vision A strong financial services institution with effective presence in Nigeria, Africa and indeed all the key financial centres of the world.
mission To create a unique international bank focused on providing creative solutions to customers' business problems, with an absolute commitment to quality. 4 contents C R F Manag Boar Director R C Unclaimed Dividend Pro e R F F F Statement of Notes tothe C C C Statement ofSignificant R F GMD/CEO's R Chairman Notice of R Mission and inancial Risk ive ive requency ofBoar inancial -dividend f esponsibility f epor epor epor esults ata or or onsolidated onsolidated BalanceSheet onsolidated ProfitandLoss xy F por por Y Y d ofDir ear F ear F t of t ofExternal t oftheIndependent ate Governance ate Directory ement T orm 's R 's Statement Audit A inancial SummaryBank inancial Summary s GM epor orm ectors Glance V C Cash FlowStatement V ision Analysis eview onsolidated FinancialS eam alue or C t ommittee Annual F d Meetings C Added onsultant ontheBoar Ac inancial Statement Auditor counting P Ac Group count s tatements olicies d Appraisal 117 109 115 118 31 30 26 23 22 21 20 92 91 89 88 59 60 58 57 47 46 45 13 08 06 05 03 Result at a Glance
GROUP
6
GROSS EARNINGS N(’000) 7 PROFIT BEFORE TAX N(’000) 4 ,
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2006 2007 2008 Apr’ 2009 Dec’ 2009 2006 2007 2008 Apr’ 2009 Dec’ 2009
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2006 2007 2008 Apr’ 2009 Dec’ 2009 2006 2007 2008 Apr’ 2009 Dec’ 2009
5 Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the 19th Annual General Meeting of DIAMOND BANK PLC will be held at Le Méridien Ibom Hotel & Golf Resort, Uyo, Akwa Ibom State of Nigeria on the 3rd day of June 2010 at 9:00 a.m. prompt, to transact the following business:
AGENDA
Ordinary Business
1. To receive the Report of the Directors, the Audited Financial Statements for the period ended 31st December 2009, and the Reports of the Auditors and Audit Committee thereon.
2. To elect/ re-elect Directors.
3. To authorise the Directors to fix the remuneration of the Auditors.
4. To elect the members of the Audit Committee.
Special Business
5. To consider and if thought fit to pass the following as an ordinary resolution:
“That the Directors' fees shall until reviewed by the Company in Annual General Meeting be and is hereby fixed at N100,000,000.00 for each financial year.”
6. To consider and if thought fit to pass the following as a special resolution:
“That the Board of Directors be and are hereby authorised to convert the outstanding International Finance Corporation (IFC) loan amount of $24,545,463.80 (Twenty Four Million, Five Hundred and Forty Five Thousand, Four Hundred and Sixty Three Dollars Eighty cents) into ordinary shares of the Company at a price to be determined, and to allot such shares to IFC.”
7. To consider and if thought fit to pass the following as a special resolution:
“That approval is hereby given for Diamond Bank Plc to enter into a business combination with or transfer, assign or otherwise dispose of its shareholding in any of its subsidiaries as may be determined necessary by the Board of Directors for the purpose of optimizing the business of the Diamond Bank Group; and the Directors be and are hereby authorised to execute all documents and do all such things as are necessary or incidental thereto.”
Notes
1. Proxy
A member of the Company entitled to attend and vote at any Annual General Meeting is entitled to appoint a proxy to attend and vote on his behalf. A proxy need not be a member of the Company. For the appointment to be valid, a completed and duly stamped proxy form must be deposited at the office of the Registrar of the Company, Diamond Registrars Limited, 59, Ogunlana Drive, Surulere, Lagos State not less than 48 hours before the time fixed for the meeting.
2. Audit Committee In accordance with Section 359 (5) of the Companies and Allied Matters Act, 1990, any shareholder may nominate a shareholder for appointment to the Audit Committee. Such nomination should be in writing and should reach the Company Secretary at least twenty one (21) days before the Annual General Meeting.
6 Notice of Annual General Meeting
The Central Bank of Nigeria in its Code of Corporate Governance for Banks stipulates that some members of the Audit Committee should be knowledgeable in internal control process, accounting and financial matters. Consequently, we will require a detailed curriculum vita be submitted with each nomination.
3. Election/Re-election of Directors
In line with the provisions of the Articles of Association the directors to retire by rotation are Mr. Chris Ogbechie and Chief John D. Edozien. Being eligible for re-election, Mr. Chris Ogbechie and Chief John D. Edozien offer themselves for re-election.
4. Closure of Register of Members
The Register of Members will be closed from 27th May 2010 till 28th May 2010 to enable the Registrar update the Register.
Dated this 5th day of May 2010
BY ORDER OF THE BOARD
Nkechi Nwosu Company Secretary 8 Chairman's Statement
Distinguished Shareholders, Ladies and Gentlemen
I welcome you all to the 19th Annual General Meeting (AGM) of our Bank. This AGM is special in many respects. It is the first following the adoption of December 31st common year-end in the banking industry, bringing the period under review to eight months from May to December 2009.
ore importantly, the AGM will review the Bank's Governments and central banks around the world took wide- performance during an extra-ordinarily challenging ranging policy actions to support their banking systems by Mperiod of major reforms introduced by the new providing liquidity, recapitalizing financial institutions, and Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido addressing decisively the problem of impaired assets. Despite Sanusi, since the second half of 2009. The reforms have these actions, financial strains remained acute in 2009, pulling significantly altered the industry structure and the down the real economy, with the international operating regulatory/supervisory framework within a very short period. environment remaining very challenging. Unemployment and its spillover effects remained major challenges in many The impact of the global economic downturn hurt many of our advanced economies, and poverty a problem to many customers, putting corporate profitability under pressure and in developing economies. turn, led to deterioration in credit quality and diminution in the value of investments. The consequent high level of provision The unprecedented stimulus packages adopted at different resulted in an overall loss position for the Diamond Bank Group. times by various governments of the world and the coordinated The financial results were very disappointing notwithstanding efforts by international bodies such as G-20, IMF and World that they reflect the impact of a weak economy. However, steps Bank started to have impact from the third quarter of 2009, as are being taken by both the Board and Management to ensure most economies showed signs of improvement. This was largely that we do not find ourselves in this unfortunate position going driven by increasing demand as well as lowered uncertainty and forward, irrespective of the vagaries of the economy. With this systemic risk in financial markets supported by huge and wide- resolve and the strategic actions we have taken so far, the Group ranging public intervention, rising commodities prices, returning has returned to the path of profitability in the first quarter of consumer confidence, and rebound in manufacturing sector and this year. I have no doubt that we will sustain satisfactory stabilizing retail sales. Indeed, the world economy is expected to performance henceforth. sustain a recovery track from 2010. The IMF in April 2010 projected that the global economic growth will rise to 4.2 To properly situate the Bank's performance, it is pertinent that I percent in 2010. first review the key developments that shaped the operating environment during the period so that we all can appreciate the The Domestic Economy - Extreme Volatility Giving Way circumstances that our Bank faced. to Recovery
Global Economy - Contraction in 2009 Despite Huge The Nigerian economy had a mixed performance in 2009 as the Stimulus Packages country felt the second round effects of the global economic meltdown, especially in the later part of 2008 and 2009. As the The world output was estimated to have declined by 0.6 percent global economy began recovery, Nigeria recorded significant in 2009, the lowest level since World War II, due to the effects of growth in the second half of the year, although there were still the financial and economic crisis, which started in the United challenges. Data from the National Bureau of Statistics (NBS) States in 2006/7 and spread worldwide in 2008. Unrelenting indicated that real Gross Domestic Product (GDP) grew by 6.9 financial turmoil caused asset values to fall sharply across percent which is significantly higher than the 6.0 percent advanced and emerging economies, decreasing household recorded in 2008. The non-oil sector remained the major driver wealth and putting downward pressure on consumer demand. of growth although this was complemented by the sharp Production and trade were constrained as a consequence. increase in oil revenue following relative peace in the Niger Delta region.
9 Chairman's Statement
Statistics from NBS showed that inflation fluctuated during the Prior to June 2009, the CBN tried to address the challenges by year before settling at 12.0 percent at the end of 2009. The huge adopting various options like the Expanded Discount Windows liquidity in the financial system coming from the quantitative (EDW) and the initial postponement of provisioning for bad easing measures of the CBN, fiscal expansion and rising global margin loans. However, following the appointment of a new commodity prices made a single digit inflation rate target CBN governor, the apex bank conducted a special audit on all unattainable in 2009. In addition, the significant depreciation of banks with focus on the quality of risk assets. the Naira during the year impaired the performance of the real sector and the ability of the operators to meet their credit By October 2009, eight banks that failed the stress test went obligations. into CBN administration under new executive managements and had additional capital injection by the CBN. In addition, the The money market ended 2009 on a relatively liquid note in CBN gave two other banks up to June 2010 to recapitalize. It is contrast to the tightness that dominated the first half of the pleasing to note that our Bank was among the first five banks to year as well as 2008. This was due to quantitative easing be cleared by the Central Bank of Nigeria. strategies and other measures adopted by the CBN and the government to ensure stability in the Nigerian financial system. Analysts believed that the CBN intervention saved the banking Average Prime Lending Rate to the economy stood at 18.7 industry from systemic distress and risk, considering the market percent in 2009, up from 17.4 percent in 2008. The average share of loans and deposits of several of the distressed banks. interest rate on savings account stood at 3.4 percent in 2009, The CBN action also helped to protect all depositors and marginally down from 3.5 percent in 2008. creditors and removed the probable cause of financial instability from the banking system. This action possibly It is comforting to note that, on the strength of the last quarter supported the implementation of common year-end by banks, growth in 2009, there is considerable optimism about the without the unnecessary spike in interest rates that was nation's economic growth in 2010 with projections hovering responsible for the reversal of the policy the previous year. around 7-8 percent. There is an expectation that the absolute growth in oil production and prices in the third quarter of 2009 The CBN intervention has the potential of altering industry will continue in 2010. External reserves will likely improve structure in terms of ownership, number of banks in the industry further and help in stabilizing the value of the naira. Consumer and market share. The directives from the apex bank on loan loss confidence is returning as the capital market crash seems to provisioning saw most banks' announcing huge losses, which have bottomed out. eroded their capital bases. Six of the rescued banks that released their results as at the end of September 2009, reported a The growth expectation may however be moderated by combined loss of over N1.5 trillion ($11 billion) and persistent credit crunch, the likelihood of inflation escalating on provisioning for impaired assets in excess of N2.2 trillion. In a bid account of 2011 election spending and accommodative to address the situation, banks became risk-averse thereby monetary policies of the government, infrastructural rigidities, accentuating credit crunch in the system. However, it is and shortage of human capital. expected that when the CBN's proposed Asset Management Company (AMC) comes on stream, it will absorb some of the Banking Industry Review toxic assets thereby stabilizing the banking industry and easing credit flow. Following the conclusion of the 2004/2005 consolidation exercise and with billions of naira in banks' vault, Nigerian banks Financial Results grew loan volumes across the board, particularly to the oil and gas sector, capital market and real estate businesses. As at the Distinguished Shareholders, as I said at the beginning, the end of 2008 credit volumes to private borrowers was already difficult macro-economic environment during the period under more than two and half times the N3.1 trillion federal budget for review adversely affected the performance of our Diamond 2009. Lacking in many instances the risk management expertise Bank Group in the last financial year. and corporate governance structures to effectively contain these new exposures, many banks were mid way confronted The impact of the weak operating environment on the quality of with the sudden change in macroeconomic conditions in our credit portfolio was severe. Notwithstanding the effect on second half of 2008 through 2009 caused by the global credit profit, we were determined to ensure that the Banks' non- crisis. performing loans are adequately provisioned. Accordingly, the Group made additional provisions of N24.7 billion during the
10 Chairman's Statement
period, resulting in a loss before taxation of N12.4 billion for the dropped by 57.1 percent and further 42.8 percent in 2008 and 8-month financial year ended December 31st 2009 compared 2009 respectively compared to 45.8 percent and 33.8 percent to N5.9 billion profit made for full year ended April 30, 2009. We dip in NSE All-Share Index. This was due to a number of factors, are aware of the responsibility this performance has imposed on including concerns over the impact of global economic us at both the Board and Management levels. downturn, CBN reforms, and huge losses resulting from steep provisioning in 2009. Our Bank's share price lost 57.5 percent in Luckily, we have the opportunity to quickly return the Bank to 2008 and only 0.8 percent in 2009 to close the year at N7.40. profitability as our national economy is already in recovery mode, thanks to the recovery momentum in the global Fortunately, we can see further recovery of the capital market in economy and the positive effect on international crude oil price. 2010 over the gains of the second half of 2009. The benign steps Consequently, it appears that the worst is over and we expect a taken by the government and the CBN to reform the banking turnaround in the fortunes of business organizations in a industry as well as stimulate the local economy, and the global manner that will impact positively on our earnings and economic turnaround will strengthen market confidence this recoveries. It will also have a positive effect on the trend in our year. In spite of the loss made during the last financial year, overall credit portfolio quality from this year. Diamond Bank's fundamentals remain strong and its capability for improved and sustainable earnings has been significantly Although the Group's balance sheet remained very strong with enhanced. I am therefore optimistic that the share price will capital adequacy and liquidity ratios at 19.5 percent and 37.6 ride on the market tide as 2010 quarterly results are released. percent respectively, we know the importance of profitability in sustaining the confidence and trust of our esteemed customers, Future Outlook employees, shareholders, regulators and other stakeholders. The Bank has since commenced the implementation of the Looking ahead in 2010, I expect that our nation's economic appropriate structures and strategies to improve the Group's growth will be underpinned by the upturn in crude oil prices and resilience to vagaries in the operating environment, particularly production levels, growth of non oil sectors, growing level of with regard to risk management, operating efficiency and investment in agriculture and infrastructure, strong private organizational productivity. consumption, and returning confidence in the banking industry and capital market. Nigeria's future banking growth will be The effectiveness of our strategy in improving the Group's driven not only by growth in the national economy but also by performance is borne out by a return to profitability in the first the consequent growth of the middle class and boom in quarter of 2010. Our target is to move progressively to personal lending, mortgages, and credit cards. becoming one of the top 3 Nigerian banks within 5 years in terms of ROE, operational efficiency, and championship in Diamond Bank is still in a position of strength to take advantage customer experience. It is my sincere belief that we will achieve of the opportunities arising from the expected economic these objectives. growth. With the support of international financial services consulting firms, the Bank is executing initiatives that will Share Price Performance transform our business. In this direction, we have strengthened our credit risk policies to facilitate the identification of Diamond Bank's Share performance, measured by the market expansion areas to drive revenue growth and, at the same time, capitalization, was N108.0 billion at the end of December 2009 improve our loan portfolio quality. Besides, the Bank has made signaling a rise almost to its 2008 level from N72.38 billion as at giant strides in the drive for cost efficiencies and improved the end of May 2009. The share performance is gradually productivity. improving following investors' apathy since the stock market crash in late-2008/early 2009. Even with the improvement in The successful execution of these strategies in the short and share price in the period under review, I recognize and feel the medium terms will help position our Bank for improved and pain of shareholders as their investment eroded in value over sustainable performance from 2010. We are committed to the the last two years. Nevertheless, I am comforted by the fact that effective implementation of the strategies towards elevating the strategic actions we have taken in recent times should our Bank to the desired industry leadership position in the restore sustainable shareholder value for all. medium term.
Indeed, share prices in the banking sector as a whole were highly depressed during this period. The Banking Industry Index
11 Chairman's Statement
Board of Directors Conclusion
During the year, two non-executive directors resigned from the We are mindful of the concerns of our shareholders over our Bank's Board. Dr. Nkosana Moyo, one of the two Board members performance in 2009. I want to assure you that we are nominated by Actis Capital, resigned with effect from 25th committed to sustaining the quick return of Diamond Bank September 2009, following his resignation from Actis Capital. Group to profitability in 2010 and we will do everything within Also, Retired Air Vice Marshal (AVM) Ishaya A. Shekarri resigned our control in this regard. Our moderate profit before tax of from the Board effective 1st October 2009 for personal reasons. N2 billion for the first quarter of 2010 will serve as a springboard to much higher profitability as we progress through the On behalf of the entire Board of Directors and fellow remaining quarters of this year. We believe that our shareholders of our Bank, I wish to extend my profound repositioning initiatives to ensure profitable and quality growth gratitude to the two directors for their invaluable contributions will see the Bank emerge an industry champion in the coming to the growth and development of our Bank throughout their years. tenure. I wish them all the best in their future endeavour. Indeed, I look forward to 2010 with reasonable optimism Furthermore, let me use this opportunity to thank all my especially in view of the fast improving international business colleagues on the Board for their contributions to building a environment, favourable domestic economic climate, and strong Bank that will endure the test of time. I have no doubt, expected positive outcome of the ongoing banking industry that with such a Board, our Bank is positioned for the next level reforms. I am optimistic because I know that we have in place of leadership in the industry. the right business strategy and the required human capacity to effectively exploit the emerging business opportunities and Management and Staff deliver commendable stakeholder value. As growth beckons, I enjoin all stakeholders to remain steadfast, supportive and On behalf of the Board members, I extend my appreciation to committed. the Management team and staff of our Bank for their hard work, ingenuity and commitment to duty that enabled our Bank to On behalf of the entire Board of Directors and fellow survive the harsh operating environment during the period shareholders of our Bank, I thank our valued customers for their under review. Their efforts, resilience and continued unwavering support and patronage especially in this difficult determination to move the Bank forward against all odds have time. I sincerely hope that we can continue to count on your started paying off. patronage in the interest of our mutually beneficial relationships. We will continue to support the attainment of Indeed, the operating environment in the last twelve months your business aspirations through our ever improving customer has continued to witness developments which have stretched value-added propositions. Let me also use this opportunity to the entire banking sector to its limits. Luckily, we are blessed express my sincere gratitude to all other stakeholders including with talented, experienced and determined management team the CBN, NDIC, NSE, SEC and EFCC for their continued support and staff working with a clear strategic focus managing the and guidance. business prudently. Without doubt, our management's ability to respond positively and flexibly to fast changing business Thank you all for your attention. landscape will ensure remarkable improvement in stakeholder value within a short period of time.
Our strength remains our people. Having one of the strongest teams of professionals, driven by a collaborative work culture HRM, Nnaemeka Alfred Ugochukwu Achebe, Obi of Onitsha and accountability is an important feature that will continue to Chairman drive our Bank's success in the years ahead. Accordingly, the development of Management team and staff will continue to be a top priority for the Board towards ensuring continued improvement in our Bank's performance.
