By G9ija

Diamond Bank has announced the appointment of Mr. Dele Babade as its acting chairman.

In a notice sent to the Nigerian Stock Exchange (NSE), the bank said Babade would replace Oluseyi Bickersteth, its erstwhile chairman who resigned in October.

“We write to formally notify the Exchange that following the resignation of Oluseyi Bickersteth as Director/Chairman of the Board, the Board of Directors of Diamond Bank Plc has appointed Mr. Dele Babade as acting Chairman,s effective December 24, 2018,” the notice read.

According to the notice signed by Uzoma Uja, the Company Secretary, Babade was nominated as a non-Executive Director in April 2017. He was nominated by First Carlyle Growth V, an investor in the bank.

The University of London-trained lawyer started his career with Midland Montagu London (the predecessor of HSBC Investment Bank) on the Graduate Training Programme in 1988. He served as Citibank’s Director and Regional Head, Sub-Saharan Africa Corporate Finance & Investment Banking based in South Africa, from 2002 to 2006 after joining the bank in 1993.

He currently serves as Chairman of the Africa Risk Capacity Pan-African Insurance Company (ARC Ltd) and is also the Chairman of its Finance and Investment Committee. ARC Ltd is a financial affiliate of the African Risk Capacity, a specialised agency of the African Union (AU), an initiative designed to improve current responses to climate-related food security emergencies.

Diamond Bank recently signed an acquisition deal with Access Bank and the deal is expected to be completed by the first quarter of 2019.

Meanwhile, following the resumption of business after the Christmas and Boxing Day festivities, the Central Bank of Nigeria (CBN), on Thursday, (yesterday) intervened in the inter-bank sector of the foreign exchange market (forex), injecting $210 million in the wholesale segment and other sectors of the market.

Figures released by the apexbank showed that the Wholesale sector of the market got another injection of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million.

Its Director of Corporate Communications Department, Mr. Isaac Okorafor, said the forex interventions, in continuation of the bank’s resolve, were aimed at sustaining the high level of stability in the forex market and continually ease access to the currency by customers in the different sectors.

While lauding actors in various sectors of the market for the level of stability, despite activities of speculators, Okorafor assured the public that CBN was ready to play its interventionist role in the market.

CBN, in its last interventions earlier in December 2018, injected the sum of $299.82 million and CNY 143.60 million into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, one United States dollar (US$1) exchanged for N360 in the Bureau De Change (BDC) segment of the market on December 27, 2018.

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