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Tag: Diamond Bank

  • Diamond Bank, AfDB lift NSE with N63.3b listings

    Diamond Bank Plc and Af-rican Development Bank  (AfDB) buoyed the market capitalisation of the capital market by more than N63 billion with the listing of two recent issues by the companies on the Nigerian Stock Exchange (NSE).

    Diamond Bank’s supplementary rights issue worth N50.37 billion was admitted to the equity segment while AfDB’s N12.95 billion debt issue was admitted to the debt segment of the market.

    Diamond Bank had undertaken a rights issue of about 8.69 billion ordinary shares of 50 kobo each at N5.80 per share. The rights issue recorded 100 per cent subscription, adding N50.37 billion to the capital base of the bank.

    The addition of the supplementary shares boosted Diamond Bank’s share capital to 23.16 billion ordinary shares of 50 kobo each. Diamond Bank’s share price opened this week at N4.47 per share, indicating total market capitalisation of N103.53 billion.

    AfDB listed the first tranche of N12.95 billion seven-year 11.25 per cent fixed rate senior unsecured notes due 2021 under its N160 billion debt issuance programme.

    The AfDB listing came on the heels of the successful conclusion of the offer for subscription of the N12.95 billion seven-year 11.25 per cent fixed rate senior unsecured notes due 2021.

    AfDB had in 2013 indicated interests in raising medium term note (MTN) bonds and subsequently filed application for naira-denominated bond issuance programme of about $1.5 billion.

    The Diamond Bank and AfDB listings came on the heels of the April 8 listing of United Bank for Africa (UBA) Plc’s N30.5 billion bond issue on the NSE and the FMDQ OTC Plc.

    UBA, in December 2014, successfully raised N30.5 billion Tier-II capital through the issuance of seven-year fixed rate unsecured notes, maturing in 2021.

    The listing on the NSE provides opportunity for retail investors to take advantage of the fixed return on the investment grade notes through the primary market while the FMDQ will provide a secondary market platform for institutional and foreign investors to trade the UBA bond.  The UBA bond is the first corporate bond to be admitted on the FMDQ platform and the first of its kind on a fixed income OTC in Africa.

     

     

     

  • Winner of Diamond Bank TVC contest signs music deal

    Winner of Diamond Bank TVC contest signs music deal

    As part of his reward for winning the Diamond Bank #youneedanewbank theme song remix competition, Nnamdi Oluchukwu, aka Solitude, has signed a record deal with Major Bangz, producer of the hit tracks “Alobam” and ”Shoki.”

    The new theme song is aimed at promoting the bank as the new model for customer-focused banking in Nigeria.

    The competition which was in two phases – a dance and remix competition – required contestants to send in video entries of original dance or song remix of the TVC campaign while the public voted for their favourite videos. Entries with the highest number of votes emerged winners and their owners were rewarded with a cash prize of N250, 000 for the dance competition and N1.5 million and a record deal with Major Bangz in the remix category. Four runners-up were rewarded with cash prizes of N150, 000 each.

    Solitude, an Asaba, Delta State-based artiste, clinched the N1.5 million cash prize alongside the recording deal while The Amazing Crew, an Ilorin, Kwara State-based dance group, won the dance competition and was rewarded with N250, 000.

    “I have participated in many song competitions but #youneedanewbank was a different experience for me as the selection process was very transparent,” said Solitude who has been a musician for eight years.

    “My friend actually introduced me to the competition and we actively monitored the votes online.”

    He said further: “Based on my experience, I can confidently tell people that Diamond Bank fulfills its promises as I got everything as promised. My musical career has gotten a huge lift from this competition and I will be dropping my song, produced by Major Bangz, shortly.”

    Speaking during a courtesy visit of the winners to the bank, AyonaTrimnell, Divisional Head, Corporate Communications, Diamond Bank Plc, said the competition provides opportunities for up and coming artistes to make their mark in the fast growing Nigerian music industry.

    She said: “We had many interesting entries and Nigerians selected their favourites. We hope that the opportunities offered by this competition will help our winners realize their ambitions and also propel them to be worthy ambassadors of the country, particularly in the area of music.”

    According to Tade Davis of The Amazing Crew, it was a pleasant surprise to have won the competition.

    “We are mainly students based in Ilorin and logistics is usually a challenge for us in participating for competitions like this,” said Davis. “When we learnt of the #youneedanewbank competition we immediately applied; more so as the entries were going to be uploaded online and selection was through public voting. We are deeply grateful to Diamond Bank for making this competition truly Nigerian in outlook by creating a level playing field for all competitors irrespective of their location.”

