TheCable

Alex Otti, the group managing director and chief executive officer of Diamond Bank plc, has resigned in order to contest for the 2015 Abia state governorship election.

In his stead, the bank’s board of directors immediately appointed Uzoma Dozie, deputy managing director of the bank and son of the founder. 

Nnaemeka Alfred Achebe, chairman of Diamond’s board of directors disclosed this in a statement by the bank on Friday.

Achebe said Otti would be sorely missed, having achieved enviable landmarks during his time. He also described his tenure as “the brightest years of Diamond Bank’s 24 year-history”.

“Alex Otti is a fine gentleman with an outstanding career in the Nigerian Banking industry,” he said.

“We are pleased with the time he spent at the helms of affairs of Diamond Bank Plc and wish him every success in his future endeavours.” 

Under 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.

It 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.

Otti it  was who created the office of the chief risk officer and designated an executive director to head the department. He also spearheaded the expansion of the bank by doubling the full staff count from around 2,000 in 2010 to more than 4,000 as at mid-2014, even as he vigorously grew the bank’s footprints from a network of 210 branches in 2011 to more than 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).

Only last month, Diamond bank denied speculation that Otti was going to contest for the 2015 elections in Abia state.

Dozie, the new MGB/CEO, served as deputy managing director retail banking. He also served as an executive director of retail banking and executive director of corporate banking and executive director of regional business (Lagos and West).

Dozie has more than 15 years of banking experience in three different financial institutions in Nigeria. He joined Diamond Bank in 1998 as an assistant manager and head of Diamond Bank’s oil and gas unit. Dozie served as financial controller of Diamond Bank from June 2001 to April 2004.

He has been a director of one of the faculties at the Lagos Business School since 2007. He has been an executive director of Diamond Bank Plc since 2005. He holds a Bachelor of Science degree in Chemistry from the University of Reading, Berkshire; a Master’s of Science degree in Chemical Research from the University College, London; and a Master’s degree in Business Administration from the Imperial College Management School of London.