Diamond Bank extends Otti’s tenure, appoints two deputy MDs

The Board of Directors of Diamond Bank Plc has announced the extension of the tenure of office of the bank’s Group Managing Director and Chief Executive Officer, Alex Otti, for three years.

The appointment took effect from March 2014.

The bank, in a statement, also announced the appointment of Caroline Anyanwu and Uzoma Dozie, who were both Executive Directors at the bank, as Deputy Managing Directors.

This is the first time the bank has appointed Deputy Managing Directors since it was established about 23 years ago.

In addition, the bank promoted 473 other members of staff, following the conclusion of staff performance evaluation for 2013.

The extension of Alex Otti’s tenure was in recognition and appreciation of the impact his leadership has had on the bank since March 2011.

In his first three years in office, Otti focused on steadying the bank which was reeling from the effects of the global financial crises of 2008/2009, declined in size and lost its market share to competition.

The bank was also confronted with the challenge of raising additional capital to meet the new Capital Adequacy Ratio required for the “International Banking License” by the Central Bank of Nigeria.

Otti, who is also the Chairman of Committee of Bank CEOs in Nigeria, has over 25 years of experience in the Nigerian Banking Sector, having started his career in Citibank in 1989. Since then, he has held senior level and executive positions in United Bank for Africa, and was an Executive Director in First Bank Plc from where he was appointed the Group Managing Director of Diamond Bank.

The bank was also back to profitability after the loss of over N16 billion in 2011 financial year, occasioned by non-performing loan write-offs, and write down in the value of assets.