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Otti resigns as Diamond Bank GMD, CEO

The Group Managing Director and Chief Executive
Officer, Diamond Bank Plc, Dr. Alex Otti, has
resigned from the bank.
The bank said in a statement on Friday that
following Otti’s voluntary resignation, Mr. Uzoma
Dozie, was appointed to succeed him.
Dozie’s appointment, according to the bank, is
however subject to the approval of the Central
Bank of Nigeria.
The statement obtained by Saturday PUNCH,
stated that the Chairman of the Board of
Directors, Diamond Bank, who is also the Obi of
Onitsha, Igwe Nnaemeka Achebe, announced the
changes in management.
Achebe, who expressed satisfaction with Otti’s
contribution to the growth of the bank, described
his career as outstanding.
“Dr. Alex Otti is a fine gentleman with an
outstanding career in the Nigerian banking
industry. We are pleased with the time he spent
at the helm of affairs of Diamond Bank Plc and
wish him every success in his future endeavours,”
the Diamond Bank Chairman was quoted as
saying.
The statement explained that under Otti’s
stewardship, the bank made remarkable return to
profitability and had continued to record
impressive growth across all performance
indicators year-on-year.
For example, it said after writing off toxic risk
assets, which resulted in the loss of N16bn in
2011, the bank posted a profit before tax of
N28.36bn in 2012 and N32.5bn in 2013 and also
saw its total assets rise from N564.9bn in
February 2011 to N1.18tn by December 31, 2012
and N1.52tn on December 31, 2013.
Otti was also credited with growing the bank from
a network of 210 branches in 2011 to over 265
branches in 2014.
Among several changes, Otti created the office of
the Chief Risk Officer and designated an Executive
Director to head the department, the statement
said.
It added, “He also spearheaded the expansion of
the bank by doubling the full staff count from
around 2,000 in 2010 to over 4,000 as at mid-2014
even as he vigorously grew the bank’s footprints
from a network of 210 branches in 2011 to over
265 branches three years later.
“It was also under his watch that the bank
established an international subsidiary in the
United Kingdom, in addition to expansion in
Francophone West Africa (Senegal, Togo, and
Ivory Coast).”
Prior to his appointment as the GMD/CEO of
Diamond Bank Plc in March 2011, Otti had worked
with many financial institutions in various
capacities, the statement said.
PUNCH.

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