The Board of Diamond Bank Plc has refuted the media speculation relating to comments attributed to its former Chairman, Mr Oluseyi Bickersteth.

In a statement made available to the press, it explains that “contrary to such media articles, the Board wishes to clarify that the company has not received an offer from an investor to inject cash.”

It explains: “Further to the announcement of 26 October 2018, Diamond Bank and its Board of Directors continue to review all strategic options on a regular basis.

Diamond Bank would also like to clarify that it enjoys the support of its major shareholders, including The Carlyle Group and Kunoch Holdings who are, as ever, working in cooperation with the Board and management as appropriate to ensure the successful operation of its business in Africa’s most dynamic banking market.

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“Further to the announcement of October 24, 2018, Diamond Bank is in active discussions with regards to the appointment of new non-executive directors to the Board and, subject to CBN approval, these will be announced in due course.”

Diamond Bank’s recent third quarter results showed that the business continues to execute its clearly articulated tech-led retail strategy despite headwinds in the Nigerian economy.

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Recall that Daily Sun recently ran an article entitled “Diamond Bank: Resignations, performance spark recapitalisation rumour”.

The paper stated that resignation of four directors and the sterling performance of the bank has sparked rumour of coming of new investors into the bank.

Four directors of the bank had resigned with immediate effect in a move interepreted by market watchers as paving the way for new investors to recapitalise the bank.

A foreign wire service quoted two banking sources that confirmed that Diamond Bank was in talks with new investors. Its Chairman, Oluseyi Bickersteth, and three other directors quit their job thereafter.

Diamond bank, however, did not provide any reason for the resignation of Bickersteth, appointed in July, or for the other directors, but said in a statement to the Nigerian Stock Exchange (NSE) that it would update the market in due course. Its shares immediately responded by rising to their highest in almost two months, gaining 9.45 per cent, raising the value of the bank to N32.19 billion.

“The bank has been facing capital challenges which has been a major drawback for the share price. With a new investor coming on board that has boosted confidence,” one trader said.