12 Group Chief Executive Officer's Review
Positioning for strong performance - committed implementation of initiatives to improve organisational efficiency, productivity and profitability; as well as driving rapid penetration and market share growth in sectors with huge potentials.
istinguished Stakeholders, as you all know, 2009 was a Already, we have put in place all the necessary building blocks very difficult and challenging year for businesses required to quickly and decisively return the bank to profitabil- Daround the world. In Nigeria, the economy suffered ity and they are already yielding fruits as reflected in the profit significantly from the second round effect of the global we recorded in the first quarter of 2010. We are very much economic crisis particularly from the third quarter of 2008 to committed to ensuring that the Bank remains safe, stable and the greater part of 2009. The resultant deterioration of the risk profitable. Our customer centric credentials remain intact and assets of banks led to increased provisioning for non-performing we will build on all of these in the coming months to restore real loans following the initiatives taken by the CBN to reform the growth to stakeholders' value. Our values, our brand identity industry. The huge provisions brought corporate profitability and our people, which are our invaluable assets, are still very under severe pressure as banks shut down credit completely and much intact to help us navigate and maximally take advantage focused on bad loan recovery. of the improving business environment. In fact, we entered 2010 with a lot of confidence and renewed vigour to quickly Indeed for the period of over a year to end-December 2009, I move the Group on the path profitability. have the opportunity to manage Diamond Bank Group through the most difficult circumstances in its history. I must confess Group Financial Performance that the business environment under which we operated during the period under review was one of the most difficult in the The period under review has been challenging for the entire history of banking in this country. The consequent loss we Nigerian banking sector. Diamond Bank's results before recorded during the period regrettably is an aberration in our exceptional provisions have proved resilient in the face of these Bank's history which we must put aside quickly. challenging conditions with the Group continuing to grow deposits at a sensible rate and with operating income holding up It is important to note that we have assessed the challenges that well. However, our profits have been impacted by large one-off led to the Group's performance under review, identified the provisions which we have provided for in accordance with the learning points and more importantly, set out the roadmap to CBN's guidelines for the period. recovery and profitable growth. We are mindful of the enor- mous investments made in the Bank by all stakeholders and the Our operations for the 8-month period resulted in a loss before level of expectations in terms of shareholders value. As a result, tax of N12.4 billion due mainly to the high provisioning of we are positioning for strong performance in the aftermath of N24.7 billion, which resulted from increase in one-off large the economic crisis. provisions which have been taken care of. Really, six high value loan accounts were responsible for N15.7 billion of the We are committed to the implementation of initiatives that we provision figure while two accounts that recorded major have identified to be critical to our success. The business operational losses contributed N3.7 billion to it. The capital optimization initiatives will very soon lead to significant and market and downstream petroleum sectors have undergone sustainable improvement in organisational efficiency, produc- turbulent phase in the past months and expectedly contributed tivity and profitability. In addition to defending our leading significantly to the spike in loan loss provision. position in our core middle market business, we are also focusing more on the execution of strategies that will drive rapid We are optimistic that the challenges of the macroeconomic penetration and market share growth in sectors that present environment have eased significantly and indeed, a substantial huge business potentials. We are also open to mergers and increase in economic activities has become apparent. acquisitions that offer opportunity for a good strategic fit with Accordingly, we expect a turnaround in the fortunes of the valuable synergic benefits as a means to leapfrogging our companies that account for the loan loss provisions in a manner penetration of the growth market segments. that will impact positively on earnings and recoveries.
13 Group Chief Executive Officer's Review Group Chief Executive Officer's Review
Additionally, the strategic steps that we have taken to signifi- always depended on cash management and collections to cantly improve the profitability of our operations over time will accumulate deposits required to fund assets. Lower disposable yield substantial results this year (highlights under “Optimisa- income however affected liability generation both at the retail tion and Growth” below). and corporate business segments.
Our gross earnings of N67.7 billion and operating income of In all, the Bank remained very strong as both Liquidity and N42.5 billion compares favourably with N67.8 billion and N45.5 Capital Adequacy ratios at 38.0 percent and 19.4 percent were billion respectively for the corresponding period of 2008. The well above regulatory minimum of 25 percent and 10 percent relative stability in gross earnings was due to the fact that respectively. In the current year, we have projected stronger and Commercial Papers which were off-balance sheet in 2008 had more rewarding balance sheet and income targets for the Bank. been brought on-balance sheet by end-2009, implying that the We will intensify the implementation of a number of initiatives drop in loans was actually higher than the 8.5 percent apparent which is expected to help us in achieving our 2010 targets. These from the financial statement. The drop in loans was one of our include: precautionary measures against the risk implications of the ! Focus on low-cost deposit mobilization and balance sheet uncertainties about economic outlook during the period. management. Significant decline in non-interest income was responsible for ! Loan recovery, given the level of provision for non- the 6.6 percent decline in operating income. performing loans in 2009. ! Improve our credit monitoring activities with special The Group's Total Assets closed at N650.8 billion, an increased emphasis on high risk areas as well as strengthen our by 9 percent from N594.5 billion as at December 31, 2008. This enterprise-wide risk management framework. growth was supported by customer deposits which grew by 33 ! Boost cash management services to key clients with a view percent to N482.1 billion from N363.3 billion during the period, to deepening our share of their businesses and aligning which is a reflection of customers' confidence in Diamond Bank. resource deployment with opportunities/potentials. It also points to the success of our retail banking strategy, ! Improve our organizational efficiency and productivity making the business segment the major driver of deposit through committed implementation of the initiatives growth during the period. currently on going in the Bank.
The Consolidated Entities A review of the performances of our subsidiaries shows that the overall economic climate and operating environment remained The harsh operating environment and credit crunch in the very challenging for them. The following subsidiaries recorded country which was further aggravated by the outcomes of the losses for their financial year ended December 31, 2009 - CBN's stress tests of banks affected all the Bank's business Diamond Capital (N2.0 billion), ADIC Insurance (N0.78 billion) sectors, including the downstream oil, manufacturing, trading, and Diamond Mortgages (N0.48 billion). The very high loss construction and services sectors. Growth was constrained recorded by Diamond Capital was as a result of the mark-to- principally by the global economic meltdown which negatively market approach adopted in the valuation of its subsidiary's affected liquidity in the system and our appetite for increasing (Diamond Securities) share-related assets. Two of our subsidiar- credit. Consequently, the Bank's risk assets declined by 6.0 ies made profit before tax namely, Diamond Bank Benin S.A - percent to N323.8 billion from N344.3 billion as at December N0.34 billion and Diamond Pension Fund Custodian - N0.72 31, 2008. However, our total deposits increased by 31.7 percent billion. to N449.0 billion from N341.0 billion as at December 31, 2008 more as a result of flight to safety following the outcome of CBN Management however remains upbeat in the quick turnaround special audit of banks in 2009 and the pull of our retail banking in the fortunes of the subsidiaries especially in view of the propositions than increased liquidity in the system. Money positive economic outlook from 2010. Strategies have also been supply increased by only 15.8 percent during the year. formulated to reposition the subsidiaries in the light of the lessons learnt from the recent challenges. The management of The Bank's Corporate Bank SBU sought to de-risk in most part of the subsidiaries are working assiduously on the implementation 2009 as well as concentrate on protecting existing assets. This of the performance improvement and turnaround strategies resulted in a conscious decision to manage existing assets, that had earlier been approved by the Board. refrain from the creation of new risk assets until the economic outlook is clearer while making aggressive and proactive provision for losses. Traditionally, the corporate banking SBU had
15 Group Chief Executive Officer's Review
Optimisation and Growth environment. We strongly believe in our people as the engine of our growth. Thus in 2009, we continued with the transformation In order to realize optimal benefit of our growth strategy, we of our human capital management in order to position the bank have focused on the development of competencies that will as a performance-driven institution. We embarked on series of give us competitive advantage in the development of identified initiatives towards building a strong, resilient, agile and and promising business opportunities. Incidentally, the quick motivated workforce across the entire Diamond Group. wins of our business transformation initiatives will contribute significantly to returning our Bank to rapid profit growth path We have also put in place a new performance management this year. The initiatives which commenced in late-2008, is system that will strategically link corporate strategy, resources transforming the Bank's business fundamentally. They span the and processes with a view to achieving organizational goals and entire value chain covering risk management, financial objectives. Communication and training of staff on the new planning, sales management, operations optimization, and performance management framework has been concluded in Information Technology (IT) architecture and governance. our determination to build a world class performance driven environment. Indeed, the resilient performance of the Bank In the first instance, we have actively reviewed our risk especially in this turbulent times and our consistent superior management strategy in line with changing market conditions customer value addition over the years is largely driven by the and the Bank's strategy. We have introduced improved risk quality of our human resource. We will continue to invest in our management methodology to facilitate the identification of people and adopt the best HR practices towards building a expansion areas within the set risk appetite. We have also winning organization that will consistently deliver stakeholders continued with the implementation of best practice enterprise value. risk management framework that is process driven and IT enabled. Policies are integral to the bank's risk management The deployment of the state of the art IT infrastructure and process, spanning risk identification, measurement, mitigation, Architecture will improve overall IT resilience and responsive- monitoring and reporting in the various risk areas to ensure that ness to the business while reducing “run” risk and supporting inherent risks in the business are effectively managed. automated processes, thereby contributing materially to cost reduction and sales optimization. The initiatives are helping us Overall levels of financial performance will, no doubt, be to set up efficient and scalable processes that will enable very affected by our ability to improve operating efficiency and profitable future growth, organically or inorganically. productivity against the background of a lesser growth environment, with significantly lower levels of growth in net We are also working on some strategic opportunities that can interest and non-interest income. We have re-engineered our create significant value and fast-track the achievement of our financial planning and expense management process to realize Bank's strategic intent of rapidly growing retail banking, expense reduction and reliable planning data as well as remaining a major player in middle market, and positioning as a redefined our strategic metric system to set a good foundation niche player in Corporate/Public Sector Banking. The strategic for effective sales performance system. This improved planning move will leap-frog the growth of our Bank's branch network and expense management process has high cost reduction and customer base, and the utilisation of our technological potential and will significantly increase efficiency in the capabilities in the mobile and electronic banking market. allocation of capital to business units, thus supporting overall bank strategy. Increased Focus on Retail Banking
Our sales efficiency has been enhanced by freeing up time for The retail space remains largely untapped in Nigeria with about sales and driving an industrialization approach. In addition, we 74 percent of the population unbanked, which will require are introducing a systematic sales approach (customer banking services as systematic framework and infrastructure segmentation and sales process) thereby increasing sales improves. The retail sector is therefore unanimously viewed as effectiveness and customer satisfaction. It will also become a the next big opportunity for Nigerian banks as it brings asset and good springboard for future growth in high values business deposit growth while diversifying risk and making balance sheet segments, especially in the retail sector. sustainable. We are implementing a clear retail banking strategy in order to claim a leading position in the very big space. We are committed to strengthening and developing the capacity and competencies of our workforce, rewarding 2009 saw us making a remarkable progress towards establishing performance and creating a holistic employee-friendly work Diamond Bank as the retail bank of choice in Nigeria. The retail
16 Group Chief Executive Officer's Review
segment of our business, comprising personal and Micro, Small supporting the growth of their businesses, thereby contributing and Medium enterprises (MSMEs) customers, is really becoming to GDP growth and higher employment. increasingly important to the Bank and Group. During last quarter of 2008, we revised and re-packaged our whole range of We are conscious of the fact that pivotal to winning in the retail savings products, taking the best features from a large number space is the delivery of excellent customer experience to of products and incorporating them into our very popular prospective and existing clients consistently. We know that SavingsXtra account. It offers the opportunity for everyone to ultimately, no matter how good our products and propositions, bank with us with a minimum balance of only N5,000 and customers will only bank with us if we are able to satisfy their quickly became customers' favorite banking product with over 1 needs and deliver consistent total quality service. In 2009, million accounts in 2009. We also re-packaged our Diamond through an independent external partner, we carried out a wide Kiddies account for youngsters and introduced a new higher ranging customer satisfaction survey, involving mystery interest deposit account called Diamond HIDA where balances shopping at 150 branches, one-on-one discussions with have grown to N5 billion in only 6 months. corporate clients and telephone interviews of over 3,000 business and personal customers. The result was an average Barely one year after its launch into the Nigerian consumer satisfaction level of 71 percent, which was reasonable and market, Diamond Visa Credit Card, the first naira denominated, placed us easily in the top quartile of banks in Nigeria. However, real credit card in the country, recorded well over 250,000 we know that is not good enough and we must constantly strive successful transactions valued at over N6 billion. Remarkably, for improvement. We will carry out similar surveys twice in 30 percent of all the transactions have been outside Nigeria, 2010 and will share the results with our shareholders in our while 70 percent were for payments within the country. Our annual report. We are confident of delivering a higher satisfac- credit card package remains unequalled in the country and we tion level in 2010 for it is only through the recognition of our are planning further enhancements in 2010, including the shortcomings that we can improve. We seek to deliver market- addition of more partners for our rewards scheme. Feedback beating customer experience whilst creating superior value from customers remains very positive, based on convenience addition to our customers. and reliability the same card can be used with confidence to facilitate payment across this country as well as in all countries During the 8-month period, retail banking deposits increased by around the world where Visa Card is accepted. 22 percent. The Bank was able to continue to attract retail deposits due to our strong distribution network and deliberate As we continued to look for creative solutions to help our focus on attracting a larger percentage of low cost deposits, customers solve the challenges of managing small businesses, rather than more expensive term deposits. This resulted in retail we launched a new proposition for Micro, Small and Small banking average weighted cost of funds falling from 6 percent to Enterprises (MSMEs) in October 2009 which proved to be so under 4 percent. With the launch of our new Business Express popular and successful that the number of customers had Account in December 2009, the really exciting part of retail doubled by the end of the year. The proposition comprises deposit collections is still to come in 2010. By scrapping modification to our Diamond BusinessXpress Account (DBXA), commissions on transactions for small business accounts and recognizing that one size does not fit all. We therefore intro- replacing them with a fixed fee structure, we expect to see SME duced 3 variants, all priced differently aimed at Starter, Growing customers concentrate their deposits with Diamond Bank in the and Established businesses. Through this proposition, we year ahead. This, coupled with the recently launched consumer significantly reduced the cost of banking for MSMEs, thereby finance products in vehicle asset finance, personal loans and removing the barriers to their banking with us. mortgages, bolsters our outlook for 2010.
We also incorporated many added value features to DBXA Our increased focus on the retail sector does not translate into entrepreneurs guide, inexpensive ownership of their own abandoning other business segments. We will continue to website and most importantly, enterprise educational seminars consolidate our position in these segments by investing in the which have been embraced enthusiastically by hundreds of our development of propositions and services that will continue to customers. Our partnership with IFC was further enhanced with endear the Bank to the clients. This way, we will continually the launch of an additional lending product for MSME custom- sharpen our arsenal of weapons to retain our competitive edge ers and during a time when many banks stopped lending in the affected sectors. In topmost corporate sector, there are altogether, we lent in excess of N3 billion to this vitally high growth segments that offer opportunity to profitably important segment of the economy. We remain committed to expand the business notwithstanding that recent lending boom delivering support and finance to deserving MSME customers, is now taking its toll as reflected in non-performing assets and
17 Group Chief Executive Officer's Review
provisions. Lending to the sector has become slow as corporate the review of implementation of the Pension Reform by governance standard increases and margin pressure is increas- partnering with the National Pension Commission so as to ing due to high competition. We will focus on proactively alleviate the suffering of pensioners. To help combat poverty identifying the growth segments of the corporate sector and and support agriculture development, the Bank spent over N3 becoming a niche player in them. million supporting the workshop titled “Boosting Nigerian Agricultural Sector through Financing, Processing, Capacity Corporate Social Responsibility Building, Capital Equipment and Market Access” hosted by the American Embassy in Nigeria and the Bank of Industry Ltd (BOI). Our Group is committed to building a sustainable business that is trusted for upholding high standards of corporate governance Looking Ahead and social responsibility. Thus, as part of our strategy in encouraging healthy and quality living among Nigerians, we In its April 2010, the IMF revised 2010 global growth forecast spent N15 million in sponsoring the 34th Annual upwards to 4.2 percent on account of the successes of the global Congress/Scientific Conference of the Ophthalmological “rescue operations” for the financial system and the economy. Society of Nigeria (OSN) held in Lagos in September 2009. We Nonetheless, there are still some challenges ahead, especially in seized the opportunity of sponsoring the conference to respect of high unemployment in most economies; fears that demonstrate our corporate responsibility drive in giving back to some countries may tighten their economies too quickly; and the society and to lend our weight on the fight to reduce the the growth effect of dwindling external demand, foreign direct rate of blindness among Nigerians and in the Sub-Saharan investment and weak credit on emerging economies. African. On the local scene, the upturn in the last two quarters of 2009 In a survey carried out by the Nigerian Federal Ministry of allows for considerable optimism about the nation's economic Health, more than a million Nigerians are blind and more than growth in 2010, with a convergence of projections centering on three million others are visually impaired. Overall, two out of 5 -7 percent growth for the year. Increase in crude oil price and every three blind Nigerians are blind from causes which could be the Amnesty Program in the Niger Delta should continue to avoided. The Bank is determined to help alleviate this problem. It impact positively on oil sector performance. There are however is a way of showing the public that their welfare is of paramount concerns that could threaten this positive outlook and some of importance to the Bank. It will be recalled that Diamond Bank these are: was the sole sponsor of the Third Edition of the International Council of Ophthalmology (ICO) hosted in Nigeria by the Eye ! The impact of credit squeeze heightened by the CBN's Foundation Center in 2008. Between 1999 and 2005, Diamond intervention in the banking sector in 2009, which may be Bank also sponsored the Annual Diamond Bank/Eye Expedition mitigated by the establishment of the proposed Asset Hospital free eye expedition programme. Management Company and the continuous loosening of monetary policies. We also identified with Lagos State government in hosting the ! Another major area of concern is the way and manner the Lagos Infrastructure forum on the need to improve sustainable CBN will address inflation concerns in the face of a loose infrastructure such as Intermodal passenger transport, monetary policy, expansionary budget 2010, and 2011 Affordable housing, Waste management, Power Solutions, Lekki election-induced spending. free trade zones, etc. As part of our youth development initiative, our Bank set up a resource centre within the Niger Nigeria's future banking growth is set to be driven not only by a Delta University campus for the school community. The growth in national oil revenue but also through the growth of resource centre consist of cybercafe, computerized library, the middle class and boom in personal lending, mortgages, and viewing center and server room spending over N9 million in the credit cards. While the short-term outlook remains challenging, process with an additional sum of N11.6 million for furniture we are confident of an improvement in the second half of 2010. and additional work-stations. In the area of sports, the Bank In the longer term, government's public infrastructure invest- partnered with Sande Sports & Entertainment Ltd to organize ment programme will gain momentum and it should be a Best of Fans football tournament, which is a fusion of football catalyst for growth throughout the economy. and entertainment to help galvanize the youths into more fruitful endeavours. We are actively re-calibrating and refining our businesses to ensure that we are optimally positioned to benefit from the The Bank spent over N5 million on the National Conference on economic recovery. The management team is committed to
18 Group Chief Executive Officer's Review
optimizing the growth opportunities through the implementa- confident that we have the resilience and drive to thrive in the tion of initiatives that drive revenue growth while minimizing long term, notwithstanding that there will always be chal- cost and risks. lenges.
Conclusion Finally, on behalf of the Management and staff of the entire Diamond Bank Group, I wish to thank all our customers and 2009 was a tumultuous year for the Nigerian banking industry shareholders for their understanding, patronage and commit- and consequently, the competitive landscape is changing ment. Your unwavering support has helped us to negotiate the fundamentally with the regulatory framework being radically bend successfully and maintain our strategic momentum in altered. Our challenge is to ensure we remain focused on 2010. returning to acceptable level of profitability very quickly and continue to deliver on a consistent basis by leveraging on Thank you for your attention. strategic opportunities in the medium term towards elevating the Bank to the desired industry leadership position. We are committed to achieving these goals.
Our strategy is simple and its concepts are well tested in the banking and other industries. The successful execution of our Emeka Onwuka strategies at both short and medium term horizons should Group Managing Director/Chief Executive Officer position us for high and sustainable performance. We are also
19 Report of External Consultant on the Board Appraisal
e conducted the appraisal of the Board of Directors (“the Board”) of Diamond Bank Plc (“the Bank”) for the period ended 31 December, 2009 in accordance with the standards set by the Central Bank of Nigeria (CBN) Code of WCorporate Governance for Banks in Nigeria Post Consolidation (“the CBN Code”). Corporate governance is the system by which business corporations are directed and controlled to enhance performance and long-term shareholder value.
We reviewed the Bank’s corporate governance report included on pages 31 to 45 of the Annual Report for the period ended 31 December 2009, as prepared by the Board, and assessed the level of compliance of the Board with the CBN Code.
The principal recommendations from our appraisal of the Board of the Bank, in accordance with the CBN Code, were in the following areas: Directors’ remuneration and the appointment of independent Directors.
