Banking
Diamond Bank Appoints Okoli, Others As Directors
By Modupe Gbadeyanka
Diamond Bank has announced the appointment of three outstanding and successful Nigerian individuals as its directors.
The new appointees, according to a notice to the Nigerian Stock Exchange (NSE), are Mrs Chizoma Okoli, Mr Chiugo Ndubisi and Mr Rotimi Olayiwola Oyekanmi.
While Mrs Okoli and Mr Ndubisi were appointed as Executive Directors, Mr Oyekanmi was announced as an Independent Director.
Diamond Bank, in the notice signed by its Legal Adviser, Mrs Nkechi Nwosu, explained that the appointments would be “presented to the shareholders for ratification at the next Annual General Meeting (AGM) of the company.”
Mrs Okoli, who was appointed as an Executive Director, Business Development of Diamond Bank, was before her appointment, the Head, Business Development.
She has served in a number of capacities in the Bank since 1992 when she joined the organisation as an Executive Trainee in the Operations Unit, amongst which is Head, of the Corporate Banking Directorate. She is also on the Board of Diamond Bank, UK.
An alumnus of the Wharton Advanced Management Program of the University of Pennsylvania and the Senior Management Program of the Lagos Business School; Mrs Okoli is a 1989 Law graduate from the University of Benin. She was called to the Nigerian Bar in December 1990 and has an MBA from the Warwick Business School, Coventry, UK.
On Mr Ndubisi’s part, he is appointed to be the Executive Director/Chief Financial Officer. He had functioned as the Acting Chief Financial Officer (CPO) until July 2016 when he was appointed the substantive Chief Financial Officer.
He was previously the Head, Financial Management Division and formerly the Financial Controller. He has worked in several positions since joining the organisation in 1996 as an Executive Trainee.
Mr Ndubisi graduated in 1994 with a First Class Honours degree in Engineering from the University of Nigeria, Nsukka and holds a Master of Business Administration degree (MBA) from the University of Lagos, Akoka.
A Chartered Accountant and Banker, Mr Ndubisi has attended various local and international courses including the HSBC International Bankers’ course in London and the Citibank Foreign Exchange Workshop (Bourse Game). He is also an alumnus of the Advanced Managers Programme (AMP) of the Wharton Business School and the Senior Managers Programme (SMP) of the Lagos Business School.
Also, Mr Oyekanmi, appointed as an Independent Non-Executive Director, is a Chartered Accountant and a Fellow of the Institute of Chartered Accountants of Nigeria. He holds a BSc (Hons) in Economics from the University of Ibadan and an MSc. from the London School of Economics and Political Science, London.
His career spans over 33 years in the banking and investment sectors. He joined Arthur Andersen & Co (now KPMG Professional Services) in 1983 from where he moved to the International Institute of Tropical Agriculture as Chief Internal Auditor in 1988. He started his Banking career with Prime Merchant Bank Limited in 1991 as a Senior Manager. Between 2001 and 2009, he was Chairman, Venture Capital Association of Nigeria, a Director at African Venture Association and Chairman, African Venture Capital Association.
He was Group Head, Investment Banking at Ecobank Capital Nigeria from 2012 to 2013.
Mr Oyekanmi until his appointment was the Chairman of Rendeavour Group and RenMoney MFB Limited and a Partner in Apis Partners LLP, a private equity asset management Firm that supports growth stage financial services businesses in Africa and South Asia by providing them catalytic growth equity capital.
Banking
Proxy Share Acquisition: Nothing to Worry About—LivingTrust Mortgage Bank Assures Shareholders
By Aduragbemi Omiyale
The board of LivingTrust Mortgage Bank Plc has assured the investing public, particularly its shareholders, that its operations are not being affected by reports of an alleged proxy share acquisition surrounding the organisation.
It was claimed that an investor attempted to take over the control of the real estate lender with funds alleged to have been from questionable sources.
