Banking
Diamond Bank Shocks South-South Customers With SUV, N25m
By Dipo Olowookere
Winners have emerged in the Diamond Bank SavingsXtra promotion draw for south-south customers and prizes given to respective beneficiaries.
At the draws held recently in Port-Harcourt at the Odual road branch of the bank, a brand new SUV was won as well as N25 million.
The SavingsXtra draw is part of Diamond Bank’s way of promoting a savings culture and satisfying its customers.
The ceremony, which attracted industry stakeholders, relevant regulatory bodies, customers, shareholders, journalists and management staff of the bank, saw Mr Imariagbe Austin of the Sapele Road branch, Benin City emerge as the winner of the star prize of a brand new SUV.
At the draws, 10 lucky customers went home with N1million each and a further 31 customers won N500,000 each.
The draws were conducted through an electronic process certified by the top audit firm KPMG who had a representative present to monitor the event.
Mr Osita Ede, Head of Mass Market Segment, Diamond Bank Plc, in his opening speech, informed that the Diamond SavingsXtra account was created to promote a savings culture and enhance financial inclusion among Nigerians.
He stated that the reward scheme was just one of the ways in which the bank sought to appreciate customers for their loyalty to the bank.
Mr Edeh pointed out that coming up in the no-too-distant future is Diamond Bank’s nationwide monthly draw in which thirteen people will be awarded the sum of N1m each, two people the sum of N2 million each and one lucky person will win the salary-for-life which sees the winner earn a salary from Diamond Bank plc every month for a period of 20 years.
To qualify for the monthly draw, Mr Osita Edeh informed the gathering that all a customer needs to do is maintain a minimum monthly balance of N5,000.00 while additional deposits would count as multiple entries thereby increasing the customer’s chances of winning.
Present at the occasion were past winners from draws within the region.
Mr Duru Chukwuebuka Francis, a salary-for-life winner who emerged from the Eket branch of Diamond Bank plc, said he didn’t believe he had won until he got the first credit alert from the bank.
Mr Duru, a trader in building materials, went further to state that representatives from the bank have continuously proffered invaluable advice on investment opportunities making him a better business manager.
Mrs lawal Fatima, who won N1m in February, on her part, declared that she resigned from her job at the end of January and in February she was told she had won in the SavingsXtra promotion.
She informed the gathering that she made judicious use of the money, investing in a profitable venture which she is using to take care of herself.
In her words, “I can say that Diamond Bank is one of the most SME-friendly banks because I believe the essence of this money is to help people earn a living and so I appreciate Diamond bank for assisting people in establishing themselves.”
Head of Retail performance, Southern Directorate of Diamond Bank Plc, Mrs Tonye Ukpong, declared that the Savingsxtra Reward scheme was here to stay.
She informed all present that the Bank has paid out over N4 billion over eight years and N600 million has been earmarked for winners this year.
She encouraged customers to cultivate the savings culture because that is what the Diamond SavingsXtra account seeks to promote, stating that Diamond Bank Plc would not relent in its efforts to create mutually beneficial relationships between the bank and customers through its services and offerings.
The winners were selected in a poll drawn from all the states within the bank’s south-south directorate.
Some winners from the day included, Aliyu Mahammed Salifu, Ladi Anne Yougha netimah, Eyo Ekpenyong, Tunji Adetayo Owoseni, Ngozi stella Omolafe, Emwanmwan lucky Agbonrierien, Felicia Olachi Onyegbula, Mrs Osuoha Ifeoma Vivian, Goka John Osaro, Alh Saleh Danlami Sulaiman.
By Modupe Gbadeyanka
The Nigerian banking industry has been praised for its strength, capacity and resilience, following its compliance with the March 31, 2026, recapitalisation deadline.
In March 2024, the Central Bank of Nigeria (CBN) gave financial institutions operating in the country a March 2026 deadline to jack up their capital base from N25 billion.
Banks with an international licence were asked to have at least N500 billion, while national lenders were told to raise the capital base to N200 billion, with regional banks pegged at N50 billion.
Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital.
The banking reform was to prepare operators for the $1 trillion economy target for 2030 set by the federal government.
Data showed that almost all the Nigerian banks have shored up their capital ahead of the CBN recapitalisation deadline.
According to the CBN Governor, Mr Yemi Cardoso, 32 banks have already met the new capital requirements under the ongoing recapitalisation programme.
“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements.
“This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1 trillion economy,” he said.