  • FBN Capital wins award

    FBN Capital wins award

    FBN Capital Limited has been awarded the ‘Africa Oil and Gas Deal of the Year Award’ for the Oando Energy Resources $350 million Conoco Phillips assets acquisition deal. The award was conferred at the IJGlobal Europe & Africa Awards 2014, organized by the Infrastructure Journal & Project Finance Magazine yesterday at the Natural History Museum in London.

    FBN Capital Limited, a subsidiary of FBN Holdings Plc acted as Joint Mandated Lead Arranger and financial modeling bank for the corporate facility to part-fund purchase of Conoco Phillips’ participating interest in OMLs 60, 61, 62, 63, 131 and 145 by Oando Energy Resources.

    The total consideration for the acquisition of approximately $1.6 billion was financed via a combination of debt and equity, with the debt portion of the acquisition facility comprising of a $450 Million RBL Facility provided by both Nigerian and offshore banks; and a $350 Million Corporate Facility provided by Nigerian banks.

    The funds were provided by First Bank of Nigeria, Diamond Bank, FCMB, Ecobank, Zenith Bank, UBA, Vitol and Enterprise Bank. Other financial parties to the transaction include FBN Trustees as Security Agent; First Bank of Nigeria as Hedge Provider; and FCMB Capital Markets also as Joint Mandated Lead Arranger.

    Speaking on the award, the Managing Director, FBN Capital Mr. Kayode Akinkugbe said the company would continue to strive to deliver deals that justify the confidence of the clients.

    “We are very pleased to have won this award, and remain inspired by the trust our clients place in us to help them achieve success.  We will continue to strive to raise the bar on industry standards with regard to deal-making and structuring,” Akinkugbe.

    Director and Head, Debt Solutions, FBN Capital, Patrick Mgbenwelu, also expressed his pleasure on winning the award.

    “We feel honored to be recognized for the effort that the client, every member of the team, as well as every party to the transaction put into making this deal a reality,” Mgbenwelu said.

  • Diamond Bank emerges ‘best SME friendly bank in Nigeria’

    Diamond Bank emerges ‘best SME friendly bank in Nigeria’

    Diamond Bank Plc has been named and awarded the best Small and Medium Enterprises (SME) Friendly Bank in Nigeria. The award, given by the Nigerian-British Chamber of Commerce, is in recognition of the bank’s high value addition to the growth and development of SMEs as the engine of industrialisation in an emerging economy like Nigeria. Diamond Bank has the best customer-friendly banking solutions for SMEs, strictly tailored to meet each entrepreneur’s needs and requirements in the segment.

    Delivering the award to the Bank’s GMD/CEO-designate, Uzoma Dozie, at the Presidential Dinner and Awards event recently, the President of the Chamber, Yemi Adefulu, stated that Diamond Bank has remained a leader and focused in churning out new products that meet the needs of SME operators.

    The award, according to Uzoma, is a strong testament of Diamond Bank’s commitment and conviction that SMEs represent and remain the main driving engine for sustainable economic growth and development.

    “It is an award that we cherish, it is a pleasant one. It is recognition of the work and investment in the development of the SME sector in Nigeria,” he stated.

    Diamond Bank Plc’s business focus consists of corporate, retail and public sector businesses but its SMEs footprints has become a model for the industry. With highly structured products for the SME sector, the bank has in the last three years groomed and developed a pool of SME stakeholders into a strong productive force in the economy.

    The bank recognises that the SME segment is a critical arm of the Nigerian private sector. According to the 2010 collaborative survey of NBS&SMEDAN, there are 17.2 million MSMES, a sector which contributes 46.5per cent to GDP and 65per cent socio economic impact through addressing Nigerian perennial problem of youth and adult unemployment estimated at 23.9per cent.

    To Diamond Bank Plc, there are three priority areas of assistance for small business in Nigeria – finance, electricity power & infrastructure and water supply. These are the reasons why Diamond Bank has developed a compelling value proposition comprising a combination of financial and non-financial solutions to address MSME needs. The proposition is anchored on four areas: cost reduction, access to finance, capacity building and access to market.

    Diamond Bank has also shown strong commitment to the sector through the sponsorship of CSR initiatives such as BET programmes (Building Entrepreneurs Today), which is in its fourth year.

    Beyond that and particularly interesting is the bank’s continuous development of women-friendly propositions and services aimed at empowering women economically through SMEs. This includes the Diamond Woman Proposition, a fully-fledged business support initiative designed to empower its female customers by building their capacity in managing their finances, family life, career and businesses through platforms such as seminars, conferences, networking events and an active online community.