However, subsequent to 31 December 2009, the Board has appointed two (2) independent Non-executive Directors, subject to the approval of the CBN and the ratification of the shareholders.
Dimeji Salaudeen Partner, KPMG Professional Services Lagos, Nigeria
12 May 2010
20 Report of Audit Committee
n accordance with the provisions of Section 359 (6) of the companies and Allied Matters Act, Cap.C20 Laws of the Federation of Nigeria, 2004, we the Members of the Audit Committee of the Board of Directors of Diamond Bank Plc, having Icarried out our statutory functions under the Act with the co-operation of management and staff, hereby report that : 1. The accounting and reporting policies of the Bank and Group are in accordance with legal requirements and agreed ethical practices;
2. The scope and planning of both the external and internal audit programmes for the period ended 31 December, 2009 were satisfactory and reinforce the Group's internal control system;
3. Having reviewed the external auditor's findings and recommendations on the management matters, we are satisfied with the management responses thereon.
In addition to the foregoing, we have complied with the provisions of the Central Bank of Nigeria Circular BSD/1/2006 dated 18 February, 2004 on “Disclosure of the insider- related credits in the financial statements of banks”, and thereby confirm that an aggregate amount of N2.3billion was outstanding as at 31 December, 2009.
Nnamdi Nwakwesi Chairman, Audit Committee
12 April, 2010
Members of the Audit Committee are: Mr Nnamdi Nwakwesi Chairman Lt.Gen J.T Useni (RTD) Member Dr. Olubola Hassan Member Mr Chris Ogbechie Member Sir Enoch Iwueze Member Mr Kabir Alkali Mohammed (mni) Member
In attendance Nkechi Nwosu Secretary
21 Board Of Directors
1
2 3
4 5 6
8
9 7 10 11
12 13
14
1. HRM Igwe Nnaemeka Alfred Ugochukwu Achebe - Chairman 8. Dr. Olubola Adekunle Hassan - Director 2. Emeka Onwuka - Group Managing Director/CEO 9. Lieutenant General Jeremaih Timbut Useni (RTD) - Director 3. Ohis Ohiwerei - Executive Director - Chief Financial Officer 10. AVM Ishaya Aboi Shekarri (RTD) - Director (Resigned w.e.f. 1st Oct. 2009) 4. U.K. Eke - Executive Director - Regional Businesses, Lagos/West 11. Chris Ogbechie - Director 5. Uzoma Dozie - Executive Director - Corporate Banking 12. Chief John Edozien - Director 6. Oladele Akinyemi - Executive Director - Customer Services & Technology 13. Dr Nkosana Moyo - Director - Director (Resigned w.e.f. 24th Sept. 2009) 7. Mazi Clement I. Owunna - Director 14. Mr Simon Harford - Director
22 Management Team
EMEKA ONWUKA GROUP MANAGING DIRECTOR/CEO UZOMA DOZIE EXECUTIVE DIRECTOR - CORPORATE BANKING UK EKE EXECUTIVE DIRECTOR- REGIONAL BUSINESSES, LAGOS/WEST OLADELE AKINYEMI EXECUTIVE DIRECTOR - CUSTOMER SERVICES AND TECHNOLOGY GARRY MARSH SENIOR ADVISER, RETAIL BANKING AKIN PEARCE HEAD, RISK MANAGEMENT & CONTROL NKECHI NWOSU COMPANY SECRETARY/LEGAL ADVISER VICTOR EZENWOKO HEAD, REGIONAL BUSINESSES, UPCOUNTRY JOHN AYUBA REGIONAL MANAGER-ABUJA EUNICE WILLIAMS HEAD PUBLIC SECTOR HUMPHREY AKACHUKWU HEAD, COMPLIANCE AND AUDIT MILLICENT NWAOGU DIV. HEAD, INSTITUTIONAL BANKING PREMIER OIWOH HEAD, BANKWIDE CUSTOMER SERVICES CHIOMA NWABUOKU HEAD, GROUP-WIDE HUMAN CAPITAL MANAGEMENT OBINNA URUAKPA REGIONAL MANAGER-SOUTH SOUTH CHRIS OFIKULU REGIONAL MANAGER-VICTORIA ISLAND REGINALD AKUJOBI-ROBERTS HEAD, GENERAL INTERNAL SERVICES CHARLES NKATA REGIONAL MANAGER-SOUTH EAST CHIZOMA OKOLI REGIONAL MANAGER-APAPA YOMI OLORUNGBEJA HEAD, STRATEGIC PLANNING & RESEARCH GROUP ANYA DUROHA DIV. HEAD, SPECIALIZED INDUSTRIES AGNES FASEHUN REGIONAL MANAGER-WEST BENSON ORAELOSI DIVISIONAL HEAD, REMEDIAL ASSETS ABIYE KOKO HEAD, IT SERVICES EMEKA OKERE GROUP HEAD, REMEDIAL ASSETS, NORTH CHIUGO NDUBUISI HEAD, FINANCIAL MANAGEMENT DIVISION DONALD NOSIRI HEAD, HUMAN CAPITAL MANAGEMENT CHIDINMA LAWANSON HEAD, MSME PROPOSITION BEN OBUEKWE REGIONAL MANAGER-NORTH CENTRAL CHINEDU OKORO REGIONAL MANAGER-EAST CENTRAL FOLORUNSHO ODOM BUSINESS MANAGER, GARKI ABUJA, MOHAMMED BUHARI WAY MAGNUS NNOKA HEAD,CREDIT RISK MANAGEMENT
23 Management Team
JUDE ANELE WORK STREAM LEADER,SALES OPTIMIZATION ADEGBOYEGA ADEBAJO INVESTMENT BANKING CHINEDU EKEOCHA OPERATIONS OPTIMIZATION -WORK STREAM LEADER 3 PAUL OKOROAFOR HEAD,CREDIT ANALYSIS AND PROCESSING LANRE SHOWUNMI HEAD, BUSINESS TRANSFORMATION GROUP ANGELA OKONMAH GROUP HEAD - PRODUCT & RETAIL BRAND SERVICES MAUREEN OFFOR REGIONAL MANAGER-IKEJA SAM ANEKE HEAD, PUBLIC SECTOR (COLLECTIONS GROUP) SUBSIDIARIES
BEN IHEKIRE MANAGING DIRECTOR, DIAMOND BANK BENIN REPUBLIC TONY ONWU MANAGING DIRECTOR, DIAMOND CAPITAL & FINANCIAL MARKETS EMEKA OSUJI MANAGING DIRECTOR, DIAMOND PFC CHIOMA SIDESO MANAGING DIRECTOR, ADIC INSURANCE
24 Directors' report
Compliance with Code of Corporate Governance
Directors' responsibility and approval
Auditors' report
Statement of significant accounting policies
Profit and loss accounts
Balance sheets
Cash flow statements
Notes to the financial statements
Statement of value added
Five-year financial summary
25 Directors' Report For period ended 31 December 2009
The directors present their annual report on the affairs of Diamond Bank Plc (“the Bank”) and its subsidiaries ("the Group"), together with the financial statements and auditors' report for the eight months ended 31 December, 2009. a. Legal Form
The Bank was incorporated in Nigeria under the Companies and Allied Matters Act 1990 as a private limited liability company on 20 December 1990. It was granted license on the 15 March 1991 to carry on the business of commercial banking and commenced business on 21 March 1991. The Bank converted into a Public Limited Liability Company on 28 February 2005. The Bank's shares were listed on 27 May 2005 on the floor of the Nigerian Stock Exchange by way of introduction. b. Principal Activity and Business Review
The principal activity of the Group continues to be the provision of banking and other financial services to corporate and individual customers. Such services include granting of loans and advances, corporate finance and money market activities.
The Bank has seven operating subsidiaries including Diamond Bank Benin S.A (95.38%), Diamond Capital and Financial Markets Limited (DCL) (100%), Diamond Pension Fund Custodian Limited (100%), Diamond Mortgages Limited (100%) and ADIC Insurance Limited (95%). The Bank's consolidated financial statements include the results of all operating subsidiaries.
The indirectly wholly owned subsidiaries (via DCL) are Diamond Securities Limited (DSL) and Diamond Registrars Limited (DRL). DSL has a wholly owned subsidiary - DBLS Insurance Brokers Limited. c. Operating Results Gross earnings of the Group reduced by N41.2 billion and profit before tax reduced by N18.3 billion.
Highlights of the Group's operating results for the period under review are as follows:
8months to 12months to Dec.' 2009 Apr.' 2009 N'000 N'000
Gross earnings 67,735,694 108,979,476
Profit before taxation (12,374,154) 5,901,951 Taxation 4,199,741 (730,195)
Profit after taxation (8,174,413) 5,171,756 Non-controlling interest 32,402 (27,637)
Profit attributable to group shareholders (8,142,011) 5,144,119
Appropriations: Transfer to statutory reserves - 1,052,017 Transfer to SME reserves - 342,556 Bonus issue - - Transfer to contingency reserve 70,365 75,339 Transfer to retained earnings reserve (8,212,376) 3,670,207 (8,142,011) 5,144,119
26 Directors' Report For period ended 31 December 2009
d. Directors and their interests
The direct and indirect interests of directors in the issued share capital of the Bank as recorded in the register of directors shareholding and/or as notified by the directors for the purposes of sections 275 and 276 of the Companies and Allied Matters Act and the listing requirements of the Nigerian Stock Exchange is noted:
Direct Shareholding Indirect Shareholding Number of Number of Number of Number of 50k Ordinary 50k Ordinary 50k Ordinary 50k Ordinary Shares Held Shares Held Shares Held Shares Held Dec 2009 April 2009 Dec 2009 April 2009 HRM Igwe Nnaemeka Alfred Achebe (Chairman) 3,547,637 3,547,637 - - Mr. Emeka Onwuka (Managing) 20,000,000 30,484,873 - - Mr. Ohis Ohiwerei (Executive) 16,445,952 20,294,783 - - Mr. Urum Kalu Eke (Executive) 3,422,311 14,954,006 - - Mr. Uzoma Dozie (Executive) 20,630,610 21,719,491 735,627,169 735,627,169 Mr. Oladele Akinyemi (Executive) 8,503,293 3,439,426 - Mazi Clement Owunna MFR 33,000 33,000 267,412,498 269,212,498 Mr. Chris Ogbechie 10,163,959 12,933,959 - Lt. General Jeremiah Timbut Useni (Rtd) 6,672,306 6,672,306 176,720,019 176,865,355 AVM Ishaya Aboi Shekarri (Rtd), OON (Resigned - 01/10/09) 71,669,961 71,669,961 174,495,514 174,495,514 Dr. Olubola Adekunle Hassan 6,601,500 5,101,500 - - Mr. Simon Harford - - - 1,975,935,789 Dr. Nkosana Moyo (Resigned - 25/9/09) - - - 1,975,935,789 Chief John D. Edozien 4,614,700 2,165,000 - 2,449,700
In line with the provisions of the Articles of Association the directors to retire by rotation are Mazi Clement Owunna and Chief John D. Edozien who being eligible for re-election offer themselves for re-election. e. Directors interests in contracts
For the purpose of section 277 of the Companies and Allied Matters Act 1990, except as stated herein none of the directors had direct or indirect interest in contracts or proposed contracts with the company during the year. f. Property, Plant and Equipment
Information relating to changes in property, plant and equipment is given in Note 25 to the financial statements. In directors' opinion, the market value of the Group's properties is not less than the value shown in the financial statements.
27 Directors' Report For period ended 31 December 2009
g. Shareholding Analysis
The shareholding pattern of the Bank as at 31 December 2009 is as stated below:
Share Range No. Of Percentage of No. of Percentage Shareholders Shareholders (%) Holdings Holdings 1 - 10,000 94,686 75.38 209,891,025 1.45 10,001 - 50,000 20,288 16.15 389,384,040 2.69 50,001 - 100,000 5,801 4.62 361,829,341 2.50 100,001 - 500,000 3,869 3.08 707,839,388 4.89 500,001 - 1,000,000 383 0.30 254,764,279 1.79 1,000,001- 5,000,000 385 0.31 770,193,572 5.32 5,000,001 - 10,000,000 80 0.06 559,360,218 3.86 10,000,001 - 50,000,000 88 0.07 2,031,183,738 14.03 50,000,001 - 100,000,000 16 0.01 1,033,939,089 7.14 100,000,001 - 500,000,000 17 0.01 2,859,314,959 19.75 500,000,001 - 1,000,000,000 3 0.00 1,693,022,644 11.70 1,000,000,001 - 10,000,000,000 2 0.00 3,604,520,813 24.90 TOTAL 125,618 14,475,243,105 100.00
Actis DB Holdings Limited holds 14.79% of the Bank's ordinary shares while the balance is held by other individual and institutional investors. h. Substantial interest in shares
According to the register of members as at 31 December 2009, no shareholder held more than 5% of the issued share capital of the Bank except the following: Percentage Of Shareholder Number of shares held Shareholding (%)
Actis DB Holdings Limited 2,140,888,455 14.79% i. Share Capital History
YEAR AUTHORISED SHARE CAPITAL (?) TOTAL NUMBER OF SHARES 1991 25,000,000 25,000,000 1991 50,000,000 50,000,000 1992 100,000,000 100,000,000 1993 200,000,000 200,000,000 1996 500,000,000 500,000,000 1997 1,000,000,000 1,000,000,000 2002 2,000,000,000 2,000,000,000 2004 3,500,000,000 7,000,000,000 2005 5,000,000,000 10,000,000,000 2007 7,000,000,000 14,000,000,000 2008 10,000,000,000 20,000,000,000
J. Charitable Contributions
The Bank made contributions to charitable and non-political organizations amounting to N89 million (Apr. 2009: N325 million) during the period.
28 Directors' Report For period ended 31 December 2009
k. Post Balance Sheet Events
There were no significant events after the balance sheet date. l. Human Resources
Employment of Disabled Persons
The Bank operates a non-discriminatory policy on recruitment. Applications by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicants concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Bank continues and that appropriate training is provided. It is the policy of the Bank that the training, career development and promotion of disabled persons should as far as possible, be identical with those of other employees.
Health, Safety and Welfare at Work
The Bank enforces strict health and safety rules and practice at the work environment, which are reviewed and tested regularly. The Bank retains top-class private hospitals where medical facilities are provided for staff and their immediate families at the Bank's expense.
Fire prevention and fire-fighting equipment are installed in strategic locations within the Bank's premises.
The Bank operates both a Group Personal Accident and the Workmen's Compensation Insurance covers for the benefit of its employees. It also operates a contributory pension plan in line with the Pension Reform Act 2004, for its employees m. Employee Involvement and Training
The Bank places considerable value on the involvement of its employees and has continued its practice of keeping them informed on matters affecting them as employees and the various factors affecting the performance of the Bank. This is achieved through regular meetings between management and staff.
In accordance with the Bank's policy of continuous development, training facilities are provided in the Bank's well-equipped Training School. In addition, employees of the Bank nominated to attend both locally and internationally organized courses. These are complemented by on-the-job training. n. Auditors
PricewaterhouseCoopers have indicated their willingness to continue in office in accordance with Section 357 (2) of the Companies and Allied Matters Act. A resolution will be proposed at the Annual General Meeting to authorize the directors to determine their remuneration.
BY ORDER OF THE BOARD
Nkechi Nwosu Company Secretary
Plot 1261, Adeola Hopewell Street Victoria Island Lagos
15 April 2010
29 Statement of Directors’ Responsibilities
Responsibility for Annual Financial Statements
The Companies and Allied Matters Act and the Banks and Other Financial Institutions Act 1991, require the directors to prepare financial statements for each financial period that give a true and fair view of the state of financial affairs of the Bank at the end of the period and of its profit or loss. The responsibilities include ensuring that the Bank:
i. keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Bank and comply with the requirements of the Companies and Allied Matters Act and the Banks and Other Financial Institutions Act 1991;
ii. establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and
iii. prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates, that are consistently applied.
The directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with,
- Nigerian Accounting Standards;
- Prudential Guidelines for Licensed Bank;
- relevant circulars issued by the Central Bank of Nigeria;
- the requirements of the Banks and Other Financial Institutions Act of 1991; and
- the requirements of the Companies and Allied Matters Act.
The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Bank and its subsidiary operations and of their profit for the period. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.
Nothing has come to the attention of the directors to indicate that the Bank will not remain a going concern for at least twelve months from the date of approval of the financial statements.
______Emeka Onwuka Uzoma Dozie Managing Director Executive Director
30 Compliance with Code of Corporate Governance For period ended 31 December 2009
iamond Bank Plc was conceived with the vision of creating a “strong financial services institution with effective presence in Nigeria, Africa and indeed all the key financial centres of the world.” We are pleased to state that over the years, as our vision has been Dfulfilled we have not lost sight of our core values of integrity, excellence, customer and stakeholder satisfaction. Diamond Bank is managed in compliance with the Code of Corporate Governance for Banks in Nigeria Post Consolidation (“the CBN Code”) and the Code of Corporate Governance in Nigeria. In addition, the Bank also endeavours to as closely as possible adhere to International Best Practices. Further to this, the Bank and the Diamond Bank Group have adopted a Corporate Governance Framework established on the following principles: (1) Discipline; (2) Transparency: (3) Independence; (4) Accountability; (5) Responsibility; (6) Fairness; and (7) Social Responsibility.
In accordance with the requirements of the relevant Corporate Governance Codes, the position of Chairman and Managing Director/Chief Executive Officer are held by different persons, the number of non-executive directors exceeds that of the executive directors, and the Chairman of the Board does not serve on any other Committees.
THE BOARD
The Board has the key responsibility for corporate governance and is responsible for the review and update of the Corporate Governance Framework. Members of the Board are required to uphold good corporate governance practices when performing their fiduciary duties and responsibilities.
The primary mission of the Board is to effectively represent and promote interest of shareholders and relevant stakeholders by adding value to the Company's performance. The Board of Directors of Diamond Bank Plc is constituted by the under-listed persons:
HRM Igwe Nnaemeka Alfred Ugochukwu Achebe, CFR, MNI, The Obi of Onitsha - Chairman
HRM Nnaemeka Achebe is a Chemistry graduate of the Stanford University, California USA. He holds Masters in Business Administration (MBA) from Columbia University, New York amongst others. He is presently the traditional ruler (Obi) of Onitsha, Anambra State. During the extensive period of his career in the Shell companies (both local and international), he held several top level managerial positions before he was appointed Executive Director at Shell Petroleum Development Company in 1988, a position he held till 1996 when he was appointed Senior Corporate Adviser, Shell International Co. Limited, London.
He has held directorship positions in many multinationals and reputable organizations and is a patron of the MTN Foundation. In 2004, Igwe Achebe was honoured by the Federal Government of Nigeria with a national merit award, Commander of the order of the Federal Republic (CFR). He belongs to a number of international professional bodies such as the Nigeria Economic Society and the Academy of Management, USA.
Mazi Clement I. Owunna MFR - Non-Executive Director
An accomplished pharmacist and businessman, Mazi Owunna is a graduate of the Drake College of Pharmacy, Iowa, United States. He is a pioneer director of Diamond Bank. Mazi Owunna is the Chairman of several successful companies spanning pharmaceuticals, manufacturing, commerce, real estate, food and chemicals. He is also a Fellow of the Nigerian Institute of Management. Mazi Owunna has been a Director of the Bank since 2000.
Dr. Olubola Adekunle Hassan, M.B, B.S, D.O, FRCS, FRCOPH, FWACS - Non-Executive Director
Dr. Hassan holds a Bachelor of Medicine, Bachelor of Surgery, M.BB.S and Diploma in Ophthalmology among other qualifications. He is the Chief Consultant Ophthalmic Surgeon and Medical Director, Eye Foundation Hospital, Lagos and also acts as a consultant ophthalmologist to a number of local and foreign hospitals. He has sixteen academic distinctions and awards and belongs to a host of professional and academic bodies locally and internationally. Dr. Hassan joined the Board of Diamond Bank Plc in 2005.