One group that is over the moon over this development is the Association of Corporate and Marketing Professionals in Banks (ACAMB), which applauded the disciplined execution of the exercise by all financial institutions and extended special praise to the regulator for its regulatory oversight.
The president of ACAMB, Mr Jide Sipe, said, “The Nigerian banking industry has once again demonstrated its innate strength and resilience.
“Achieving over 96 per cent compliance ahead of the recapitalisation deadline is no small feat; it is an indication of the capacity of our financial institutions to adapt and overcome.
“We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape,” he said.
Mr Sipe also congratulated the CBN on its recent recognition as Central Bank of the Year 2026 by the London-based Central Banking Awards Committee, a prestigious honour bestowed at a global gathering of central banks.
According to ACAMB, Mr Cardoso’s stewardship continues to reposition the nation’s economy with clarity, discipline, and a transformational outlook, earning Nigeria increased respect on the global stage.
The association reiterated its commitment to supporting policies that promote transparency, stability, and sustainable growth in the Nigerian banking industry.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has reaffirmed Mr Kamaldeen Adekilekun as the substantive Chairman of Living Trust Mortgage Bank Plc, easing recent uncertainty about the bank’s leadership.
In an official letter dated March 27, 2026, addressed to the Osun State Government, the banking sector regulator stated that Mr Adekilekun’s appointment remains valid and binding.
The CBN explained that once board nominations and appointments are approved by the regulator, they are tenured and guided by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria, adding that such appointments cannot be withdrawn arbitrarily without clear regulatory grounds.
The CBN noted that its earlier communication (reference number OFI/DOL/CON/PLI/001/213) highlighted that the appointment was tenured in line with Sections 2.4.5 and 2.4.6 of the Code.
The apex bank also stated that there was no regulatory breach of relevant provisions of BOFIA 2020 or any CBN regulation that would disqualify him or prevent him from completing his term.
Rejecting the request for his removal, the CBN directed that the current board structure be maintained, stating, “Based on the foregoing, we therefore decline your request to withdraw Dr Adekilekun’s appointment.”
The development followed an earlier request seeking the withdrawal of the chairman’s appointment. The CBN said it had previously communicated the same position in a letter dated January 19, 2026.
The development reaffirms the central bank’s commitment to regulatory discipline, corporate governance, and institutional stability in Nigeria’s financial sector.
The clarification is expected to bring confidence to stakeholders, investors, and customers of Living Trust Mortgage Bank as operations continue under the existing leadership.
Incorporated on March 9, 1993, the bank converted from a Private Limited Liability Company to a Public Limited Liability Company on January 25, 2013 and subsequently listed on the Nigerian Exchange (NGX) on December 11, 2013, where its shares are being publicly traded.
By Adedapo Adesanya
Nigerian business-banking unicorn, Moniepoint, is eyeing a considerable foothold in East Africa as it completed the acquisition of a 78 per cent stake in Kenya’s Sumac Microfinance Bank.
The deal was finalised on Thursday and provides Moniepoint with a deposit-taking licence, an essential requirement for its credit-led expansion strategy.
The acquisition of Sumac allows Moniepoint to bypass the Central Bank of Kenya’s (CBK) policy to halt new licences to new foreign players. It will also ease worries after its move to buy payments firm Kopo Kopo failed.
By securing a majority stake in the 20-year-old institution, Moniepoint gains the regulatory infrastructure needed to deploy its high-velocity lending model to Kenya’s small and medium -sized enterprises (SMEs).
Sumac is a tier-three lender, and with its existing branch network and regulatory standing, the lender offers Moniepoint one of the ways to scale in a region increasingly shaped by digital-first credit.
The move also signals the company’s ambition to build a cross-border ecosystem that captures the entire merchant value chain, rather than solely on transaction fees.
Moniepoint’s entry into Kenya follows its acquisition of Orda, a cloud-based restaurant software provider for an undisclosed sum earlier this week, in a push to tap into the billion-dollar restaurants’ economy.
The company plans to export its business-in-a-box strategy, which integrates inventory management, payroll, and working capital by combining Orda’s vertical Software as a Service (SaaS) capabilities with Sumac’s banking infrastructure.
Orda will be rebranded Moniebook for Restaurants and integrated into Moniebook, Moniepoint’s business management platform. Orda will continue to operate as a standalone business until the full integration is completed in the coming months.
Orda currently operates in Nigeria and Kenya, but the acquisition only covers its Nigerian operations. However, with its presence in Kenya, it may set the tone for the acquisition of that subsidiary.
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