    The bank is also noted as a key driver of entrepreneurship across Nigeria, the effects of which include the creation of jobs for millions of people, particularly at the grassroots. The success recorded in this area has led to numerous invitations for strategic partnerships by multilateral international agencies including the IFC, USAID, Women’s World of Banking, Shore Cap Exchange and DFID.

  • Diamond Bank sponsors ‘Vision of the Child’ competition

    Diamond Bank sponsors ‘Vision of the Child’ competition

    Preparations are in top gear for the 2015 edition of the ‘Vision of the Child’, VOTC, an innovation of the Lagos Black Heritage Festival scheduled to hold between March 30 and April 6 next year.

    Sponsored by Diamond Bank, the Lagos Black Heritage Festival is a series of cultural celebrations held within the Lagos metropolis and Badagry. It composes of events such as the Lagos carnival, beauty pageant, and a boat regatta which takes place on the Lagos lagoon while ‘Vision of the Child’ is a segment to incorporate school children in the fiesta by engaging them in competition in the arts.

    Declaring open the competition, with the theme ‘The Road to Sambisa’ recently, was the Lagos State Commissioner for Tourism and Intergovernmental Affairs, Disu Holloway.

    “I was here last year and enjoyed all the events put up by the Black Heritage Festival,” he said. “The events and all the drama that were held here were fantastic.”

    Representative of Diamond Bank said most renowned Nigerian artists started their art as children.

    According to the organisers, the competition which is open to students interested in reading, writing, and painting, and aged between eight and 12 in public and private schools in Lagos State is to promote creative skills.

    Registration which opened from November 13 will close by December 19 while screening of entrants begins on January 12, 2015.

    Interested students can either apply by filling out a paper form or electronically by logging on to www.votc.lagosblackheritagefestival.com and following the instructions. There is a registration fee of N500.

    To qualify, interested participants will submit a poem, essay or short story of 300 to 500 words based on the theme. Shortlisted entrants will then be invited to Freedom Park and provided with canvas, brush and easels to interpret their writing in painting.

    However, unlike the previous years, the festival consultant, Nobel Laureate Prof. Wole Soyinka, decided to recognise ‘few individuals’ endowed with duality of creative skills.

    According to him: “Unlike 2014 where the prize is awarded on the aggregate of the two creative media, there will be three prizes in all – one in painting, another in its sister art, the literary, while the prime prize will go to the combined product of the pupil’s dexterity – Painting and Literature.”

    “We’ve had awards for six kids in 2012, 2013, 2014,” said the Festival Secretary, Foluke Michael, while praising Diamond Bank for supporting the contests. “As of today, we have 96 paintings that will go to our hall of fame very soon.”

    Students from 620 schools participated in the 2014 edition.

  • Diamond Bank records marginal growth amidst regulatory constraints

    Diamond Bank Plc recorded marginal growth in its profit in the third quarter as the bank struggled with industry-wide regulatory constraints.

    Nine-month report of Diamond Bank for the period ended September 30, 2014 showed that operating profit after tax inched up to N20.18 billion in 2014 as against N20.05 billion in comparable period of  2013. However, the bank grew its asset base by 11 per cent from N1.52 trillion as at December 31, 2013 to N1.68 trillion by the end of September 2014.

    Commenting on the report, group managing director, Diamond Bank, Mr. Uzoma Dozie said the bank was pleased to report continued success in implementing its strategy across the group as evidenced by the net profit.

    According to him, the performance of Diamond Bank in the last nine months is a testimony to management’s strategic alignment and focus.

    He noted that retail infrastructure and innovative strategy have remained strong enablers which are propelling the bank to deliver retail solutions and propositions across all the business and market segments.

    The bank’s deposit base increased from N1.206 trillion as at December 2013 to N1.255 trillion at the end of September 2014, representing a growth of about four per cent, while deposit from other banks grew by 61 per cent, from N54.6 billion in 2013 to N87.7 billion in 2014. It scaled up loan facilities as it grew its cumulative loan portfolio to banks by 43 per cent to N184.7 billion from N129.4 billion, while loans to customers increased to N718.8 billion from N689.2 billion recorded as at December 2013, representing a growth of four per cent.

     

  • Diamond and medical tourism

    Diamond and medical tourism

    Are you a healthcare provider and you find it challenging funding your services or facility. The story may take on a positive new turn for you as Diamond Bank Plc, has come up with a solution to the challenge of financing in the industry with the launch of a new product, Diamond MediLoan QualityCare.