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Lieutenant General Jeremiah Timbut Useni (Rtd) DSS, PSC, MNI - Non-Executive Director
Lt. General Useni (Rtd) is a graduate of the Indian Military Academy and holds a Diploma in Advance Military Transportation from the US Army. He passed through notable institutions including the British Army Apprentices College, Chepstow and Command and Staff College, Jaji. He is a fellow of the following institutions: the Nigerian Institute of Management (FNIM), the Chartered Institute of Transport (UK and Nigeria) and the National War College (FNWC). During his many years of meritorious service in the Nigerian Army, Lt. Gen Useni held various top military and political appointments including Director of Supply and Transport, Director of Ordinance Services and Quartermaster General of the Nigerian Army. He was Chairman of the National Railway Corporation, Military Governor of the former Bendel State, and Minister of the Federal Capital Territory. He received many Military decorations including Forces Service Star, Long Service Medal, Defence Medal, and Independence Medal. As a nationalist Lt Gen Useni is bestowed with twelve (12) chieftaincy/traditional titles from various states of federation most notably the Sardauna of Plateau and Nasarawa States. He is currently the Chairman of the Arewa Consultative Forum. Lt. Gen. Useni was appointed as a director of Diamond Bank in 2005
Chris Ike Ogbechie - Non-Executive Director
Chris Ogbechie has a First Class Honours degree in Mechanical Engineering from Manchester University and MBA from Manchester Business School. He has wide experience in marketing and strategy derived from his work as head of marketing/sales at Nestle Nigeria., Xerox and from his consulting work with Nigerian firms over the years. While in Nestle he had wide international exposure in Malaysia, Singapore and Switzerland. He has been involved with several start-ups and is on the board of several companies. Mr. Ogbechie is a faculty staff of the Lagos Business School, where he teaches Strategy and Corporate Governance. Mr. Ogbechie has been a director of Diamond Bank since 2005.
Simon Harford - Non-Executive Director
Simon Harford holds an MBA from INSEAD, Fountainebleau, France and a BA (Hons) in Philosophy, Politics and Economics from Oxford University, UK. Prior to joining Actis as Head of Actis, West Africa, Simon was with the Virgin Group and was the Chief Executive Officer of Virgin Nigeria, after having held a number of senior management positions in various organizations. Mr. Harford is currently the Head of Actis Africa and South America. He has been a director of Diamond Bank since 2007.
Chief John D. Edozien - Non-Executive Director
Chief Edozien holds a B.Sc. (Hons) (Econs.) from the University of Ibadan and an M.A. Economics from the University of Wisconsin. As a Civil Servant, he rose to the position of Permanent Secretary of the Cabinet Office in 1987 and National Planning, Office of Planning and Budget both in The Presidency. Chief Edozien served as Deputy Governor of Bendel state and later Delta State. He was the Group Managing Director/CEO of Afribank Nigeria Plc as well as Chairman of Afribank International Limited (Merchant Bankers) from 1993 to 1999. He is the chairman of a number of Nigerian companies such as Jenkyns Consult Nigeria Limited and Mercedes Benz Automobile Services Limited. He also holds other directorate positions in several companies. Chief John D. Edozien became a director of Diamond Bank in 2008.
Emeka Onwuka - Managing Director/Chief Executive Officer
Prior to joining Diamond Bank, Emeka worked with Arthur Andersen and Co., where he was exposed to both local and offshore training in accounting and management consulting for the finance as well as oil and gas industries. Emeka joined the Bank in 1992, and has worked in the key areas of corporate and investment banking, branch banking, treasury and commercial banking, among others. He was Head of the Bank's Commercial Banking Division before his appointment as the Managing Director in 2005.
U. K. Eke - Executive Director, Business Banking, Lagos & West
Mr. Eke started his working career with Deloitte Haskins Sells International in 1985, and majored as an accounting professional with specialisation in audit, taxation and management consulting. In 1992, he joined Diamond Bank after a year's stint at Abacus Merchant Bank Ltd. He has attended various business, leadership and professional courses both in Nigeria and overseas. He was the Bank's Head of Commercial Banking Division (Lagos/West) prior to his appointment as Executive Director (Commercial Banking) in 2005.
Ohis Ohiwerei - Executive Director/Chief Financial Officer
Mr. Ohiwerei began his banking career in Guaranty Trust Bank Plc where he worked in Credit, Marketing and Treasury units. He moved to
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Ecobank in 1998 as Treasurer and in February 2000, joined Diamond Bank as Head of the Treasury Unit. His experience spans over 15 years in all the key areas of banking, much of this dominated by his stint in the area of treasury management. He was the Bank's Chief Financial Officer (CFO) before he was appointed Executive Director of the Bank/CFO. Mr. Ohiwerei has recently proceeded on terminal leave prior to his resignation from the Board of the Bank.
Uzoma Dozie - Executive Director, Corporate Banking
Mr. Dozie's banking career started in the Commercial Banking unit of Guaranty Trust Bank Plc. He later moved to Citizens International Bank Limited where he was a part of the Oil and Gas Division. 1n 1998, he joined the Bank as Head of the Oil & Gas Unit. He was appointed as Executive Director in 2005.
Oladele Akinyemi - Executive Director, Customer Services and Technology
Mr. Akinyemi first joined Diamond Bank from erstwhile Lead Merchant Bank in 1991 as head of Systems Unit. He later headed the Commercial & Consumer Banking and the Retail Banking units of the Bank before leaving for UBA in 1997. He left UBA to become an Executive Director of One-to-One Nigeria Limited and whilst there, he built the first database marketing service company in Nigeria and pioneered List Rental business in Nigeria. He then joined Citibank Nigeria in 1999 as Head of Cards, Cash Management and e-Solutions Group. He rejoined Diamond Bank in 2002 as Head of the Information Technology Group. He was appointed to the Board in 2006.
TRAINING AND EVALUATION:
Diamond Bank has always placed emphasis on the performance of the Board as a whole as well as on the performance of individual members in relation to their contributions to the Board and the Bank. Evaluation of the Executive Directors is carried out by the Governance and Personnel Committee which is comprised entirely of Non-Executive Directors while the evaluation of the Non Executive Directors is done by external consultants.
In order to further develop the skill levels of the Board, members attend courses and training programmes suited to enhancing their functions. If the situation necessitates it, the directors are entitled to seek independent professional advice on matters for which they require clarification.
FUNCTIONS OF THE BOARD:
The Board meets regularly (at least once every quarter) to perform its stewardship and oversight functions, primary among which are: o Determination of the Diamond Bank Group's purpose and values, the strategy to achieve its purpose and to ensure that its values and strategy are implemented. o Evaluation of present and future strengths, weaknesses and opportunities of the Bank. Comparisons with competitors, locally and internationally, and best practice are Important elements of this process. o Review and approval of the Bank's financial objectives, plans and actions and significant allocation and expenditure. o Approval of the annual budget; o Approval of the annual and half-yearly financial statements, annual report and reports to shareholders; o Consideration and where appropriate, declaration or recommendation of the payment of dividends. o Reviewing the Bank's audit requirements. o Reviewing the performance of, necessity for, and composition of Board Committees. o Approval of the remuneration of the Chairman, Non-Executive Directors and Management o Reviewing risk management policies and controls, including compliance with legal and regulatory requirements. o Reviewing the Bank's code of conduct and ethical standards. o Reviewing shareholder and client relationships.
The Board also performs certain of its functions through Board Committees and Management Committees. The delegation of these functions does not in any way mitigate or dissipate the discharge by members of their duties and responsibilities.
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BOARD COMMITTEES
The Board Governance and Personnel Committee: The Governance and Personnel Committee is made up entirely of non executive directors. As the name suggests, this Committee is responsible for the overall governance and personnel function of the Board. Some functions of the Committee are as follows: To consider and make recommendations to the Board on its composition and that of the Committees and Subsidiaries; Review and recommend nomination of directors to the Board based on a proper selection process; Ensure adequate succession planning for Board of Directors and Chief Executive Officer; Ensure the orientation and continuous education of Directors; Monitor the procedures established for compliance with regulatory requirements for related party transactions; Monitor staff compliance with the Code of Ethics and Business Conduct of the Bank; Ensure compliance with regulatory standards of Corporate Governance and regularly identify international Best Practices of Corporate Governance and close any identified gaps; Recruitment or promotion staff to Assistant General Manager level and above and to approval of the remuneration, benefits and other terms and conditions of the service contracts of such officers; Recommend to the Board the terms and conditions of the service contract, including remuneration packages of the Executive Directors with a view to ensuring that these officers are fairly rewarded for their effort; Review cases of infractions of the Bank's policies committed by staff of Assistant General Manager level and above and apply appropriate sanctions where necessary; Review and approval of policies on staff welfare and fringe benefits; Annual review of the Board Charter; and Ensuring the annual review of the Board and Board Committees' performance.
Members of the Board Governance and Personnel Committee are: Chief John D. Edozien (Chairman), Mazi Clement Owunna, Mr. Chris Ogbechie and Mr. Simon Harford
The Board Audit and Risk Management Committee: The Board Audit and Risk Management Committee comprises non-executive directors and executive directors. The functions of this Committee include: Understanding the principal risks to achieving the Group's strategy; Establishing the Bank's risk appetite and ensuring that the business profile and plans are consistent with the risk appetite; Establish and communicate the risk management framework including responsibilities, authorities and key controls; Establishing key control processes and practices, including limit structures, impairment, allowance criteria and reporting requirements; Monitoring the operation of the controls and adherence to risk direction and limits; Interpret and report on risk exposures, concentrations and risk- taking outcomes as well as on sensitivities and key risk indicators; Reviewing and challenging all aspects of the Group's risk profile; Review the financial reporting process with a view to ensuring the company's compliance with accounting and reporting standards, other financial matters and the applicable laws and regulations; and Reviewing and challenging risk management processes.
Members of the Board Audit and Risk Management Committee are: Mr. Simon Harford (Chairman), Chief John D. Edozien, Lt. Gen. Jeremiah T. Useni (rtd), Dr. Olubola Hassan, Mr. Emeka Onwuka, Mr. U. K. Eke and Mr. Uzoma Dozie.
The Board Credit Committee: The Credit Committee is made up of non-executive and executive directors. The primary function of this Committee is to consider all matters pertaining to the granting of credits by the Bank in accordance with approved policies and approval of credits in excess of the limits delegated to the Management Credit Committee, significant revisions to credit policies, and establish portfolio distribution guidelines in conformity with government regulations. In achieving this objective, the Committee ensures that the overall credit policies are aligned with the Bank's Risk Tolerance level. In addition, the Committee performs the following functions: Reviewing the policies and methodologies for assessing the Bank's credit risks and recommending appropriate exposure limits; and Reviewing large exposures and impaired assets.
Members of the Board Credit Committee are: Mazi Clement Owunna (Chairman), Mr. Chris Ogbechie, Mr. Simon Harford, Mr. Emeka Onwuka, Mr. Uzoma Dozie and Mr. Oladele Akinyemi.
Audit Committee: This Committee is established in accordance with the provisions of section 359(3) to (6) of the Companies and Allied Matters Act and in compliance with the provisions of the CBN Code of Corporate Governance for Banks Post Consolidation. The Committee consists of three shareholder representatives and three non-executive directors. The Chairman of the Committee is a shareholder and a Chartered Accountant. All members of the Committee are independent of the Bank's management. The Committee's primary functions are, to review and ensure the effectiveness of accounting systems and internal controls; review the scope and planning of audit requirements; make recommendations to the Board regarding the appointment, removal and remuneration of the external auditors; and to ensure that the accounting policies of the Bank are in accordance with legal requirements and agreed ethical principles.
Members of the statutory Audit Committee are Mr. Nnamdi Nwakwesi (Chairman) - Shareholder, Mr. Kabir Alkali Mohammed mni - Shareholder, Sir Enoch Iwueze - Shareholder, Lt. Gen. Jeremiah T. Useni (rtd), Dr. Olubola Hassan and Mr. Chris Ogbechie.
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MANAGEMENT COMMITTEES
Assets and Liabilities Committee (ALCO): The primary functions of this Committee are the creation of a balance sheet structure to allocate sources and utilization of funds in a manner that it improves the Bank's financial performance; maximizing the value of capital overtime whilst controlling risk exposures; and managing the Bank's liquidity with respect to the composition of portfolio of liquid assets, control of cash flow, control of short-term borrowing capacity, monitoring of undrawn commitments, and contingency funding plans.
Management Credit Committee (MCC): Primarily, the Management Credit Committee approves credits in line with the Bank's credit policy. All credits exceeding the approval limit of the MCC are recommended to the Board Credit Committee for approval. The MCC also regularly assesses the Bank's risk asset portfolio to determine the optimum mix; the amount of exposures per customer and related group of customers; and approves the limits of inter bank placements. The MCC meets regularly to review watch-listed/non-performing accounts and approve specific provisions to be made on non-performing accounts.
Personnel Management Committee(PMC): The Personnel Management Committee reviews and makes recommendations on policies regarding Manpower Planning and Career Development; recruitment, selection and training of staff; performance management and staff appraisal; compensation, staff welfare and benefits schemes; Staff Movement and Audit; moderation of staff appraisal exercises and the implementation of the existing staff personnel policies and guidelines. The PMC reviews cases of infraction on the Bank's policies and procedures and applies adequate sanctions where necessary.
Risk Management Committee (RMC): Diamond Bank's Group Risk Management Committee shall have oversight and responsibilities for all risk except credit, market and liquidity risks. Risk within the purview of the committee will include, but not be limited to, the following: Operational Risk; Strategic Risk; Accounting and Taxation Risk; Legal Risk; Compliance Risk; Reputational Risk; Human Capital Risk; Insurance Underwriting Risk; and Information Security Risk.
IT Steering Committee: The Committee serves as a Think Tank for all Information Technology (IT) matters and determines IT strategy and policies and coordinates the implementation of these policies.
Budget and Revenue Sharing Committee: This Committee prepares budget outlines for all the units of the Bank; carries out a half yearly review of the budget in order to prepare an updated budget for the remaining months of the year; and evaluates and approves extra budgetary expenditure.
New Product Committee: Serves as a clearing house for new product proposals and in the process, determines and makes appropriate recommendations to Executive Management concerning product name and features; co-ordinates activities for the introduction of new products; and reviews existing products where necessary
Cost Management Committee: The Committee periodically reviews the costs/expenses of the Bank and recommends appropriate cost reduction/control measures; reviews and streamlines the acquisition of capital expenditure and bulk purchases of consumables with a view to reducing cost without comprising quality; and generally reviews the procurement procedures of the Bank.
Business Continuity and Security Committee: This Committee implements contingency response plans and strategies; and formulates and reviews strategies and plans geared towards safeguarding the Bank's properties and personnel.
SHAREHOLDER RELATIONS
In a constant effort to improve stakeholder relations Diamond Bank has dedicated Company Secretariat and Investor Relations Units on hand to resolve shareholders' issues. In addition to this, the entire staff of the Bank are available to resolve any issues which they can or appropriately escalate to the relevant units for resolution.
Stakeholders can readily obtain information on the Bank from our website and are also encouraged to express their opinions at General Meetings and stakeholders' forums which are organised by the Bank from time to time.
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FINANCIAL REPORTING AND ACCOUNTING
The audit for the period under review was conducted by the firm of PriceWaterhouseCoopers which is independent of the Bank, has no mutual business interest with the Bank and does not render non-audit services to the Bank. In keeping with the provisions of section 359 subsections (3) & (4) of the Companies and Allied Matters Act, the report of the Auditors is submitted to the Audit Committee which examines the report and makes recommendations to the shareholders at each Annual General Meeting.
INTERNAL CONTROL AND COMPLIANCE
The entire staff and Management of the Bank are responsible for protecting the Bank against fraudulent transactions. However, the Compliance & Audit Division is vested with internal control functions. This division is divided into three units, namely: Compliance, Corporate Audit, and Security.
The Compliance unit is responsible for promoting compliance with statutory and regulatory requirements and the anti- money laundering program of the Bank among other things. The primary function of the Corporate Audit Unit is to review all operational transactions entered into by the Bank to ensure accuracy and avoid the processing of erroneous or fraudulent entries. The Security unit of the Bank is responsible for developing, implementing and monitoring the Bank's Security and Loss Prevention policies.
In keeping with the Bank's strategy of strengthening its Corporate Governance structure and risk management capabilities through the implementation of its Enterprise-wide Risk Management framework, some strategies were adopted to effectively manage the risk of non- compliance with laid down rules, regulations and laws. These include the following.
! Continuous identification and assessment of compliance risks presented by customers, products and services in the Bank, through a properly implemented compliance risk management assessment exercise and monitoring information system that provides management with timely, informative reports on compliance with laws and regulations at both the business unit and transaction levels.
! Continuous training of the entire staff of the Bank on Anti-Money Laundering, Compliance and Corporate Governance issues in line with the Bank's policy on professional development geared towards improving competence across board. Training has been a veritable tool that inculcates and synchronises the requisite compliance knowledge in staff on rules, laws and regulations across all levels and the knowledge is expressed as a guide in doing the Bank's business, thereby eradicating the problem of non-compliance. This clearly manifests the compliance culture of the bank which states that Compliance is everybody's business.
! Disclosing and disseminating information required for regulatory compliance through monthly Newsletters that are broadcast on SharePoint (The Bank's intranet portal).
! Harmonising the compliance culture in all the subsidiaries of the Bank with a view to identifying deficiencies in standards and formulating proposals for amendment where necessary to safeguard against losses arising from financial, operational, reputational, legal and regulatory risks in processing of transactions and relationship management.
! Consistent implementation of the provisions of the Code of Corporate Governance for Banks which have been embedded in the Bank's decision making processes.
The Bank has upgraded the Internal Control structures of the Bank in conformity with international best practices. The focus of the Bank in the new dispensation is on preventive control rather than detective control, emphasis is placed on processors owning the controls associated with their processes, with this we aim to build quality and effective control from inception to conclusion of transactions and thus reduce associated losses and costs. The Internal Control unit has unhindered access to all operations, records, property and personnel of the Bank. Our strength is in our people, trained and motivated to meet the emerging challenges in the global economy and Information Technology to ensure the integrity of our reports and safety of information generated.
RELATED COMPANIES/PERSONS ENGAGED AS SERVICE PROVIDERS/SUPPLIERS TO THE BANK AS AT 31ST DECEMBER 2009
S/N Name of Service Provider Nature of service/supplies Relationship Director Nature of Relationship 1. Elpina Associates Limited Office Equipment Uzoma Dozie Son 2. Mr. Pascal G. Dozie Consultancy Uzoma Dozie Son
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RISK MANAGEMENT
The effective management of risk is indispensable to the business of the Diamond Bank Group (the Group). We consider risk as the quantifiable probability that the outcome of an action or event (internal or external) may result in adverse impacts that could severely hamper the achievement of our strategic objectives. The Group remains committed to the objective of increasing shareholder value by developing, continuously improving and fostering a sustainable business model that is consistent with its risk appetite and that will ensure long-term sustainable profitability.
Enterprise Risk Management (ERM) Vision Diamond Bank's ERM Vision is: “To build a world-class risk management culture”
Risk Management Philosophy & Culture Diamond Bank undertakes all profitable transactions that it considers prudent and which meets its risk appetite and risk profile. The Bank continuously evaluates the risk and rewards inherent in its business endeavours, from strategy development and implementation, to its day- to-day activities.
