion

    The Financial Sector Development for Africa, (FSD Africa), an agency funded by the United Kingdom through UK Aid, has reiterated its commitment to provide more support for Diamond Bank Plc on its financial inclusion drive.

    At a dinner hosted by Diamond Bank in honour of visiting executives from FSD Africa, the agency noted that though it has partnerships with other banks and organisations across Africa, the partnership with Diamond Bank has been its longest and most successful.

    Director, Financial Services, FSD Africa, Paul Musoke said it had not only been providing funding but also working closely with the Diamond Bank team to improve financial inclusion.

    “We commend Diamond Bank for employing professionalism in all their dealings with us,” Musoke said.

    Diamond Bank Plc Managing Director, Mr Uzoma Dozie, said the bank has opened up many opportunities for small and medium enterprises and savers through innovative products that target each segment of the population.

    He said the bank has achieved more success in its financial inclusion projects by partnering donor agencies such as EFIna, Women’s World Banking (WWB) and FSD Africa.

     

  • Diamond Bank records mixed performance in 2017

    Diamond Bank Plc recorded mixed performance last year with modest growth in the top-line and significant depression in the bottom-line.

    Key extracts of the audited report and accounts of the bank for the year ended December 31, 2017 released at the weekend indicated that gross earnings rose by 2.99 per cent from N184.1 billion in 2016 to N189.6 billion in 2017. However, the bank recorded group loss before tax of N11.5 billion in 2017 as against profit before tax of N3.3 billion in 2016. After taxes, net loss stood at N12.8 billion in 2017 compared with net profit of N2 billion in 2016. Total assets declined from N2.05 trillion in 2016 to N1.71 trillion in 2017. Total liabilities also dropped from N1.82 billion in 2016 to N1.49 billion. Total equity declined to N223.3 billion in 2017 as against N226.7 billion in 2016.

    Diamond Bank Chief Executive Officer, Mr. Uzoma Dozie said the bank recorded a decrease in profit before tax because of higher operating expenses, although investments in technology are starting to drive operational efficiencies.

    According to him, the bank made good progress in executing its technology-led retail banking strategy in 2017 as it increased its market share and drove scale through a combination of technology and expansion of its services across additional platforms.

    He noted that the bank made additional inroads to the unbanked and underbanked populations with the support of its international partners while rapid rollout of products and services for entrepreneurs, and small and medium business owners gained significant traction.

    “At a macro level, the economic environment improved, albeit marginally. Against this backdrop and Nigeria’s broader positive fundamentals, we disposed of some non-core assets to optimise the use of our resources and focus on the significant potential of our domestic market. By taking this action, Diamond Bank is better positioned to accelerate its growth, productivity and profitability in the short to medium term,” Dozie said.

    He explained that Diamond Bank reviewed ownership of non-core assets to focus on the significant opportunities in Nigeria, particularly in retail banking, which led to the divestment from the bank business in West Africa, with that in United Kingdom set to follow.

    He pointed out that in order to restore its technology-led retail banking strategy, the bank successfully delivered new initiatives, by building additional ecosystems and the expansion of customer services across different platforms, including DreamVille platform – the first Nigerian gamification portal for banking aimed at improving financial literacy and participation among youths.

    “Although more work is to be done, particularly in relation to our oil and gas exposure, overall the quality of the loan book has improved. This will remain a key area of focus over the next 12 months. Looking ahead, I am optimistic that due to the actions we have taken as well as an improving economy, Diamond Bank will continue to make good progress and achieve greater profitability,” Dozie said.

     

  • Our financials still undergoing review, says Diamond Bank

    Diamond Bank Plc has sought for another extension of the timeline for the submission of its audited report and accounts for the immediate past business year after the commercial bank failed to meet the initial extended deadline of April 30, 2018.

    In a regulatory filing yesterday at the Nigerian Stock Exchange (NSE), Diamond Bank stated that it was unable to issue its audited financial statements for the year ended December 31, 2017 within the extended deadline of April 30, 2018 as earlier indicated to the investing public.

    The bank stated that the audited financial statement “is still undergoing review” and expressed optimism that “the review process will be concluded within May 2018”.

    “Thereafter, this will be transmitted to the Exchange and made available to the public. We will also like to notify you that the release of 2018 first quarter financial statement will follow the transmission of 2017 audited financial statement in short order,” the filing signed by Company Secretary and Legal Adviser, Diamond Bank, Uzoma Uja, stated.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than three months or 90 calendar days after the expiration of the period. The deadline for submission of annual report for companies with Gregorian calendar business year ended December 31, 2017 was March 31, 2018.

    Diamond Bank had sought extension till April 30, 2018 but failed to meet the extended deadline. The Nation had reported exclusively that Diamond Bank was one of the companies already marked out by the NSE for regulatory sanctions following delay in the submission of the audited report and accounts of the companies for the immediate past business year.

    Under the rules at the Exchange, a late submission attracts a fine of N100,000 per day for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.