    It is a loan facility for hospitals, clinics, nursing homes, laboratories, diagnostic centres among others. It is in partnership with SafeCare, a medical advisory and health standards organisation.

    Apart from access to financing at a competitive rate and attractive repayment tenor, beneficiaries would also enjoy the following: Business advisory services; expert support in instituting best practices and standards and training for staff. The programme has kicked off at Lagos, and Ibadan, Enugu,Akwa, Owerri and Umuahia regional branches of the bank will soon take off.

    The product is for financing the purchase of brand new fixed assets such as delivery vans, wheel chairs, laptops, desktops, generators, hospital beds, microscopes, X-Ray machines, incubators, ultra-sound scanning machines, ambulances, amongst others;  furniture and fittings and other related activities such as expansion/renovation/extension of existing business premises/office.

    There are four tiers of financing under the scheme ranging from N200, 000 to N56 million with a repayment plan of between six months and 60 months.

    Potential beneficiaries are required to have been in business for two years; must have proper health care registration; must have at least 10 customers per day; no exclusive focus on affluent patients and are willing to work with SafeCare Quality standards.

    According to the Deputy Managing Director (DMD) of Diamond Bank, Dr Uzoma Dozie, at the launch of the product held at Lagos Oriental Hotel, Lagos, the loan is to provide financial support for healthcare enterprise, “because the sector lacks access to capital and this initiative allows for free advisory services to improve the operating standard of the healthcare sector in Nigeria.”

    Dozie said Diamond Bank Plc took keen interest in the health sector due to the strategic importance that good health plays in the overall wellbeing of man.

    He said: “For any nation to develop, three things are very critical and important; education, health and food. Citizens, particularly the workforce must be healthy, educated and well-fed. If the workforce lacks any of the three, they can’t be competitive and if they are not, the country can’t develop. That’s the reason we are addressing the problem of financing in the health sector. Through this newly launched product, health practitioners would have access to finance to purchase necessary equipment so they could provide affordable and qualitative services.”

    Speaking further, Dozie said the country loses millions of dollars annually to foreign countries with better healthcare facilities through medical tourism. He argued that this unwholesome trend would be addressed with the new product.”

    “Health statistics has revealed that Nigeria has estimated 545 maternal deaths per 100,000 births and over 18,000 Nigerians traveled to India in 2013 for medical purposes and spent over N41.6 billion naira. When hospitals in Nigeria have the necessary medical equipment, patients wouldn’t need to travel abroad to seek medical treatment, and in the process lose a lot of money. This new facility will help in this regard and make the services affordable. ” he said.

  • Dozie is new Diamond Bank’s MD as Otti resigns

    Dozie is new Diamond Bank’s MD as Otti resigns

    The Board of Diamond Bank Plc has announced the voluntary resignation of the Group Managing Director/Chief Executive Officer, Dr. Alex Otti, from the bank. The board said Mr. Uzoma Dozie, will take over from him, subject to the approval of the Central Bank of Nigeria (CBN).

    Data obtained from LinkedIn, a global social networking site, showed that Dozie was prior to yesterday’s appointment the Deputy Managing Director of the bank. He ascended that position in April. The new Diamond Bank boss has a Bachelor of Science (BSc) degree in Chemistry  from University of Reading, United Kingdom.

    In a statement, the bank’s Chairman of the Board of Directors, HRM Igwe Nnaemeka Alfred Achebe (Obi of Onitsha), announced the changes in management.

    He said Dozie’s appointment was in recognition of his extensive managerial capabilities and wealth of banking knowledge. He also added that it was in consonance with the bank’s succession strategy.

    There were earlier speculations that Otti would be seeking a political office as Abia State Governor.

    Speaking on the outgoing GMD/CEO, the chairman said he would be sorely missed, adding that Otti achieved enviable landmarks during his time. He described his tenure as “the brightest years of Diamond Bank’s 24 year-history.”

    “Dr Alex Otti is a fine gentleman with an outstanding career in the Nigerian banking industry. We are pleased with the time he spent at the helm of affairs of Diamond Bank Plc and wish him every success in his future endeavours,” Igwe Achebe added.

    Under Dr. Otti’s leadership, Diamond Bank made a remarkable return to profitability and has continued to record impressive growth across all performance indicators year-on-year.

    After writing off toxic risk assets which resulted in the loss of N16 billion in 2011, the lender posted a profit before tax of N28.36 billion in 2012 and N32.5 billion in 2013. The bank also saw its total assets rise from N564.9 billion in February 2011 to N1.18 trillion by December 31, 2012 and N1.52 trillion on December 31, 2013.

