Banking
Investors Dump Diamond Bank Shares amid Fears over Company’s Future
By Modupe Gbadeyanka
In order not to be caught unawares, some investors having shares of Diamond Bank Plc in their portfolio are beginning to offload them as a result of uncertainty over the financial institution’s future.
In recent times, Diamond Bank has not been churning out good results, a development Business Post gathered has given some shareholders of the mid-tier lender sleepless nights.
For example, the 2017 full year financial statements of Diamond Bank was nothing to write home about and just when some observers and investors thought things would get better in the first quarter of 2018, their expectations were cut short as the firm further failed to impress.
In its second quarter 2018 results, things did not get any better and so also in the third quarter.
In late September 2018, the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank Plc, making shareholders of the lender lose their hard-earned money. This development triggered panic in the banking sector, especially among those in the same tier with Skye Bank, which the bank in focus is among.
Making matter worse for Diamond Bank was the downgrading of firm’s long and short-term issuer credit ratings by S&P as well as the recent reports of a possible acquisition of the company by a tier-1 bank, Access Bank Plc, though both have since denied this.
But what seemed to be more confusing was the resignation of Chairman of the bank, Mr Oluseyi Bickersteth, and three other directors last month, which reports said was to allow the rumoured new investors have their own representatives on the board of the firm.
Even Mr Bickersteth was quoted as saying in an interview that the board considered selling Diamond Bank to another bank, which the present management has described as untrue.
However, in order not to fall into a similar situation with Skye Bank, shareholders of Diamond Bank are already selling off their holdings, Business Post has learnt.
According to data from the Nigerian Stock Exchange (NSE), trading in Diamond Bank Plc, Ikeja Hotel Plc, and FBN Holdings Plc, (measured by volume) accounted for 708 million shares worth N1.8 billion in 1,957 deals, contributing 55.11 percent and 15.23 percent to the total equity turnover volume and value respectively last week.
Also, Diamond Bank, which opened last week at N1.28k per share, closed last Friday at 90 Kobo per share, indicating as 29.69 percent loss in one trading week.
But despite the troubles, the CEO of Diamond Bank, Mr Uzoma Dozie, has expressed optimism that all will be well.
According to him, the conclusion of the sale of Diamond Bank’s subsidiary in the United Kingdom this quarter and other strategies being put in place should propel the company back to profitability.
“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.
Whether investors will take Mr Dozie for his words is one thing many cannot answer at the moment especially when some have blamed him for the bank’s recent misfortunes. In fact, some have even started to call for his removal as Diamond Bank MD/CEO.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