In a clarification to the investing public through the Nigerian Exchange (NGX) Limited on Tuesday, April 7, 2026, the company said it cannot confirm if security operatives investigating the claims have submitted their report to the Central Bank of Nigeria (CBN).
However, it assured that, “Our bank is stable and that in the event of any change in ownership, we will file the necessary formal notifications and publish detailed announcements.”
In the notice today, LivingTrust Mortgage Bank narrated that, “As a company listed on the Growth Board of NGX, there are regular movements on the bank’s shareholder register.
“The bank’s monitoring of material movements showed an acquisition of 2.24 per cent of its shareholding by Apel Asset Ltd-Nominee, as per its register of June 25, 2025, as obtained from our registrar. However, one month later, in July 2025, the register obtained from the bank’s registrar showed the same shares to be listed in favour of Deril Academy Limited. We are further aware that in July 2025, Deril Academy Limited teamed up with some other shareholders in a takeover attempt via a matter filed in the Federal High Court, Lagos. The attempt failed, and the matter has now been withdrawn.
“Please note that we do not reveal the veil of corporations of juridical entities investing in the shares of the bank, below the level considered statutorily significant.
“While the CBN assesses the source of funds invested in financial institutions, persons purchasing shares of less than 5 per cent of total shareholdings in the open market are not required to be reported to the CBN.”
Business Post reports that the majority shareholders of LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank, are Cititrust Holdings Plc and the Osun State Government.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) registry surged to 68.6 million in the first three months of 2026 from 67.8 million in the last quarter of 2025, reflecting continued uptake of the unique identity platform for bank customers amid new regulatory directives to strengthen the Nigerian financial landscape further.
Data released by the Nigeria Inter-Bank Settlement System (NIBSS) showed that the database expanded by 754,128 in the first quarter of the year.
Last year, the sector recorded 4.3 million new registrations, largely driven by the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to register remotely, thereby boosting cross-border financial inclusion.
The data for fresh enrolments in 2026 showed a slowing rate of registrations, with fewer than one million recorded in the first three months. The total number of active bank accounts in Nigeria stood at over 320 million as of March 2025, highlighting a gap between BVN coverage and the broader banking population. While a single BVN can be linked to multiple accounts, unlinked accounts remain a challenge for financial oversight.
Last month, the Central Bank of Nigeria (CBN) introduced a revised BVN regulatory framework to strengthen identity verification and fraud prevention. Among the new provisions, only individuals aged 18 and above are eligible for BVN enrolment, and customers are now permitted to update the phone number linked to their BVN only once.
The apex bank also directed financial institutions to maintain a temporary watch list of BVNs associated with suspected fraudulent transactions. Affected BVNs remain on the list for up to 24 hours, during which owners are contacted for clarification before further action is taken.
According to the CBN, the measures are designed to tighten fraud monitoring, protect transaction integrity, and enhance identity management across Nigeria’s banking system.
By Modupe Gbadeyanka
One tune that is on the lips of young and energetic Nigerians is the new ALAT: The Evolution jingle.
The melodious clink was designed to capture the energy of a smarter and more seamless banking experience. It is bright, catchy, and full of life.
The lender said the ALAT: The Evolution jingle is more than just music, as it represents a clear statement of intent. It signals a shift towards banking that feels natural, responsive, and in tune with the user.
As customers update their app and explore ALAT: The Evolution, the jingle serves as a reminder that a better, smoother way to bank is already here. Wema Bank is not just evolving its technology; it is shaping how banking feels.
It was stated that the tune was introduced to mark the next phase of the financial institution’s digital banking journey.
Everyday banking can often feel routine or even stressful, with multiple steps and delays slowing things down. The ALAT: The Evolution jingle reimagines that experience with a lively and confident tone that mirrors the app’s capabilities.
From voice banking with SAW to Tap and Pay and bank uptime prediction, each feature is echoed in the rhythm and flow of the sound. It brings to life the speed, convenience, and reliability that define this new phase of ALAT: The Evolution.
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