Thus, its risk culture is guided by the following key elements:
! Diamond Bank Group considers sound risk management as the bedrock for building a strong financial institution; ! Risk officers are empowered to perform their duties professionally and independently within clearly defined authority; ! Business units formally involve and view the Risk Management function as a thought partner; ! The Group strives to maintain a balance between risk/opportunities & revenue considerations with the Group's risk appetite. Thus, risk-related issues are considered in all business decisions; ! The Board and Management promote a strong culture of adherence to limits and managing risk exposures; ! The Group avoids products, markets and businesses for which it cannot objectively measure and manage their associated risks; ! There is open and full reporting of risks to the appropriate levels once they are identified; and ! The Group has zero tolerance for breach of regulations and laws.
Risk Management Objectives The following are the key elements of Diamond Bank's risk management objectives:
i) To identify the Group's material risks and ensure that risk management plans are consistent with risk appetite; ii) To optimise risk/return decisions by ensuring business units act as primary risk managers while establishing strong and independent review/challenge structures; iii) To protect against unforeseen losses and ensure stability of earnings; iv) To maximise opportunities, earnings potential and ultimately stakeholder value; and v) To contribute to building a risk-smart workforce and environment that allows for innovation and responsible risk-taking by staff, while ensuring cost effective and legitimate precautions are taken to protect shareholders' interests.
Risk Management Strategy Our strategy for managing risks is to sustain a robust Enterprise-wide Risk Management framework (which is process driven and IT enabled), with emphasis on protecting the Group from the adverse effects of risks while maintaining sustainable profitability and shareholder-value.
Scope of Risks The scope of risks we manage includes the following: i) Credit risk; ii) Operational risk; iii) Market risk; iv) Liquidity risk; v) Accounting and Taxation risk; vi) Legal risk a. Litigation risk; b. Contract risk;
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c. Regulatory Compliance risk; and d. Collateral Default risk; vii) Strategic risk viii) Human Capital risk; ix) Compliance risk; x) Insurance underwriting risk; xi) Information risk; and xii) Reputational risk
The Risk Management & Control function provides central oversight of risk management across the Group to ensure that the full spectrum of risks facing the Group are properly identified, measured, monitored and controlled to minimize adverse outcomes. Risk Management & Control is however complemented by other departments in the management of certain important risks as illustrated below:
RISK APPETITE
The Group's Risk Appetite is the level of risk the Group is prepared to accept to achieve its business strategy and objectives. The Board sets and monitors the Group's Risk Appetite and ensures that the Risk Appetite is fully integrated into strategy and business plans. Thus, our risk appetite is defined by the extent to which we tolerate risks as described by our performance indicators, operational parameters and process controls.
Our risk appetite is guided by the following broad considerations:
! Capital Adequacy: The level of excess capital that we maintain to protect against insolvency in extreme adverse scenarios; ! Stable Profitability and Growth: The extent of variability in earnings that we are willing to accept on behalf of our investors; ! Liquidity: The buffers that we maintain to protect the Group from short term funding problems; and ! Strategic Focus: The level of various types of businesses that we are willing to pursue in executing our business model;
RISK MANAGEMENT GOVERNANCE FRAMEWORK
Diamond Bank's risk management framework is based on the “three lines of defence” model for risk management. Under this model, responsibilities and accountabilities for risk management reside with all levels within the Group, from the Board of Directors down to the lowest levels.
Board of Directors The Board sets the Group's overall risk appetite, approves risk management strategy and is ultimately responsible for the effectiveness of the risk management process and system of internal controls.
The Board oversees the risk management of the Group through its committees namely the Board Credit Committee, the Board Audit & Risk Committee and the Board Governance Committee.
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Risk Management & Ownership - First Line of Defence
This line consists of all groups and business line functions with primary responsibility for risk management. The processes for assessing, evaluating and measuring risks are embedded in their day-to-day activities. The primary responsibilities and objectives of the first line of defence are listed below: a. Identify, analyse, report and prioritize ongoing and emerging risks; b. Implement the Group's policies and manage day-to-day risk exposures by using appropriate procedures and internal controls; c. Ensure the effectiveness of risk management and risk outcomes and allocate resources to execute risk management activities; d. Monitor risk events and losses, identify issues and implement remedial action to address these issues; and e. Report and escalate material risks and issues to the Risk Management & Control function and Executive Management as appropriate.
The following are involved in Risk Management & Ownership - the 1st Line of Defence:
Executive Management The Executive Management of Diamond Bank under the leadership of the Group Managing Director/Chief Executive Officer is responsible for managing risk inherent in the Group's business transactions. In addition to the aforementioned, the Executive Management is also responsible for the following:
a. Designing and implementing the risk management framework approved by the board; b. Implementing strategies, processes and procedures set by the Board of Directors; c. Implementing the internal control systems; d. Setting risk management priorities; and e. Acting as the final enforcer on such matters as aligning objectives, strategies, risk appetite, eliminating gaps and overlaps in risk management responsibilities and authorities and resolving significant internal conflicts
The following management committees comprising of Senior Management staff support the Executive Committee in performing its risk management roles:
! Assets & Liabilities Committee ! Management Credit Committee, and ! Group Risk Management Committee
Business Units Business Units include all core business units in the Bank and subsidiary companies. They are responsible for the day-to-day identification, mitigation, management and monitoring of risks within their business units. The business units are also responsible for the following:
a. Implementing the Group's risk management strategies; b. Managing day-to-day risk exposures by using appropriate procedures and controls in line with the Group's risk management framework; c. Identifying risk issues and implementing remedial action to address these issues; and d. Reporting and escalating material risks and issues to appropriate authorities.
Risk Oversight - Second Line of Defence
The second line of defence consists of all functions with primary responsibility for independent risk oversight and monitoring. They provide support to the business and report key risks to the risk committees. The primary responsibilities of this line of defence are as follows:
a. Establish risk policies, standards, limits and monitor adherence; b. Provide oversight and independent reports to Executive Management and the Board; c. Assist the first line of defence in implementing the Group's risk management framework and policies; d. Establish measurable and systematic processes for risk evaluation and governance reporting; e. Provide analytics, guidance and coordination among diverse business units; and f. Provide independent review and reports on the effectiveness of risk management implemented by the first line of defence.
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This line of defence provides independent oversight of the effectiveness of the Group's risk management processes, assists business unit managers by providing training courses and counselling in relation to risk management and report on risk management activities to the various risk committees.
The following are involved in Risk Oversight - the 2nd Line of Defence:
Group Risk Management Committee The Group Risk Management Committee under the leadership of the Head, Risk Management & Control provides central oversight of risk management across the Group to ensure that the full spectrum of risks facing the Group are properly identified, measured, monitored and controlled in order to minimize adverse outcomes. The Committee supported by the Risk Management & Control function performs research, quality assurance and provides analytical support to the business units. Risk management in the business units is the responsibility of the risk champions and their unit heads.
Risk Management & Control Risk Management & Control provides technical assistance and counsel to assist other relevant functions identify, evaluate, mitigate, manage, track and report all the risks within the Group. The function recommends the Group's risk policies for Board approval, provides objective oversight and coordinates Enterprise Risk Management (ERM) activities Group-wide.
The following functions: Corporate Communications, Financial Control, Strategic Planning & Research Units and Legal Group, complement the Risk Management & Control function in the management of reputational, accounting & taxation, strategic and legal risks respectively.
The following are important elements of the Risk Management and Control function's responsibilities: a. Champion the implementation of the Enterprise-wide Risk Management framework across the Group; b. Develop risk policies, principles, processes and reporting standards that define the Group's risk strategy and appetite in line with the Group's overall business objectives; c. Ensure that controls, skills and systems are in place to enable compliance with the Group's policies and standards; d. Facilitate the identification, measurement, assessment, monitoring and control of the level of risks in the Group; e. Collect, process, verify, monitor and distribute risk information across the Group and other material risk issues to Senior Management, the Board of directors and Regulators; f. Monitor compliance with the Group's risk policies and limits; g. Provide Senior Management with practical and cost effective recommendations for mitigating risks; h. Carry out ad hoc reviews/investigations as requested by Senior Management; i. Ensure that laws, regulations and supervisory requirements are complied with; j. Champion the implementation of Basel II and other related initiatives as directed by the regulatory bodies; k. Promote risk awareness and provide education on risk management; and l. Provide assurance on compliance with internal and external policies with respect to risk management.
The Group's Risk Management and Control function is made up of the following:
Credit Risk Management Credit Risk is the risk that a borrower (or counterparty) will not meet the contractual (repayment) obligations in accordance with the agreed (borrowing) terms.
Diamond Bank has a Credit Risk Management framework approved by its Board.
The Credit Risk Management Objectives are: 1) To provide a clear and consistent direction for the Bank for creating and managing credit exposures; 2) To maintain a high quality risk assets portfolio and minimize credit losses arising from errors of judgment and inefficient risk management practices; 3) To achieve the lowest level of non-performing loans in the industry while maximizing returns on assets created; 4) To maximize stakeholder value; 5) To develop a strong credit risk culture where all staff actively participate in the Bank's risk management process and respond to them with cost effective actions.
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The Bank's Credit Risk Management Strategy is driven by its objectives and includes the adoption of the following strategies for the management of credit risk; a) A selective and disciplined approach to credit origination and focus on customers that will create attractive value for the Bank; b) Adherence by all lending and approval individuals to the Bank's credit risk policies, developed to enable staff identify, measure and manage credit risk exposures; c) The Board and Senior Management set the tone for the right risk culture in the Bank; d) Adequate pricing for the risks taken by the Bank; e) Maintenance of a diversified and balanced loan portfolio; e) Establishment and enforcement of the Bank's exposure and provisioning policies in accordance with the Prudential Guidelines and other regulatory requirements; and f) Broadening of the knowledge and skills of all credit personnel through training and capacity building programmes.
The Group also sets internal credit approval limits for various levels in the credit process. Approval limits are set by the Board of Directors and reviewed from time to time as the circumstances of the Group demand.
Exposure to credit risk is also managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations and by changing these lending limits where appropriate.
The key features of the Credit Risk Management structure & framework include:
! An independent credit analysis function clearly separated from the risk generating units ! A Credit Analysis function separated from Credit Risk Management function to achieve desired efficiency & effectiveness in the credit process. The Credit Analysis function performs the independent appraisal and identification of risks associated with credit exposures and ensures such decisions are taken in line with the Bank's policies & procedures; ! Credit Risk Management undertakes independent reviews of specific and portfolio credit exposures, and monitors, controls & reports on credit exposures; ! Remedial Assets Division (separated from the Credit Risk Management structure), which handles problem loans, credit recovery and collections.
Operational Risk Management Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.
Operational risk is the risk that occurs as a result of doing business and includes: technology failures, breaches in internal controls, frauds, unforeseen catastrophes, or other operational problems which may result in unexpected losses. Operational Risk events are neither new nor unique to banks; Operational Risk events generally result from the failure of processes & procedures.
Operational risks exist in all products and business activities.
Operational Risk events are classified according to how often the events occur (frequency) and the amount of resultant losses (impact) worldwide (in different industries/sectors, not just banks), the most significant losses are from high impact, low frequency events caused by (the growing prevalence) of the following:
! Automation/technology; ! Outsourcing; ! Aggressive growth; ! Incentives & trading (rogue trading); ! Larger transaction volumes & values
Operational Risk Management (ORM) is the identification, assessment, measurement, mitigation, monitoring, control & reporting of Operational Risks.
Active ORM, by all staff of the Bank (and staff of the Group), within their strategic business units, leads to the reduction in frequency and amount of Operational Risk losses and better understanding of the Bank's Operational Risk Profile.
41 Compliance with Code of Corporate Governance For period ended 31 December 2009
All employees of Diamond Bank are Operational Risk Managers i.e. they manage the operational risks inherent in their day-to-day activities. Also, Operational Risk Champions exist in branches, Head Office Units, Groups & Divisions; these Risk Champions are supported by the ORM function and they act as 'ORM experts' within their respective functions.
Business units and support functions in the Bank have primary responsibility and accountability for the management of operational risks in their units. The various units and functions are supported by an Operational Risk Management Unit which reports to the Group Risk Management Committee through the Head of Risk Management and Control, while Corporate Audit Group performs an independent assessment of the implementation of the bank's operational risk management framework.
Market Risk Management Market Risk is the risk of loss from adverse changes in foreign exchange rates, interest rates, equity prices and commodity prices; Market Risk is also the risk of loss from on-balance sheet and/or off-balance sheet positions arising from movements in market prices.
Market Risk generally represents the risk that the values of assets and liabilities or revenues will be adversely affected by market conditions. The Bank is exposed to potential market risk losses from its Trading Book and from its Banking Book.
Market Risk Management (MRM) is the process of identifying, assessing or measuring, mitigating, monitoring, controlling & reporting Market Risks.
Market risk encompasses price risk and liquidity risk, both of which arise in the normal course of business of the bank. Liquidity risk is the risk that an entity may be unable to meet its financial commitment to a customer, creditor, or investor when due. Price risk is the earnings risk from changes in interest rates, foreign exchange rates, equity and commodity prices, and their implied volatilities. Price risk arises in non- trading portfolios, as well as in trading portfolios.
The objective of Diamond bank's market risk management is to manage and control market risk exposures in order to optimize return on risk.
The management of market risk is principally undertaken using the board approved risk management framework. Limits are set for portfolios, products and risk types with market liquidity as a principal determining factor. The market risk management group is responsible for measuring and monitoring market risk exposures in accordance with the defined policies and against prescribed limits and reporting these exposures within the parameters of the bank's overall risk appetite.
Diamond bank uses a range of tools to quantify, monitor and limit market risk exposures in the trading and non-trading portfolios.
Independent Assurance - Third Line of Defence
The third line of defence consists of all functions with primary responsibility for evaluating and providing independent assurance on the adequacy, appropriateness and effectiveness of the Group's overall risk management framework, risk governance structure, risk management processes and controls. The third line of defence also maintains an independent reporting line with the Board Audit & Risk Committee.
The following are involved in Independent Assurance the 3rd Line of Defence:
Corporate Audit Corporate Audit provides independent and objective evaluation of the effectiveness of the Group's risk management and internal control systems. Corporate Audit performs the following responsibilities:
a. Provides independent assessment and evaluation on the adequacy and effectiveness of the Group's Risk Management Framework; b. Monitors Business Units and support function's compliance with the Group's risk policies; c. Assesses the adequacy of the Group's risk assessment and measurement methodology; d. Assesses the effectiveness of the Group's Risk Management and Control function process; and e. Conducts independent assessments and evaluation of the risks in Business Units' activities
External Audit The external audit function is statutorily responsible to shareholders and provides an independent opinion on the Group's financial
42 Compliance with Code of Corporate Governance For period ended 31 December 2009
statements. The function also reports on the adequacy of the Group's risk management and internal control framework.
The figure below is an overview of the Group's Risk Management framework.
The figure below depicts the Diamond Bank Risk Management Governance Structure
43 Compliance with Code of Corporate Governance For period ended 31 December 2009
The figure below depicts the Group's Enterprise Risk Management Organisational Structure
Enterprise-wide Risk Management Organizational Structure
Diamond Bank continuously seeks to achieve an appropriate balance between risk and reward in its business strategy and continues to build and enhance the risk management capabilities that will assist the Bank in delivering its growth plans in a controlled environment. To this end, the Bank has passed major milestones in its roadmap for implementing its Enterprise Risk Management framework.
During the financial year, Diamond Bank worked with an international firm of management consultants to enhance and implement its Enterprise Risk Management (ERM) framework and other frameworks for specific risk areas such as credit, market, liquidity, operational, strategic and reputational risks. The main benefits and objectives of the ERM implementation include the following: Ø It provides a platform for the Board and Management to make informed decisions regarding the trade off between risk and reward; Ø It helps to align business decisions at the operating level to the Group's appetite for risk; Ø It helps in balancing operational control with the achievement of strategic objectives; Ø It enables Executives to systematically identify and manage significant risks on an aggregate basis; Ø It enables the evaluation of new and existing investments on both a standalone and portfolio basis; and Ø It minimises operational surprises and related costs or losses As we progress with the implementation of our Enterprise Risk Management Framework, we endeavour always to keep sight of our goal: which is to actualise our vision of building a world-class risk management culture.
Diamond Bank has expended considerable resources, including human, technological and financial, in improving our measurement, monitoring and reporting of risks and we believe that our efforts will go a long way to ensuring that our conservative approach to banking leads to an enviable reputation and long-term sustainable profitability.
44 ATTENDANCE AT MEETINGS
Directors Full Board Governance Board Audit and Board Credit Audit Joint Meeting of Board and Personnel Risk Management Committee Committee the Credit and the Committee Committee Board Audit & Risk Committees
Total Number of Meetings 5 4 2 2 3 1
HRM Igwe Nnaemeka Alfred 5 N/A N/A N/A N/A N/A Ugochukwu Achebe (The Obi of Onitsha)
Mr. Emeka Onwuka 5 N/A 2 2 N/A 1
Mr. Ohis Ohiwerei 5 N/A 2 N/A N/A 1
Mr. U.K. Eke 5 N/A 2 N/A N/A 1
Mr. Uzoma Dozie 5 N/A N/A 2 N/A 1
Mr. Dele Akinyemi 5 N/A N/A 2 N/A 1
Mazi Clement Owunna 5 4 2 2 N/A 1
Dr. Olubola Adekunle Hassan 5 N/A 2 N/A 2 1
Lt. Gen. Jeremiah Useni (rtd) 5 N/A 2 N/A 2 1
Air Vice Marshal Ishaya Aboi 2 1 N/A 1 N/A N/A Shekarri (rtd)*
Mr. Chris Ogbechie 4 4 N/A 2 2 1
Dr. Nkosana Moyo** 1*** N/A 0 N/A N/A N/A
Mr. Simon Harford 4 3 1 2 N/A 1
Chief John D. Edozien 4 4 1 N/A N/A 1
* AVM Shekarri resigned from the Board with effect from 1st October 2009 ** Dr. Moyo resigned from the Board with effect from 25th September 2009 *** Dr. Moyo was represented at the meeting by Mr. Mark Richards
45 Report of the Independent Auditors To the members of Diamond Bank Plc.
Report on the Financial Statements Opinion
We have audited the accompanying separate and consolidated In our opinion, the financial statements give a true and fair view of financial statements of Diamond Bank Plc (“the Bank”) and its the state of the financial affairs of the Bank and the Group as of 31 subsidiaries (together “the Group”) which comprise the balance December 2009 and of their losses and cash flows for the period sheets as of 31 December 2009 and the profit and loss accounts and then ended in accordance with Nigerian Statements of Accounting cash flow statements for the period then ended and a statement of Standards and with the requirements of the Companies and Allied significant accounting policies and other explanatory notes. Matters Act and the Banks and Other Financial Institutions Act 1991. Directors' Responsibility for the Financial Statements Report on other Legal and Regulatory Requirements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with The Companies and Allied Matters Act and the Banks and Other Nigerian Statements of Accounting Standards and with the Financial Institutions Act 1991 require that in carrying out our audit requirements of the Companies and Allied Matters Act and the we consider and report to you on the following matters. We Banks and Other Financial Institutions Act 1991. This responsibility confirm that: includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial i) we have obtained all the information and explanations which statements that are free from material misstatement, whether due to the best of our knowledge and belief were necessary for the to fraud or error; selecting and applying appropriate accounting purposes of our audit; policies; and making accounting estimates that are reasonable in the circumstances. ii) in our opinion, the Bank has kept proper books of account, so far as appears from our examination of those books; Auditor's Responsibility iii) the Bank's balance sheet and profit and loss account are in Our responsibility is to express an independent opinion on the agreement with the books of account; financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those iv) our examination of loans and advances was carried out in standards require that we comply with ethical requirements and accordance with the Prudential Guidelines for licensed banks plan and perform our audit to obtain reasonable assurance that the issued by the Central Bank of Nigeria; financial statements are free from material misstatement. v) loans and advances to insiders are disclosed in Note 38 to the An audit involves performing procedures to obtain audit evidence financial statements in accordance with the Central Bank of about the amounts and disclosures in the financial statements. The Nigeria Circular BSD/1/2004; procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the vi) to the best of our information, the Bank has not contravened financial statements, whether due to fraud or error. In making any regulation of the Banks and Other Financial Institutions those risk assessments, the auditor considers internal control Act 1991 during the period; relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as Chartered Accountants April 2010 well as evaluating the overall presentation of the financial Lagos, Nigeria statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
46 Statement of Significant Accounting Policies
The principal accounting policies adopted in the preparation of these financial statements are set out below: a. Basis of Preparation
These financial statements are the stand alone and consolidated financial statements of Diamond Bank Plc (“the Bank), and its subsidiaries (together, "the Group"). The financial statements are prepared under the historical cost convention modified by the revaluation of certain investment securities, property, plant and equipment, and comply with the Statements of Accounting Standards (SAS) issued by the Nigerian Accounting Standards Board.
