Alex Otti resigns as Diamond Bank MD

The board of Diamond Bank Plc has announced the voluntary resignation of Alex Otti, the group managing director/chief executive officer, from the bank. Uzoma Dozie will take over from him subject to the approval of the Central Bank of Nigeria (CBN).

In a statement released by the bank’s corporate communications department, Igwe Nnaemeka Alfred Achebe, chairman of the board of directors and Obi of Onitsha, announced the changes in the management team.

Speaking on the outgoing GMD/CEO, the chairman said he would be sorely missed, adding that Alex Otti achieved enviable landmarks during his time. He described his tenure as “the brightest years of Diamond Bank’s 24-year history”.

Under Alex Otti’s stewardship, Diamond Bank made a remarkable return to profitability and has continued to record impressive growth across all performance indicators year-on-year.

After writing off toxic risk assets which resulted in the loss of N16 billion in 2011, the bank posted a profit before tax of N28.36 billion in 2012 and N32.5 billion in 2013. The bank also saw its total assets rise from N564.9 billion in February 2011 to N1.18 trillion by December 31, 2012 and N1.52 trillion on December 31, 2013.