    He is credited with creating the office of the Chief Risk Officer and designating an Executive Director to head the department. He also spear-headed the expansion of the bank by doubling the full staff count from around 2,000 in 2010 to over 4,000as at mid-2014,even as he vigorously grew the bank’s footprints from a network of 210 branchesin 2011 to over 265 branches three years later. It was also under his watch that the bank established an international subsidiary in the United Kingdom, in addition to expansion in Francophone West Africa (Senegal, Togo, and Ivory Coast).

    It is to be noted that the Central Bank only recently classified the bank as one of the eight systematically important banks in Nigeria under his watch.

  • Diamond Bank expands Lagos retail network

    Diamond Bank expands Lagos retail network

    Diamond Bank Plc has opened a flagship branch that would enable the lender provide banking needs of its retail customers.

    The branch, located at Ajose Adeogun, Victoria Island, Lagos, was inaugurated by the Group Managing Director/CEO, Alex Otti.

    He said the model branch is what the lender’s customers should expect going forward. “This is a new generation Diamond Bank and this is what customers should expect in the future. This is a flagship branch and there a couple of branches we have opened and we decided to showcase this today,” he said.

    Otti explained that the branch has a well-equipped electronic branch, made up of Automated Teller Machines (ATMs), an ATM gallery, telephone banking as well as internet banking facilities.

    Continuing, he said:  “This is banking of the future. This is a four floor building which has private banking, corporate banking and retail banking. We are leading in terms of digital banking but you cannot rule out brick and mortar.”

    Otti said, presently, Diamond Bank is among the industry leaders in terms of electronic banking. He noted that the recently launched MTN Yellow Account by the bank, has been praised by customers and would provide banking services to both the banked and unbanked within the population. It is also an avenue to boost the Central Bank of Nigeria (CBN) financial inclusion policy.

    On his part, the Deputy Managing Director, (Retail Banking), Diamond Bank, Mr. Uzoma Dozie said: “This branch is not like the traditional bank, it is actually to make customers feel more comfortable and we are removing the theatrical branch layout and making it your home outside your home.” The lender, he added, is planning to roll out more branches, e-branches nationwide.

  • Stallion Motors partners Diamond Bank on centenary bonanza

    Stallion Motors partners Diamond Bank on centenary bonanza

    Stallion Motors Limited in collaboration with Diamond Bank Plc has inaugurated new sales offer for customers to discover the uniqueness of precision engineered Volkswagen and Skoda passenger cars in a commemorative sales bonanza – tagged ‘Nigeria Centenary Celebration Bonanza.’

    Announcing the scheme in Lagos, Volkswagen Nigeria Head of Sales and Marketing, Mr Manish Daryanani said the offer is designed with a seamless repayment sequence to ease the process of vehicle ownership.

    The bonanza, which offers for sale a select Volkswagen and Skoda models, including Volkswagen Polo, Jetta, Passat and CC variants as well as Skoda Rapid and Octavia models.

    Daryanani said customers can walk into any of Stallion Motors’ Volkswagen and Skoda showrooms nationwide to place their orders.

    Volkswagen and Skoda are part of the Volkswagen Group marketed in Nigeria under the Stallion Motors franchise.

    Skoda World Head of Sales and Marketing, Mr Sanjay Rupani said the scheme is open to all customers including those with or without functional account at Diamond Bank PLC.

    He said the trio of Volkswagen, Skoda and Diamond Bank PLC have cautiously designed the scheme to enable beneficiaries’ access interest free funds without necessarily paying processing fees or showing collateral.

    And as part of the bonanza, “customers will be eligible to one year free service and one year comprehensive insurance cover couple with other benefits as special anniversary pricing, free registration and one free Samsung Galaxy Note 3 NEO phone for any Volkswagen and Skoda cars purchased during this campaign,” Rupani explained.

    While also adding that successful customers could spread payment tenure over a period of up to 48 months in affordable monthly installments, the Skoda World sales and marketing coordinator said the evolving needs and preferences of prospective vehicle buyers prompted this campaign, which essentially seeks to change the predisposition of car buyers to embrace tried and tested European brands that are durable and serviceable.

    “Our objective is to provide the best products and services to our customers and enable them to enjoy value-added experience in line with Volkswagen clear value for customers – affordability, reliability and German engineering,” he said.

    The auto marketing concern has announced starting monthly installment of N66, 000 for Volkswagen Polo; N76, 000 for Jetta; N110, 000 for Passat; N114, 000 for the CC while Skoda Rapid and Octavia start from N71, 000 and N81, 000 monthly installments respectively.