The preparation of financial statements in conformity with general accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the directors' best knowledge of current events and actions, actual results ultimately may differ from those estimates. b. Consolidation
Subsidiary undertakings, which are those companies in which the Bank, directly or indirectly, has an interest of more than half the voting rights or otherwise has power to control have been consolidated. However, subsidiaries in which the bank has temporary control and intention to dispose are not consolidated. Subsidiaries are consolidated from the date effective control is transferred to the Group and are no longer consolidated from the date of disposal. The accounting policies of the subsidiaries are consistent with those of the Bank. Separate disclosure is made for non -controlling interest.
The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired, the difference is recognized directly in profit and loss account.
Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred.
Associates are all entities over which the Group has significant influence but not control, general accompanying a shareholding of between 20% and 50% of the voting rights.
Investments in associates are accounted for by the equity method of accounting and are initially recognized at cost. The Group's investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition.
The Group's share of its associates' post-acquisition profits or losses is recognized in the income statement; its share of post-acquisition movements in reserves is recognized in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize any further losses, unless it has incurred obligations or made payments on behalf of the associate.
Unrealized gains on transactions between Group and its associates are eliminated to the extent of the Group's interest in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group. c. Segment Reporting
A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns different from those of segments operating in other economic environments.
47 Statement of Significant Accounting Policies
d. Foreign Currency Conversion and Translation i. Transactions and Balances Foreign currency transactions are converted into the reporting currency using the exchange rates prevailing at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the profit and loss account. ii. Group Companies The results and financial position of all Group entities that have a reporting currency different from that of the Bank are translated into the Bank's reporting currency as follows:
6 assets and liabilities for are translated at the exchange rate ruling at the balance sheet dates;
6 income and expenses for are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing in the operating period, in which case income and expenses are translated at the dates of the transactions); and
6 all resulting exchange differences are recognized in a separate component of reserves.
On consolidation, exchange differences arising from the translation of the investment in foreign entities are taken to shareholders' funds. When a foreign operation is sold, such exchange differences are recognized in the profit and loss account as part of the gain or loss on sale.
Goodwill and other adjustments (e.g. previously unrecognized deferred tax asset) arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. e. Recognition of Income
Interest income is recognized on an accrual basis for all interest bearing instruments, except for interest overdue by more than 90 days, which is suspended and recognized only to the extent of cash received.
Fees and commissions, where material, are amortized over the life of the related service. Otherwise fees, commissions and other income are recognized as earned upon completion of the related service.
Income from advances under finance lease is recognized on a basis that provides a constant yield on the outstanding principal over the lease term.
Interest earned on investment securities is reported as interest income. Dividends are recognized in the income statement when the entity's right to receive dividend is established.
Income arising on investments held by the life business is recognized in the life fund whilst income derived from investments held by the general business is credited to the profit and loss account.
Income arising from bond or guarantee and letters of credit (clean line) are recognized as earned on issuance of the bond or guarantee, or at the time the service or transaction is effected, while income from guaranteed commercial papers is recognized and reported net in the financial statements.
Trading income is the net gains or losses on valuation or sale of proprietary investments (treasury bills, bonds, equity instruments, etc) held by the group.
48 Statement of Significant Accounting Policies
f. Provision Against Credit Risk
Provision is made in accordance with the Prudential Guidelines for Licensed Banks issued by the Central Bank of Nigeria for each account that is not performing in accordance with the terms of the related facility as follows:
Interest and/or Principal outstanding for over: Classification: Provision: 90 days but less than 180 days Substandard 10% 180 days but less than 360 days Doubtful 50% 360 days and over Lost 100%
In addition, the bank normally makes provision of at least 1% for performing risk assets to recognize risk inherent in any credit portfolio (currently not mandatory).
When a loan is deemed not collectible, it is written off against the related provision for impairments and subsequent recoveries are credited to the profit and loss account.
Risk assets in respect of which a previous provision was not made are written directly to the profit and loss account when they are deemed to be not collectible g. Underwriting Results
The Group conducts life assurance and non-life insurance business through its subsidiary operations. The Group offers full range of insurance underwriting services. The Group accounts for its underwriting activities as follows: i. Underwriting Results for Non-life Insurance Business The underwriting results for non-life insurance business are determined on an annual basis whereby the incurred costs of claims, commission and related expenses are charged against the earned proportion of premiums, net of reinsurance, as follows:
1. Premiums written relate to risks assumed during the period, and include estimates of premium due but not yet received, less an allowance for cancellations.
2. Unearned premiums represent the proportion of the premiums written in periods up to the accounting date which relate to the unexpired terms of policies in force at the balance sheet date, and are calculated on time apportionment basis.
3. Claims paid represent all payments made during the period, whether arising from events during that or earlier periods. Outstanding claims represent the estimated ultimate cost of settling all claims arising from incidents occurring prior to the balance sheet date, but not settled at that date. Outstanding claims are computed on the basis of the best information available at the time the records for the period are closed, and include provisions for claims incurred but not reported (“IBNR”).
4. Provisions for unexpired risks are the estimated amounts required over and above provisions for unearned premiums to meet future claims and related expenses on businesses in force at the end of the accounting period.
5. Expenses are allocated to the relevant revenue accounts as incurred in the management of each class of business. ii. Underwriting Results for Life Insurance Business The underwriting results for life assurance business are determined on a fund accounting basis in accordance with SAS 16 Accounting for Insurance Business. The incurred costs of claims, commission and related expenses are charged against the earned proportion of premiums as follows:
1. Premiums written relate to risks assumed during the period, and include estimates of premiums due but not yet received, less an allowance for estimated lapses.
2. Claims arising on maturity are recognized when the claim becomes due for payment. Death claims are accounted for on notification. Surrenders are accounted for on payment.
49 Statement of Significant Accounting Policies
3. Expenses and commissions are allocated to the life fund as incurred in the management of the life business.
The life assurance contracts (accounted for in the life fund) are assessed every three years by qualified consulting actuaries in accordance with Section 29 of the Insurance Act. Any resulting actuarial loss is made up by the additional provisions from the Group's profit and loss account.
Actuarial surpluses are allocated between the shareholders and the policy holders. The Group allocates a maximum of 40% of surpluses arising on actuarial valuation to the shareholders by transfer to the profit and loss account. Any balance remaining is retained in the life fund and attributable to “with profit” policyholders as of the date of actuarial valuation.
In accordance with Section 22(1) of the Insurance Act 2003, an additional provision of not less than 25% of net written premium is maintained between valuation dates. This provision is transferred to the life fund from the profit and loss account. h. Deferred Acquisition and Maintenance Expenses
Prepaid expenses include deferred acquisition expenses and deferred maintenance expenses. These expenses are incurred as a result of direct business earned from brokers. The deferred portion is calculated based on the percentage of unexpired risk to premium income. i. Outstanding Claims and Provisions
Full provision is made for the estimated cost of all claims notified but not settled at the date of the balance sheet, less reinsurance recoveries, using the best information available at that time.
In non-life insurance business, a provision is also made for the cost of claims incurred but not reported (IBNR) until after the balance sheet date on the basis of 10% of claims notified but not settled in compliance with Section 20(1)(b) of the Insurance Act, 2003. Similarly provisions are made for "unallocated claims expenses" being the estimated administrative expenses that will be incurred after the balance sheet date in settling all claims outstanding as at that date, including IBNR. Differences between the provisions for outstanding claims at a balance sheet date and the subsequent settlement are included in the Revenue Account of the following period. j. Offsetting
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. k. Investment Securities
The Bank categorizes its investment securities into short term investments and long term investments. Investment securities are initially recognized at cost and management determines the classification at initial investment. i. Short Term Investments Short-term investments are investments held temporarily in place of cash and which can be converted into cash when current financing needs make such conversion desirable. In addition, management intends to hold for not more than one year.
Short-term investments are subsequently re-measured at the lower of cost and market value (quoted bid prices). The amount by which cost exceeds market value (unrealized loss) is charged to the profit and loss account. ii. Long Term Investments Long-term investments are investments held by management over a long period of time to earn income. Long-term investments may include debt and equity securities.
Long-term investments are carried at cost or at a revalued amount. When there has been a permanent decline in value of a long term investment, the carrying amount of the investment is written down to recognize the loss. Such a reduction is charged to the profit and loss account. Reductions in carrying amount are reversed when there is an increase, other than temporary, in the value of the
50 Statement of Significant Accounting Policies
investment, or if the reasons for the reduction no longer exist.
An increase in carrying amount arising from the revaluation of long-term investments is credited to equity as revaluation surplus. To the extent that a decrease in carrying amount offsets a previous increase for the same investment, that has been credited to revaluation surplus and not subsequently reversed or utilized, it is charged against that revaluation surplus rather than income. Decreases that offset previous increases of the same asset are charged against the revaluation reserve; all other decreases are charged to the profit and loss account.
An increase on revaluation which is directly related to a previous decrease in carrying amount for the same investment that was charged to the profit and loss account is credited to the profit and loss account to the extent that it offsets the previously recorded decrease.
Interest earned whilst holding investment securities is reported as interest income. Dividend receivables are included separately in dividend income when a dividend is declared. Gains or losses on sale of long term investments are recognized as gains or losses on sale of investment securities.
A change in market value of investment securities is not taken into account unless it is considered to be permanent. A decline in value of quoted long term investments is considered permanent when market value remains below carrying value for at least 3 years consistently. l. Investments in Subsidiaries
Investments in subsidiaries are carried in the company's balance sheet at cost less provisions for impairment losses. Where, in the opinion of the Directors, there has been impairment in the value of an investment, the loss is recognized as an expense in the period in which the impairment is identified.
On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to the profit and loss account. m. Investment Property
An investment property is an investment in land or buildings held primarily for generating income or capital appreciation and not occupied substantially for use in the operations of the Group. A piece of property is treated as an investment property if it is not occupied substantially for use in the operations of the Group; an occupation of more than 15% of the property is considered substantial.
Investment properties are carried in the balance sheet at their market values and revalued periodically on a systematic basis at least once in every three years. Investment properties are not subject to periodic charge for depreciation.
When there has been a decline in the value of an investment property, the carrying amount of the property is written down to recognize the loss. Such a reduction is charged to the profit and loss account. Reductions in carrying amount are reversed when there is an increase, following a revaluation in accordance with the Group's policy, in the value of the investment property, or if the reasons for the reduction no longer exist.
An increase in carrying amount arising from the revaluation of investment property is credited to owner's equity as revaluation surplus. To the extent that a decrease in carrying amount offsets a previous increase for the same property, that has been credited to revaluation surplus and not subsequently reversed or utilized, it is charged against that revaluation surplus rather than the profit and loss account.
An increase on revaluation which is directly related to a previous decrease in carrying amount for the same property that was charged to the profit and loss account is credited to the profit and loss account to the extent that it offsets the previously recorded decrease.
Investment properties are disclosed separately from the property, plant and equipment used for the purposes of the business. n. Property, Plant and Equipment
All property, plant and equipment are initially recorded at cost. They are subsequently stated at historical cost less accumulated
51 Statement of Significant Accounting Policies
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset's carrying amount or are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the cost will flow to the Group and the cost can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account for the financial period in which they are incurred.
Land and buildings comprise mainly branches and offices. Construction cost in respect of offices is carried at cost as work in progress. On completion of construction, the related amounts are transferred to the appropriate category of property and equipment. Payments in advance for items of property and equipment are included as Prepayments in “Other Assets” and upon delivery are reclassified as additions in the appropriate category of property and equipment. No depreciation is charged until the assets are put into use.
Capital work in progress represents construction costs in respect of new offices. On completion of construction, the related amounts are transferred to other categories of property, plant and equipment.
Depreciation is calculated on a straight line basis to write down the cost of property, plant and equipment to their residual values over their estimated useful lives as follows:
Motor vehicles - 4 years Furniture and fittings - 4 years Computer equipment - 3 years Leasehold land & buildings - Over the lease period Leasehold improvement - Over the unexpired lease term
Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use.
Gains and losses on disposal are determined by comparing proceeds with carrying amount and are included in the profit and loss account. o. Leases
The Group classifies a lease as a finance lease if the following conditions are met: (a) Lease is non-cancelable, and (b) Any of the following is applicable: (i) The lease term covers substantially (80% or more) the estimated useful life of the asset or, (ii) The net present value of the lease at its inception using the minimum lease payments and the implicit interest rate is equal to or greater than the fair value of the leased asset or, (iii) The lease has a purchase option which is likely to be exercised.
A lease that does not qualify as a finance lease as specified above should be treated as an operating lease.
A Group company can be a lessor or a lessee in either a finance lease or an operating lease. i. A Group Company is the Lessor When assets are subject to a finance lease, the transactions are recognized in the books of the Group at the net investment in the lease. Net investment in the lease is the gross investment in the lease discounted at the interest rate implicit in the lease. The gross investment is the sum of the minimum lease payments plus any residual value payable on the lease. The discount on lease is defined as the difference between the gross investment and the present value of the asset under the lease. This discount is recognized as unearned and amortized to income as it is earned over the life of the lease at a basis that reflects a constant rate of return on the Group's net investment in the lease.
Finance leases are treated as risk assets and the net investment in the lease is subject to the provisioning policy listed in (f).
52 Statement of Significant Accounting Policies
When assets are held subject to an operating lease, the assets are recognized as property and equipment based on the nature of the asset and the Group's normal depreciation policy for that class of asset applies.
Lease income is recognized on a straight line basis over the lease term.
All initial direct costs associated with the operating lease are charged as incurred to the profit and loss account. ii. A Group Company is the Lessee When the assets leased are subject to an operating lease, the total lease payments due are charged to profit and loss on a systematic basis in line with the time pattern of the user's benefit.
When the assets are subject to a finance lease, the Group accounts for it by recording the lease as an acquisition of an asset and the incurrence of a liability.
To capitalize the lease right, the Group determines the following: (a) The initial value of the leased asset and the corresponding liability. (b) The amortization rate or amount; and (c) The amount by which the lease liability is to be reduced.
At the beginning of the lease term, the Group records the initial asset and liability at amounts equal to the fair value of the leased asset less the present value of unguaranteed or partially guaranteed residual value which would accrue to the lessor at the end of the term of the lease. The discount factor to apply in calculating the present value of the unguaranteed residual value accruing to the lessor is the interest rate implicit in the lease.
Where the Group cannot determine the fair value of the leased asset, at the inception of the lease or is unable to make a reasonable estimate of the residual value of the lease without which the interest rate implicit in the lease could not be computed, the initial asset and liability are recorded at amounts equal to the present value of the minimum lease payments using the Group's incremental borrowing rate as the discount factor.
The leased assets should be depreciated or the rights under the leased asset should be amortized in a manner consistent with the depreciation policy on the Group's own assets.
The minimum lease payment in respect of each accounting period is allocated between finance charge and the reduction of the outstanding lease liability. The finance charge is determined by applying the rate implicit in the lease to the outstanding liability at the beginning of each period. p. Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the net identifiable assets of the acquired subsidiary/associate at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisitions of associates is included in investments in associates. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each of those cash-generating units is represented by each primary reporting segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. q. Cash and Cash Equivalents
Cash comprises cash on hand and demand deposits denominated in Naira and to foreign currencies. Cash equivalents are short-term highly liquid instruments which are:
(i) Readily convertible into cash, whether in local or foreign currency; and
53 Statement of Significant Accounting Policies
(ii) So near to their maturity dates as to present insignificant risk of changes in value as a result of changes in interest rate.
For the purposes of the cash flow statement, cash and cash equivalents include cash and non-restricted balances with central banks, treasury bills and other eligible bills, operating account balances with other banks, amounts due from other banks and short-term government securities. r. Provisions, contingent liabilities and contingent assets
Provisions are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.
Provisions are normally made for restructuring costs and legal claims. In addition, general provisions are made on performing risk assets balances in accordance with the Prudential Guidelines for Licensed Banks. Risk assets comprise of loans and advances, advances under finance lease, other facilities, etc.
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group or the Group has a present obligation as a result of past events but is not recognized because it is not likely that an outflow of resources will be required to settle the obligation; or the amount cannot be reliably estimated.
Contingent liabilities normally comprise of legal claims under arbitration or court process in respect of which a liability is not likely to eventuate.
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Group.
A contingent asset is never recognized rather they are disclosed in the financial statements when they arise. s. Retirement Benefits
The Group has a non-defined contribution plan.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the Group makes contributions on behalf of qualifying employee to a mandatory scheme under the provisions of the Pension Reform Act of 2004. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. t. Deferred Taxation
Deferred income tax is provided using the liability method for all timing differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Currently enacted tax rates are used to determine deferred income tax.
The principal timing differences arise from depreciation of property, plant and equipment, provisions for pension and other post- retirement benefits, provisions for loan losses and tax losses carried forward. The rates enacted or substantively enacted at the balance sheet date are used to determine deferred income tax. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred tax assets are recognized where it is probable that future taxable profit will be available against which the timing differences can be utilized.
54 Statement of Significant Accounting Policies
Income tax payable on profits or losses, based on the applicable tax law in each jurisdiction, is recognized as an expense in the period in which the profits or losses arise. The tax effects of income tax losses available for carry forward are recognized as an asset when it is probable that taxable profits will be available against which such losses can be utilized. u. Borrowed Funds
Borrowed funds (or borrowings) are recognized initially at their issue proceeds and subsequently stated at costs less any repayments.
Transaction costs were immaterial, are recognized immediately in the profit and loss account. Where transaction costs are material, they are capitalized and amortized over the life of the loan.
Interest paid on borrowings is recognized in the profit and loss account for the period. v. Share Capital
i. Share issue costs Incremental costs directly attributable to the issue of new shares at a premium or to the acquisition of a business are shown in equity as a deduction, net of tax, from the proceeds.
ii. Dividends on ordinary shares Dividends on ordinary shares are appropriated from revenue reserve in the period they are approved by the Bank's shareholders.
Dividends for the period that are approved by the shareholders after the balance sheet date are dealt with in the subsequent events note
Dividends proposed by the Directors' but not yet approved by members are disclosed in the financial statements in accordance with the requirements of the Company and Allied Matters Act. w. Off-Balance Sheet Transactions
Contingent liabilities arising from guaranteed commercial papers, letters of credit (clean line), performance bonds and guarantees issued on behalf of customers in the ordinary course of business are reported off-balance sheet in recognition of the risk inherent in those transactions.
Income on these transactions is recognized as earned issuance of the bond or guarantee. x. Sale of Loans or Securities
A sale of loans or securities without recourse to the seller is recognized by the seller is accounted for as a disposal and the asset excluded from the balance sheet.
Profits or losses on sale of loans or securities without recourse to the seller is recognized by the seller when the transaction is completed.
The Group regards a sale of loans or securities as without recourse, if it satisfies all the following conditions. Any sale not satisfying these conditions will be regarded as with recourse.
! control over the economic benefits of the asset must be passed on to the buyer; ! the seller can reasonably estimate any outstanding cost; and ! there must not be any repurchase obligations
A sale or transfer of loans or securities with recourse where there is an obligation to, or an assumption of, repurchase is not treated as a sale, and the asset remains in the Group's balance sheet, with any related cash received recognized as a liability.
