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Some people have asked me what happened to Diamond Bank and what led to the acquisition (aka merger) by Access Bank. I fully understand the sentiments behind the question. However, a look at the key figures of #DiamondBank will help explain what happened.
A THREAD
A THREAD
First, I can tell you for free that before 2014, #DiamondBank was doing quite well. Under Alex Otti who took over the bank in 2011 from Emeka Onwuka, it recorded a PAT of N22b in 2012, N32.5b in 2013 and N28.36B in 2014. Its total assets rose from N565b in 2011 to N1.5tr in 2013.
#DiamondBank began its downward trend in 2014 when Uzoma Dozie (the son of the founder) became the CEO. In the first full year of his leadership, profit went down from N28b to N5.6b in 2015 and then to N3.5b in 2016 before declaring a loss of N9 billion in 2017.
