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Diamond Bank to Complete Sale of UK Subsidiary in Q4, Return to Profitability—CEO

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By Modupe Gbadeyanka

Chief Executive Officer of Diamond Bank Plc, Mr Uzoma Dozie, has revealed that the sale of the company’s subsidiary in the United Kingdom would be finalised in the fourth quarter of 2018.

Mr Dozie made this disclosure while reacting to the third quarter financial statements of Diamond Bank released last week.

According to the bank executive, this and other actions to be taken by the lender should lead the firm to profitability in the fourth quarter.

“As we move into the final quarter of the year, we expect headwinds to continue driven by emerging situations in developed economies as well as our domestic political realities.

“Despite this, our investors can expect a further decline in Non-Performing Loans (NPLs), a further increase in our digital footprint and completion of the sale of the UK subsidiary.

“Through these actions, we remain optimistic about the medium to long term outlook of Diamond Bank and its return to strong profitability,” Mr Dozie was quoted as saying in a statement issued last week by bank’s PR agency, Prize Communications Limited, which was obtained by Business Post.

Earlier this year, Diamond Bank Plc struck a deal with British industrialist, Mr Sanjeev Gupta, for the 100 percent sale of its UK branch after selling its West African subsidiaries in 2017.

According to Diamond Bank, it was committed to pursuing a quick completion of the transaction with GFG Alliance subject to approval of the Financial Conduct Authority and Prudential Regulation Authority, which regulate banking business in the UK.

The lender had noted that the sale of its international subsidiaries was not expected to cause service disruptions for customers located around the world as they could continue to enjoy enhanced and convenient banking services through its digital channels.

In August this year, Mr Dozie had said the transaction was already in the change of ownership process, assuring that the exercise would be finalised before the end of the year.

In May 2018, 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 pre-tax profit declined 69 percent to N2.92 billion.

In its Q3 results, the financial institution’s profit before tax dropped to N3.1 billion from N4.8 billion, while the profit after tax depreciated to N1.7 billion from N3.9 billion.

Also, the gross earnings for the period under consideration dropped to N142.5 billion from N143.7 billion, with the interest and similar income going down to N108 billion from N112.5 billion a year ago, while the net interest income depreciated to N67.1 billion from N77.7 billion.

In addition, customer deposit dropped by 8 percent year-on year to N1.107 billion due to re-pricing and non-rollover of high priced maturing deposits, and migration to government securities.

According to the CEO, these results were affected by the challenging environment operated in the period under review.

“The global economy is currently witnessing a shift in trade relations alongside continued interest rate adjustments. This has led to greater volatility across markets and increasingly fragile economies.

“Nigeria’s economy has not been immune to certain headwinds, so that while the economy recorded quarters of expansion, the rate of growth has weakened. However, against this backdrop, our digital-led retail strategy has remained robust.

“Through this strategy we have been able to continue scaling up by reaching a wide pool of customers both cost effectively and efficiently.

“As a result of our network and digital infrastructure, during Q3 we reached the N1 billion mark in total loans disbursed to Small and Medium Enterprises (SMEs).

“Alongside this, we introduced the SMEzone, a platform targeted at keeping entrepreneurs well positioned for competitiveness through community and continuous learning.

“We are investing more in businesses in the middle market because we see entrepreneurs as a key driving force for economic growth. This focus is in line with and supportive of our own recovery and return to profitability,” Mr Dozie said in the statement.
Last week, there were reports that some investors were interested in Diamond Bank, but the mid-tier bank said since refuted the speculations.

Business Post reports that shares of Diamond Bank were traded at the Nigerian Stock Exchange (NSE) on Wednesday at N1.45k, already rising by 4.32 percent.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Banking

Stanbic IBTC Reinforces Role in Driving Businesses, Key Sectors in Nigeria

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By Adedapo Adesanya

Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.

This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.

With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.

The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.

“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”

He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.

Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.

He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.

Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.

Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.

Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.

“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.

The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.

Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.

“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.

He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.

The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day. 

“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”

She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”

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Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

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By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

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Easter: Ecobank Assures Customers Uninterrupted Banking Services

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By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

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