Profit arising from sale or transfer of loan or securities with recourse to the seller is amortized over the remaining life. However, losses
55 Statement of Significant Accounting Policies
are recognized as soon as they can be reasonably estimated.
Where there is no obligation to or assumption of repurchase, the sale should be treated as a disposal and the asset excluded from the balance sheet, and any contingent liability disclosed. y. Fiduciary Activities
The Group acts as trustees and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Group.
56 Profit and Loss Accounts For the 8 months period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 Note N'000 N'000 N'000 N'000
Interest income 3 50,745,637 77,824,840 48,858,078 74,626,741 Interest expense 4 (24,895,914) (35,831,451) (24,126,283) (33,952,264) Net interest income 25,849,723 41,993,389 24,731,795 40,674,477
Fee and commission income 5 11,796,307 24,457,889 11,653,129 23,041,893 Fee and commission expense (381,931) (1,273,788) (349,462) (1,108,596) Net fee and commission income 11,414,376 23,184,101 11,303,667 21,933,297
Foreign exchange income 1,946,669 3,033,325 1,851,749 2,946,467 Trading income 1,801,839 237,714 1,787,970 222,248 Underwriting profit 108,412 1,318,934 - - Investment income 6 988,481 1,683,512 448,180 568,733 Other operating income 348,350 423,262 68,296 253,178
Operating income 42,457,850 71,874,237 40,191,657 66,598,400
Operating expenses 7 (30,087,301) (41,349,177) (27,356,396) (36,504,408) Provision for losses 14 (24,744,703) (24,623,109) (21,891,054) (21,750,254)
Profit before taxation (12,374,154) 5,901,951 (9,055,793) 8,343,738 Taxation 8 4,199,741 (730,195) 4,172,347 (1,412,611)
Profit after taxation (8,174,413) 5,171,756 (4,883,446) 6,931,127 Non-controlling interest 33 32,402 (27,637) - - Profit attributable to the group (8,142,011) 5,144,119 (4,883,446) 6,931,127
The profit for the period is appropriated as follows: Transfer to statutory reserve 35 - 1,052,017 - 1,039,669 Transfer to small scale industries reserve 35 - 346,556 - 346,556 Transfer to contingency reserve 35 70,365 75,339 - - Transfer to retained earnings reserve 35 (8,212,376) 3,670,207 (4,883,446) 5,544,902 (8,142,011) 5,144,119 (4,883,446) 6,931,127
Earnings per share (basic) 41 (56k) 36K (34k) 48K Earnings per share (diluted) 41 (56k) 36K (34k) 48K
The accompanying statement of significant accounting policies and explanatory notes form an integral part of these financial statements.
57 Balance Sheets As at 31 December 2009
Group Group Bank Bank Dec. 2009 Apr. 2009 Dec. 2009 Apr. 2009 Note N'000 N'000 N'000 N'000 Assets Cash and balances with central banks 9 70,428,505 54,766,850 62,470,986 50,223,343 Treasury bills 10 9,090,252 11,502,437 6,414,452 9,087,437 Due from other banks 11 101,663,746 137,638,292 96,202,493 130,568,284 Loans and advances 12 302,486,935 285,344,944 296,537,785 289,265,955 Advances under finance lease 15 6,962,870 6,150,488 6,962,870 6,150,488 Other facilities 16 20,333,580 23,471,028 20,333,580 23,471,028 Insurance receivables 17 265,730 819,142 - - Investments 18 68,776,995 66,457,805 42,180,226 40,302,632 Investment in subsidiaries 19 - - 16,442,980 16,442,980 Deferred tax assets 22 7,858,279 4,415,531 6,573,106 3,340,135 Other assets 23 21,848,223 54,704,932 15,294,128 50,012,610 Investment property 24 3,474,612 2,650,587 - - Property, plant and equipment 25 37,567,390 34,155,878 34,949,278 32,026,944 650,757,117 682,077,914 604,361,884 650,891,836
Liabilities Customer deposits 26 482,056,310 466,889,851 449,020,259 444,815,118 Due to other banks 27 14,659,352 8,557,718 3,970,670 3,446,876 Liability on investment contracts 28 39,085 87,809 - - Borrowings 29 19,050,996 23,708,109 19,050,996 23,708,109 Current income tax payable 8 3,653,521 3,826,585 3,360,544 3,331,891 Dividend payable 177,635 163,563 177,635 163,563 Other liabilities 30 21,632,919 59,150,902 16,276,577 54,558,873 Provisions on insurance contracts 31 1,238,238 902,947 - - Deferred tax liabilities 22 1,962,128 3,525,424 1,959,203 3,507,300 Retirement benefit obligations 32 193,862 827,473 187,296 815,186 544,664,046 567,640,381 494,003,180 534,346,916
Equity Share capital 34a 7,237,622 7,237,622 7,237,622 7,237,622 Share premium 34b 89,629,324 89,629,324 89,629,324 89,629,324 Retained earnings 35 (4,949,700) 4,565,446 793,791 6,980,007 Other reserves 35 13,729,737 12,571,126 12,697,967 12,697,967 Attributable to equity holders of the parent 105,646,983 114,003,518 110,358,704 116,544,920 Non-controlling interest 33 446,088 434,015 - - 106,093,071 114,437,533 110,358,704 116,544,920
Total equity and liabilities 650,757,117 682,077,914 604,361,884 650,891,836 Acceptances and guarantees 36 123,992,746 157,194,139 55,251,224 97,928,053
The accounting policies on pages 47 to 56 and financial statements and notes on pages 57 to 91 were approved by the Board of Directors on 15 April 2010 and signed on its behalf by:
______Emeka Onwuka Uzoma Dozie Group Managing Director Executive Director
58 Cash Flow Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 Note N'000 N'000 N'000 N'000 Operating Activities Cash generated from operations 39 (12,243,874) 13,067,528 (14,776,402) (3,150,545) Tax paid 8 (979,612) (2,039,171) (580,069) (2,083,509) Net cash from operating activities (13,223,486) 11,028,357 (15,356,471) (5,234,054)
Financing Activities Dividend paid to shareholders (1,288,699) (7,205,650) (1,288,699) (7,205,652) Dividend paid to minority shareholders in subsidiaries - (15,000) - - Repayment of borrowings (12,077,613) (12,042,674) (12,077,613) (12,042,674) Proceeds of new borrowings 7,420,500 17,163,536 7,420,500 17,163,536 Net cash from financing activities (5,945,812) (2,099,792) (5,945,812) (2,084,790)
Investing Activities Purchase of long term investment securities (1,543,923) (41,289,337) (293,500) (20,432,816) Sale of long term investments 1,315,906 8,578,494 1,315,906 6,209,625 Additional investment in subsidiaries - (183,000) - (5,000,000) Disposal of investment in subsidiaries - - - 240,000 Addition to investment property (1,629,287) (1,256,420) - - Proceeds from sale of investment property 805,262 705,263 - - Purchase of property, plant and equipment (6,524,834) (12,402,859) (5,973,661) (9,544,250) Proceeds from sale of property, plant and equipment 245,097 1,992,611 145,487 140,900 Net cash from investing activities (7,331,779) (43,855,248) (4,805,768) (28,386,541)
Effect of exchange rate changes on cash and cash equivalents 588,983 (632,807) - -
Increase/(decrease) in cash and cash equivalents (25,912,094) (35,559,492) (26,108,051) (35,705,385)
Analysis of changes in cash and cash equivalents Balance, beginning of period 195,928,122 231,487,614 186,326,858 222,032,243 Balance, end of period 42 170,016,028 195,928,122 160,218,807 186,326,858 Increase in cash and cash equivalents (25,912,094) (35,559,492) (26,108,051) (35,705,385)
The accompanying statement of significant accounting policies and explanatory notes form an integral part of these financial statements.
59 Notes to the Financial Statements For the period ended 31 December 2009
1. The Bank
Diamond Bank Plc (the Bank) was incorporated in Nigeria as a private limited liability company on 20 December 1990. The Bank is licensed and supervised by the Central Bank of Nigeria. Together with its subsidiary operations, Diamond Bank provides a full range of financial services including investment, commercial and retail banking, securities dealing, custodian and insurance services.
The Bank converted to a public company in February 2005 and its shares are listed on the Nigerian Stock Exchange. Actis DB (UK) Holdings Limited, a financial investor, holds 14.79% of the Bank's equity while the balance is held by other other individual and institutional investors.
2. Segment Analysis
(a) By Business Segment The Group's business is organized along the following business segments:
Retail Banking (Regional Businesses) - incorporating all banking activities relating to individuals (Personal Banking); Non-profit organizations and Focused Groups (Clubs, Associations, NGOs, Churches, Travel Agencies, Educational Institutions); and all companies with an annual turnover of less than N1.2 billion.
Corporate Banking - incorporating all banking activities relating to Multinationals; other large/well-structured companies in Oil & Gas, Power & Infrastructures, Maritime & Transportation, Telecomm./General Services, Manufacturing/Trade and Construction, having annual business turnover of greater than N1.2 billion; Financial Institutions; Federal Government ministries and agencies; Embassies and Foreign Missions; and Subsidiary activities in Mortgage and Pension Custody.
Insurance business - incorporating all services rendered by ADIC Insurance company Limited. These include life and non-life business activities.
Investment Banking - incorporating all services rendered by Diamond Capital Group. These include Asset Management; Corporate Finance & Advisory; Principal Investments; and Debt Capital Markets.
Funds are ordinarily allocated between segments, resulting in funding cost transfers disclosed in operating income. Interest charged for these funds is based on the Group's cost of capital. There are no other material items of income or expense between the business segments.
Internal charges and transfer pricing adjustments have been reflected in the performance of each business segment. Revenue sharing agreements are used to allocate external customer revenues to business segments on a reasonable basis.
At 31 December 2009 Retail Corporate Insurance Investment Group Banking Banking business banking N'000 N'000 N'000 N'000 N'000
External revenues 15,330,631 51,181,654 254,627 968,782 67,735,694 Revenues from other segments 2,651,553 (2,651,553) - - - Total 17,982,184 48,530,101 254,627 968,782 67,735,694
Operating profit / profit before tax 4,875,162 (14,321,745) (832,062) (2,095,509) (12,374,154) 4,199,741 Loss for the period (8,174,413)
60 Notes to the Financial Statements For the period ended 31 December 2009
2. Segment Analysis (continued)
At 31 December 2009 Retail Corporate Insurance Investment Group Banking Banking business banking N'000 N'000 N'000 N'000 N'000
Segment assets 142,508,984 476,607,391 6,822,726 24,818,016 650,757,117 Unallocated assets - - - - - Total assets 142,508,984 476,607,391 6,822,726 24,818,016 650,757,117
Segment liabilities 275,356,601 243,649,913 2,222,080 23,435,452 544,664,046 Unallocated liabilities - - - - - Total liabilities 275,356,601 243,649,913 2,222,080 23,435,452 544,664,046
Other segment information Depreciation 1,894,900 1,187,843 50,496 54,572 3,187,811
At 30 April 2009 Retail Corporate Insurance Investment Group Banking Banking business banking N'000 N'000 N'000 N'000 N'000
External revenues 70,006,245 37,230,442 493,465 1,249,324 108,979,476 Revenues from other segments 5,538,826 (5,538,826) - - - Total 75,545,071 31,691,616 493,465 1,249,324 108,979,476
Operating profit / profit before tax 4,459,891 4,839,993 (375,458) (3,022,475) 5,901,951 Income tax expense (730,195) Profit for the period 5,171,756
Segment assets 389,955,735 260,330,065 7,127,267 24,664,847 682,077,914 Unallocated assets - - - - - Total assets 389,955,735 260,330,065 7,127,267 24,664,847 682,077,914
Segment liabilities 331,948,603 212,165,268 1,565,087 21,961,423 567,640,381 Unallocated liabilities - - - - - Total liabilities 331,948,603 212,165,268 1,565,087 21,961,423 567,640,381
Other segment information Depreciation 2,305,007 1,363,963 174,525 61,120 3,904,615
61 Notes to the Financial Statements For the period ended 31 December 2009
(b) By geographical Segment
The Group's four business segments operate in two main geographical areas Nigeria and West Africa. Transactions between the business segments are on normal commercial terms and conditions. Nigeria is the home country of the parent bank, which is also the main operating company. The areas of operation include all the primary business segments.
Revenue from external customers is based on the country in which the customer is located. Assets are shown by the geographical location of the assets.
Nigeria West Africa Total At 31 December 2009 N'000 N'000 N'000
External revenues 64,213,557 3,522,137 67,735,694
Segment result (12,748,786) 374,632 (12,374,154)
Income tax expense 4,235,088 (35,347) 4,199,741 Profit for the period (8,513,698) 339,285 (8,174,413)
Segment assets 643,934,391 6,822,726 650,757,117 Unallocated assets - - - Total assets 643,934,391 6,822,726 650,757,117
Segment liabilities 542,453,944 2,210,102 544,664,046 Unallocated liabilities - - - Total liabilities 542,453,944 2,210,102 544,664,046
Other segment items Depreciation 3,137,315 50,496 3,187,811
At 30 April 2009
External revenues 105,866,446 3,113,030 108,979,476
Segment result 5,442,107 459,844 5,901,951
Income tax expense (592,242) (137,953) (730,195) Profit for the period 4,849,865 321,891 5,171,756
Segment assets 648,133,817 33,944,097 682,077,914 Unallocated assets - - - Total assets 648,133,817 33,944,097 682,077,914
Segment liabilities 537,070,869 30,569,512 567,640,381 Unallocated liabilities - - - Total liabilities 537,070,869 30,569,512 567,640,381
Other segment items Depreciation 3,763,911 140,704 3,904,615
62 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 3. Interest Income
Placements and short-term funds 12,797,923 21,400,699 12,170,741 20,645,994 Treasury bills and investment securities 3,500,992 10,185,249 3,500,992 9,214,800 Loans and advances 33,477,108 44,524,648 32,216,731 43,051,703 Advances under finance leases 969,614 1,714,244 969,614 1,714,244 50,745,637 77,824,840 48,858,078 74,626,741
Interest income earned outside Nigeria amounted to Group N2.5 billion (Apr. 2009: N2.4 billion) and Bank N108 million (Apr. 2009: N298 million).
4. Interest Expense
Inter-bank takings 1,231,365 2,097,247 269,708 1,871,951 Current accounts 743,686 1,109,077 687,104 1,000,256 Time deposits 20,061,227 27,610,870 19,912,606 27,242,673 Savings deposits 2,443,880 2,086,247 2,360,031 2,029,073 Credit related borrowings 415,756 2,928,010 896,834 1,808,311 24,895,914 35,831,451 24,126,283 33,952,264
Interest expense paid outside Nigeria amounted to Group N1.8 billion (Apr. 2009: N2.6 billion) and Bank N897 million (Apr. 2009:N1.8 billion).
5. Fee and Commission Income
Credit related fees 4,692,968 11,904,391 4,652,417 11,811,525 Commission on turnover 2,976,067 5,344,683 2,968,835 5,372,181 Letters of credit commission 1,499,990 2,751,302 1,314,528 2,560,160 Other fees and commissions 2,627,282 4,457,513 2,717,349 3,298,027 11,796,307 24,457,889 11,653,129 23,041,893 6. Investment Income
Dividend income 502,908 356,194 - 21,419 Profit on sale of investments 485,573 1,327,318 448,180 547,314 988,481 1,683,512 448,180 568,733 7. Operating Expenses
Staff costs (note 39) 11,387,714 16,459,444 10,055,050 14,872,647 Impairment of goodwill (note 21) - 93,230 - - Depreciation (note 25) 3,187,811 3,904,615 2,862,915 3,546,742 Auditors' remuneration 126,933 132,277 100,000 100,000 Directors' emoluments (note 39) 226,474 218,394 226,474 218,394 (Profit)/loss on disposal of fixed assets 42,335 (10,262) 42,923 (8,661) Other operating expenses 15,116,034 20,551,479 14,069,034 17,775,286 30,087,301 41,349,177 27,356,396 36,504,408
63 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 8. Taxation
Charge Current tax 803,479 2,649,648 608,722 2,355,582 Education tax 2,359 310,442 - 284,478 Information technology levy 710 92,190 - 83,437 Current tax 806,548 3,052,280 608,722 2,723,497 Deferred tax charge (note 22) (5,006,289) (2,322,085) (4,781,069) (1,310,886) Charge for the period (4,199,741) 730,195 (4,172,347) 1,412,611
Payable At 1 May 3,826,585 2,813,476 3,331,891 2,691,903 Tax paid (979,612) (2,039,171) (580,069) (2,083,509) Income tax charge 806,548 3,052,280 608,722 2,723,497 At 31 December 3,653,521 3,826,585 3,360,544 3,331,891
9. Cash and Balances with Central banks
Cash 7,552,099 6,210,087 5,891,931 5,520,307 Operating accounts with central banks 51,709,931 40,577,306 51,709,931 41,150,829 Included in cash and cash equivalents (Note 44) 59,262,030 46,787,393 57,601,862 46,671,136 Mandatory reserve deposits with central banks 7,697,247 6,336,063 3,725,730 2,408,813 Escrow balances with central banks 3,469,228 1,643,394 1,143,394 1,143,394 70,428,505 54,766,850 62,470,986 50,223,343
10. Treasury Bills
Treasury bills 9,090,252 11,502,437 6,414,452 9,087,437
Treasury bills amounting to N6.4 billion (Apr. 2009: N8.7 billion) are held by third parties as collateral for various transactions.
11. Due from Other Banks
Current balances with banks within Nigeria 67,264 158,672 - - Current balances with banks outside Nigeria 30,911,057 50,206,728 27,458,723 47,764,534 Placements with banks and discount houses 70,685,425 87,277,166 68,743,770 82,803,750 101,663,746 137,642,566 96,202,493 130,568,284 Provision for doubtful bank balances - (4,274) - - 101,663,746 137,638,292 96,202,493 130,568,284
Balances with banks outside Nigeria include N6.2 billion (Apr. 2009: N15.7 billion) which represents the naira value of foreign currency bank balances held on behalf of customers in respect of letters of credit transactions. The corresponding liability is included in other liabilities (See Note 30).