    Diamond Bank recently signed a preliminary agreement to sell its United Kingdom (UK)’s banking operations, Diamond Bank UK, in another major divestiture aimed at narrowing down the commercial bank’s operations to its domestic Nigerian market.

    Diamond Bank signed a Share Sale and Purchase Agreement with a member of GFG Alliance, for the disposal of its entire shareholding in Diamond Bank UK. Completion of the transaction is subject to approval from the Financial Conduct Authority and Prudential Regulatory Authority – the regulators responsible for banking in the UK.

    The bank stated that the disposal was in line with its “objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market”. The latest transaction follows the bank’s divestment from its West African business, Diamond Bank S.A., which was completed in November 2017. Diamond Bank SA’s operations covered Benin, Togo, Cote d’Ivoire and Senegal.

     

  • Diamond Bank sells UK subsidiary

    Diamond Bank Plc has signed a preliminary agreement to sell its United Kingdom (UK)’s banking operations, Diamond Bank UK, in another major divestiture aimed at narrowing down the commercial bank’s operations to its domestic Nigerian market.

    In a regulatory filing at the Nigerian Stock Exchange (NSE) yesterday, Diamond Bank stated that it has signed a Share Sale and Purchase Agreement with a member of GFG Alliance, for the disposal of its entire shareholding in Diamond Bank UK. Completion of the transaction is subject to approval from the Financial Conduct Authority and Prudential Regulatory Authority – the regulators responsible for banking in the UK.

    The bank stated that the disposal was in line with its “objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market”. The latest transaction follows the bank’s divestment from its West African business, Diamond Bank S.A., which was completed in November 2017. Diamond Bank SA’s operations covered Benin, Togo, Cote d’Ivoire and Senegal.

    “The Bank and GFG Alliance are committed to, and are pursuing a quick completion of the transaction subject to approval of the Financial Conduct Authority and Prudential Regulation Authority who regulate banking business in the United Kingdom,” Diamond Bank stated.

    By focusing exclusively on Nigeria, Diamond Bank is seeking to capitalize on the vast growth opportunities presented by Africa’s largest economy. This includes macro fundamentals such as Nigerian’s changing lifestyle preferences in favour of mobile delivered services and an emerging culture of innovation and tech-enabled entrepreneurship.

    Diamond Bank will have no remaining international subsidiaries after the divestment from Diamond Bank UK, leaving it to focus solely on Nigeria.

    Chief Executive Officer, Diamond Bank Plc, Mr. Uzoma Dozie said Diamond Bank’s strategic objective is to be the fastest growing, and most profitable technology driven retail banking franchise in Nigeria.

    He said the bank’s strategic intent requires it to optimize resources by divesting from non-core assets, and focusing exclusively on the Nigeria’s highly attractive market.

    “The commercial opportunities for Diamond Bank in Nigeria are vast, due to its positive fundamentals including millions of people who are either underbanked or unbanked, high mobile phone penetration and the continent’s largest economy,” Dozie said.

    According to him, Diamond Bank has already laid the foundation for growth in Nigeria with acquisition of over 15 million customers, many of whom are owning bank accounts for the first time. Through its technology-led approach, Diamond Bank is also fully aligned to most Nigerian’s digital first ethos, whilst also having a framework for scaling up quickly, efficiently and cost effectively.

     

     

  • Diamond Bank promotes savings culture

    Diamond Bank has given out a new car and N59 million to  its 1,016 customers who emerged winners at the second quarterly draw of its Season 10 DiamondXtra promo to promote savings culture among Nigerians.

    The bank said the gesture is positively affecting the lives of its customers, as it enables them to pay rents, gives winners salaries for life, and also gave out education grants to various customers.

    The DiamondXtra Season 10 monthly and quarterly draws are to reward customers and give them the financial power to contribute meaningfully to the growth of the economy. With winners expected to emerge from all the geopolitical zones of the country, the bank’s Head of Consumer Banking, Karimat Tukur said at the promo held in Lagos over the weekend.

    Tukur also said the promo is an avenue for financial inclusiveness as more customers will be drawn to the savings culture. At the draws, Catherine Onwusonye, a customer in Garki, Abuja won the star prize of the quarter, the Hyundai car.

    A winner also got the education grant of N100,000 monthly salary for five years and Adedapo Adewale, Charles Ikechukwu and Vincent from Ogun, Anambra and Kano states won N1 million each as rent for a year.

    The bank’s Head, Mass Market Segment, Osita Ede, said more persons would embrace savings culture as they would see the advantage of not keeping money at home but in the banks.

    Ede said the DiamondXtra account is open to both existing and potential customers of the bank as a deposit balance of N5,000 qualifies a customer to participate in the draws while a multiple of that amount increases the customer’s chances of winning.

    The prizes for this year have been increased by 20 per cent to give more customers the opportunity to win in the monthly and quarterly draws.  “The draws scheduled for this season reaffirms Diamond Bank’s commitment to financially empower more Nigerians by spreading the draws across the six geopolitical zones throughout the four business quarters of the year,” he added.