Included in placements with banks and discount houses are placements with banks in Nigeria of N70.7billion (April 2009 :N63.8billion)
64 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000
11. Due from Other Banks (cont’d)
Movement in provision for doubtful bank balances At start of period 4,274 19,216 - - Provision no longer required - (14,942) - - Amounts written off (4,274) - - - At end of period - 4,274 - -
12. Loans and Advances
Overdrafts 87,465,617 52,221,606 85,998,630 64,224,831 Term loans 200,105,269 169,248,384 191,143,971 158,551,655 Commercial papers 58,892,110 91,387,600 58,231,595 91,331,056 346,462,996 312,857,590 335,374,196 314,107,542 Loan loss provision (note 13a) (34,241,058) (24,473,151) (30,295,434) (22,484,590) Interest in suspense (note 13b) (9,735,003) (3,039,495) (8,540,977) (2,356,997) 302,486,935 285,344,944 296,537,785 289,265,955
Analysis by security Secured against real estate 65,963,210 46,425,945 63,553,599 40,873,311 Otherwise secured 278,498,820 255,154,850 271,802,175 273,205,087 Unsecured 2,000,966 11,276,795 18,422 29,144 346,462,996 312,857,590 335,374,196 314,107,542
Analysis by performance Performing 278,321,608 287,888,988 273,273,055 290,729,417 Non-performing : Substandard 28,580,712 6,110,507 27,422,482 5,255,324 Doubtful 16,350,810 5,253,858 14,250,946 4,518,564 Lost 23,209,866 13,604,237 20,427,713 13,604,237 346,462,996 312,857,590 335,374,196 314,107,542
Analysis by maturity 0 - 30 days 132,139,694 129,143,047 130,164,072 125,184,223 1-3 months 106,684,093 83,147,968 105,342,579 80,256,492 3-6 months 8,743,354 29,628,458 7,962,629 24,728,866 6-12 months 20,380,659 33,057,657 17,417,288 29,672,793 Over 12 months 78,515,196 37,880,460 74,487,628 54,265,168 346,462,996 312,857,590 335,374,196 314,107,542
65 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 13. Loan Loss Provision and Interest in Suspense a. Movement in loan loss provision At start of period - Non-performing 15,419,657 4,340,799 13,451,300 3,711,014 - Performing 9,053,494 2,324,435 9,033,290 2,301,991 24,473,151 6,665,234 22,484,590 6,013,005 Additional provision: - Non-performing 27,338,603 14,206,978 25,361,337 12,868,407 - Performing (9,053,494) 6,729,060 (9,033,291) 6,731,299 Provision no longer required (73,494) (174,416) (73,494) (174,416) Amounts written off (8,443,708) (2,953,705) (8,443,708) (2,953,705) 9,767,907 17,807,917 7,810,844 16,471,585 At end of period - Non-performing 34,241,058 15,419,657 30,295,434 13,451,300 - Performing - 9,053,494 - 9,033,290 34,241,058 24,473,151 30,295,434 22,484,590
B. Movement in Interest-In-Suspense At start of period 3,039,495 3,212,074 2,356,997 3,021,119 Suspended during the period 11,001,294 5,494,076 10,489,765 5,002,533 Recognised during the period (246,622) (2,631) (246,621) (2,631) Amounts written off (4,059,164) (5,664,024) (4,059,164) (5,664,024) At end of period 9,735,003 3,039,495 8,540,977 2,356,997
14. Provision for Losses
The charge for the year is analysed as follows: Loans and advances 18,211,615 20,761,622 16,254,552 19,425,290 Advances under finance lease (82,644) (10,370) (82,644) (10,370) Other facilities (237,081) 12,075 (237,081) 12,075 Direct write-offs 617,446 204,151 616,855 204,151 Recovery on previously written-off accounts (97,073) (537,915) (96,678) (517,275) Insurance receivables 473,671 112,506 - - Due from other banks - (14,943) - - Other assets 5,858,769 4,095,983 5,436,050 2,636,383 24,744,703 24,623,109 21,891,054 21,750,254
66 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 15. Advances Under Finance Lease Gross investment 7,729,059 7,210,148 7,729,059 7,210,148 Less: Unearned income (743,035) (953,862) (743,035) (953,862) Net investment 6,986,024 6,256,286 6,986,024 6,256,286 Less: Specific provision (23,154) (45,559) (23,154) (45,559) Less: General provision - (60,239) - (60,239) 6,962,870 6,150,488 6,962,870 6,150,488
Analysis by performance Performing 6,893,169 6,023,948 6,893,169 6,023,948 Non-performing: Substandard 62,703 176,525 62,703 176,525 Doubtful 30,152 55,813 30,152 55,813 Lost - - - - Total 6,986,024 6,256,286 6,986,024 6,256,286
Analysis by maturity 0 30 days 316,762 227,785 316,762 227,785 1-3 months 355,103 537,855 355,103 537,855 3-6 months 221,243 707,997 221,243 707,997 6-12 months 1,056,467 1,008,228 1,056,467 1,008,228 Over 12 months 5,036,449 3,774,421 5,036,449 3,774,421 6,986,024 6,256,286 6,986,024 6,256,286 Movement in provision At start of period - Non-performing 45,559 - 45,559 - - Performing 60,239 116,168 60,239 116,168 105,798 116,168 105,798 116,168 Additional provision: - Non-performing (22,405) 45,559 (22,405) 45,559 - Performing (60,239) (55,929) (60,239) (55,929) (82,644) (10,370) (82,644) (10,370) At end of period - Non-performing 23,154 45,559 23,154 45,559 - Performing - 60,239 - 60,239 23,154 105,798 23,154 105,798
67 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 16. Other Facilities
Otherwise secured 20,333,580 23,708,109 20,333,580 23,708,109 Less: General provision - (237,081) - (237,081) 20,333,580 23,471,028 20,333,580 23,471,028 Analysis by performance Performing 20,333,580 23,708,109 20,333,580 23,708,109 Non-performing - - - - 20,333,580 23,708,109 20,333,580 23,708,109 Analysis by maturity 0 30 days 8,240,316 4,514,614 8,240,316 4,514,614 1-3 months 1,356,687 4,614,912 1,356,687 4,614,912 3-6 months 1,908,965 565,091 1,908,965 565,091 6-12 months 365,266 2,840,280 365,266 2,840,280 Over 12 months 8,462,346 11,173,212 8,462,346 11,173,212 20,333,580 23,708,109 20,333,580 23,708,109 Movement in provisions At start of period - Non-performing - 40,391 - 40,391 - Performing 237,081 184,615 237,081 184,615 237,081 225,006 237,081 225,006 Additional provision: - Non-performing - - - - - Performing (237,081) 52,466 (237,081) 52,466 Provision no longer required - (40,391) - (40,391) (237,081) 12,075 (237,081) 12,075 At end of period - Non-performing - - - - - Performing - 237,081 - 237,081 - 237,081 - 237,081
Other facilities are loans funded via medium to long-term on-lending facilities from development and international finance institutions.
17. Insurance Receivables
Due from contract holders 119,874 132,913 - - Due from agents and brokers 752,980 834,207 - - Due from reinsurers - 2,768 - - 872,854 969,888 - - Less provision for doubtful receivables (607,124) (150,746) - - 265,730 819,142 - -
68 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000
17. Insurance Receivables (cont’d)
Movement in provision for insurance receivables At start of period 150,746 454,673 - - Additional provision 473,671 112,506 - - Amounts written off (17,293) (416,433) - - At end of period 607,124 150,746 - -
18. Investments
Short term investments Securities - at lower of cost and market value Listed equity securities 2,811,647 3,993,709 - - Unlisted equity securities 1,403,097 866,141 - - Listed debt instruments 2,900,000 626,238 2,900,000 - 7,114,744 5,486,088 2,900,000 - Provision for diminution in value (906,937) (1,369,454) - - 6,207,807 4,116,634 2,900,000 - Long term investments Debt securities - at cost Quoted 34,857,118 36,152,573 34,857,118 36,152,573 Unquoted 8,110,600 5,809,000 - - Equity securities - at cost Listed 4,270,548 5,574,798 - - Unlisted 15,330,922 14,815,133 4,423,108 4,150,059 62,569,188 62,351,504 39,280,226 40,302,632 Provision for diminution in value - (10,333) - - 62,569,188 62,341,171 39,280,226 40,302,632
68,776,995 66,457,805 42,180,226 40,302,632
The movement in long term investments is summarised as follows: At start of period 62,341,171 29,082,516 40,302,632 26,079,441 Additions 1,543,923 41,289,335 293,500 20,432,816 Redemption of long term bonds (1,295,455) - (1,295,455) - Sale of long term investments (20,451) (8,030,680) (20,451) (6,209,625) Provision - - - - At end of period 62,569,188 62,341,171 39,280,226 40,302,632
i. Short term listed equity securities are disclosed at market value.
ii. Provision for diminution in value represents reduction in market value of listed securities within the period.
iii. Short term unlisted equity securities are carried at cost as there is no observable market price
69 Notes to the Financial Statements For the period ended 31 December 2009
Iv. Included in listed debt securities is N37.6 billion (Apr.2009: N34.1 billion) in various Federal Government of Nigeria Bonds. The maturity dates of these bonds range from July 2010 to November 2029 with interest rates ranging from 8% to 15%. v. The market value of long term listed equity securities are Group N560 million (Apr. 2009: N1.7 billion) and Bank nil. vi. The Bank makes investments under the Small and Medium Enterprises Equity Investment Scheme (SMEEIS) per the Policy Guidelines for 2001 Fiscal Period (Monetary Policy Circular No. 35). These investments are made directly in qualifying entities and through two vehicles the SME Partnership Fund and Grofin Aspire Fund.
Grofin Aspire Fund is a joint venture between the Bank, Shell Petroleum Development Company Limited and Grofin of South Africa aimed at funding Nigerian small and medium enterprises. As at the balance sheet date, the Bank had invested N1.3 billion in the Grofin Aspire Fund and N433 million (Apr. 2009: N453 million) in the SME Partnership Fund. vii. Also included in long term investments is an amount of N237 million (Apr. 2009: N237 million) being un-invested portion of the Bank's reserves for SME Investments held by the Central Bank of Nigeria.
The market value of short term listed equity securities are Group N2.7 billion (Apr. 2009: N2.6 billion) and Bank nil.
19. Investment in Subsidiaries
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 Holding N'000 N'000 N'000 N'000
Diamond Bank du Benin S.A (DBB) 95.38% - - 3,135,020 3,135,020 Diamond Securities Limited (DSL) 100% - - - - Diamond Pension Fund Custodian Limited (DPFC) 100% - - 2,000,000 2,000,000 Diamond Mortgages Limited (DML) 100% - - 1,000,000 1,000,000 ADIC Insurance Limited (ADIC) 95% - - 5,307,960 5,307,960 DBLS Insurance Brokers Limited (DBLS) 100% - - - - Diamond Capital and Financial Markets Limited (DCL) 100% - - 5,000,000 5,000,000 Diamond Registrars Limited (DRL) 100% ------16,442,980 16,442,980 i. All subsidiaries are incorporated in Nigeria with the exception of Diamond Bank du Benin S.A., which is incorporated in the Republic of Benin. The results of all the subsidiaries have been consolidated with those of the Bank. The condensed financial statements of the consolidated subsidiaries are included in Note 20. ii. Diamond Capital and Financial Markets Limited (DCL) is licensed to provide corporate investment advisory and asset management services. It was incorporated in December 2007 and commenced operations May 2008. DCL has two wholly owned subsidiaries DRL and DSL. iii. Diamond Securities Limited is the stock broking arm of the group. In March 2009, the Group increased its holding in DSL by buying the 20% minority shareholding in a cash deal that resulted in a 100% ownership of the company by Diamond Capital and Financial Markets Limited. iv. Diamond Registrars Limited was incorporated in December 2007 , It is 100% owned by DCL.
70 Notes to the Financial Statements For the period ended 31 December 2009
20. Condensed Results of Consolidated Entities
DBB DSL DPFC DML ADIC DIBL DCL DRL N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 Profit and loss accounts Operating income 2,659,390 (99,637) 253,120 8,687 242,926 5,409 (188,369) 62,632 Operating expenses (1,342,975) (128,682) (186,724) (391,643) (596,543) (5,870) (490,515) (57,760) Provision expense (941,783) (1,073,363) - (240,704) (478,445) - (119,354) - Profit before tax 374,632 (1,301,682) 66,396 (623,660) (832,062) (461) (798,238) 4,872 Tax (35,347) 48,160 5,162 144,506 (129,472) - - (5,615) Profit after tax 339,285 (1,253,522) 71,558 (479,154) (961,534) (461) (798,238) (743)
Statement of financial position Assets Cash and balances with central banks 7,455,129 - 4 2,309 500,077 - - - Treasury bills 2,675,800 ------Due from other banks 5,445,169 242,852 - - 3,119,254 54,065 413,283 1,417,813 Loans and advances to customers 28,573,436 34,755 93,158 1,805,315 28,300 - 23,755 - Advances under finance lease ------Insurance receivables - - - - 265,730 - - - Investment securities 5,374,897 220,319 1,784,320 7,440 1,752,744 29,500 19,212,232 - Investment in subsidiaries and associates - 5,000 - - - - 473,000 - Deferred tax asset - 935,338 - 307,221 - - 42,613 - Other assets 4,867,279 106,430 100,604 513,682 284,419 116,852 1,125,526 220,342 Investment property - - 525,131 2,949,481 - - - - Property, plant and equipment 1,485,775 27,122 34,402 81,391 872,202 - 89,622 27,597 55,877,485 1,571,816 2,537,619 5,666,839 6,822,726 200,417 21,380,031 1,665,752
71 Notes to the Financial Statements For the period ended 31 December 2009
20. Condensed Results of Consolidated Entities (Continued)
DBB DSL DPFC DML ADIC DIBL DCL DRL N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000 Financed by: Customer deposits 39,185,976 - - 361,905 - - - - Due to other banks 10,688,683 ------Investment contracts liabilities - - - - 39,085 - - - Borrowed funds - 2,987,834 - 5,470,971 - 16,127,715 - Income tax payable - 10,410 97,473 50,099 129,472 958 - 4,566 Other liabilities 1,326,294 1,296,838 78,529 147,035 814,756 80,155 1,307,973 1,612,880 Provisions on insurance contracts - - - - 1,238,238 - - - Deferred income tax liabilities - - 1,348 - 529 - - 1,049 Retirement benefit obligations - 1,015 - 1,492 - 2,385 1,673 - Share capital and reserves 4,676,532 (2,724,281) 2,360,269 (364,663) 4,600,646 116,919 3,942,670 47,257 55,877,485 1,571,816 2,537,619 5,666,839 6,822,726 200,417 21,380,031 1,665,752
Statement of cash flow Increase/(decrease) in cash and cash equivalents: At period start 8,273,875 1,300,164 4,706 272,071 2,857,402 82,651 684,526 50,000 At period end 15,576,098 242,852 4 2,309 3,619,331 54,065 413,283 1,417,813 (7,302,223) 1,057,312 4,702 269,762 (761,929) 28,586 271,243 (1,367,813)
72 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 21. Goodwill
At 1 May - - - - Arising on acquisition during the period - 93,230 - - Impairment provision - (93,230) ------
22. Deferred Tax
At 1 May (890,107) 1,431,980 167,165 1,478,051 Charge / (abatement): - - depreciation on property, plant and equipment (952,922) 709,958 (937,703) 659,435 - general provisions and operating losses 2,604,033 (3,429,130) 2,813,790 (2,367,406) -operating losses (6,517,404) - (6,517,404) - - Gratuity provision 171,785 76,776 171,785 76,776 -Unrealized exchange gains (311,536) 320,309 (311,536) 320,309 5,896,151 (890,107) 4,613,903 167,165 The balance sheet amounts comprise: Deferred tax assets 7,858,279 4,415,531 6,573,106 3,340,135 Deferred tax liabilities (1,962,128) (3,525,424) (1,959,203) (3,507,300) Net deferred tax asset/(liability) 5,896,151 890,107 4,613,903 (167,165)
Deferred income tax assets and liabilities are attributable to the following items:
Deferred tax asset: Unrealized exchange gains 468,132 779,668 468,132 779,668 Depreciation of property, plant and equipment 1,493,996 2,745,756 1,491,071 2,727,632 1,962,128 3,525,424 1,959,203 3,507,300 Deferred tax asset: General loan loss provision 1,285,173 4,188,044 - 3,112,648 Operating loss 6,517,405 6,517,405 Gratuity provision 55,701 227,487 55,701 227,487 7,858,279 4,415,531 6,573,106 3,340,135 23. Other Assets
Prepayments 11,832,061 9,518,418 8,112,251 7,463,989 Accrued interest and fees receivable 6,490,917 7,972,727 4,346,231 6,143,565 Due from stockbroking clients 792,761 549,382 - - Accounts receivable 11,782,513 8,057,702 11,320,526 7,553,886 Open buy back Treasury bills - 31,900,000 - 31,900,000 30,898,252 57,998,229 23,779,008 53,061,440 Provision for doubtful receivables (9,050,029) (3,293,297) (8,484,880) (3,048,830) 21,848,223 54,704,932 15,294,128 50,012,610
Treasury bills sold under repurchase agreements are classified as other asset balances in accordance with Central Bank of Nigeria Circular BSD/8/2003. The corresponding liability is recognised in other liabilities (Note 30).
73 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000
Movement in provision for doubtful receivables At start of period 3,293,297 825,308 3,048,830 776,552 Charge for the period 5,858,769 2,838,795 5,436,050 2,636,383 Provision no longer required (102,037) (6,701) - - Amounts written off - (364,105) - (364,105) At end of period 9,050,029 3,293,297 8,484,880 3,048,830
24. Investment Property
At start of period 2,650,587 1,319,925 - - Additions and capital improvements 1,629,287 2,035,923 - - Changes in market value (through equity) - - - Changes in market value (through profit and loss account) - - - Disposals (805,262) (705,261) - - At end of period 3,474,612 2,650,587 --
74 Notes to the Financial Statements For the period ended 31 December 2009
25. Property, Plant and Equipment
Group At 1 May 2009 Additions Disposals Reclassification Exchange At 31 Dec' Difference 2009 N'000 N'000 N'000 N'000 N'000 N'000 Cost Work in progress 11,441,819 3,286,802 - 12,080,396 Leasehold improvement 2,479,973 439,107 - (2,770,835) 122,610 3,063,705 Leasehold land and building 13,627,801 379,707 - 1,868,910 12,960 15,889,378 Motor vehicles 4,732,956 1,029,211 (806,789) 23,985 68,730 5,048,093 Office equipment 9,230,752 967,233 (242,699) 689,627 226,883 10,871,796 Computer hardware 2,905,520 182,710 (27,968) 4,703 49,721 3,114,686 Computer software 1,345,580 86,662 - - 44,774 1,477,016 Furniture & Fittings 1,148,076 153,402 (17,640) 20,269 11,237 1,315,344 46,912,477 6,524,834 (1,095,096) (18,716) 536,915 52,860,414
Accumulated Depreciation At 1 May 2009 Charge Disposals Reclassification Exchange At 31 Dec' for the period Difference 2009 N'000 N'000 N'000 N'000 N'000 N'000
Leasehold improvement 1,339,880 308,662 - (11,720) - 1,636,822 Leasehold land and building 1,163,585 367,205 26,654 - 9,826 1,567,270 Motor vehicles 2,249,557 765,681 (612,696) - 24,815 2,427,357 Office equipment 4,317,016 1,076,413 (180,402) - 60,611 5,273,637 Computer equipment 2,009,380 354,220 (22,916) - 25,746 2,366,430 Computer software 1,058,483 153,704 - - 38,066 1,250,253 Furniture & Fittings 618,698 161,926 (13,294) - 3,925 771,255 12,756,599 3,187,811 (802,654) (11,720) 162,989 15,293,024
Net book value 34,155,878 37,567,390
75 Notes to the Financial Statements For the period ended 31 December 2009
25. Property, Plant and Equipment (cont’d)
Bank At 1 May 2009 Additions Disposals Reclassification At 31 Dec' 2009 N'000 N'000 N'000 N'000 N'000 Cost Work in progress 10,941,628 3,099,077 - (2,442,338) 11,598,367 Leasehold improvement 2,255,918 418,545 - 144,625 2,819,088 Leasehold land and building 13,218,410 329,669 - 1,872,736 15,420,815 Motor vehicles 4,167,696 941,720 (769,415) 23,986 4,363,987 Office equipment 8,442,837 906,255 (178,395) 376,019 9,546,716 Computer hardware 2,577,635 53,586 (8,728) 4,703 2,627,196 Computer software 1,224,134 82,933 - - 1,307,067 Furniture & Fittings 1,025,289 141,874 (15,727) 20,269 1,171,705 43,853,547 5,973,659 (972,265) - 48,854,941
Accumulated Depreciation At 1 May 2009 Charge Disposals Reclassification At 31 Dec' for the period 2009 N'000 N'000 N'000 N'000 N'000 Leasehold improvement 1,226,911 268,615 - (6,882) 1,488,644 Leasehold land and building 1,163,585 366,698 - - 1,530,283 Motor vehicles 2,012,506 658,197 (599,817) - 2,070,886 Office equipment 4,064,414 989,563 (156,157) - 4,897,820 Computer equipment 1,827,928 295,327 (8,728) - 2,114,527 Computer software 955,214 140,208 - - 1,095,422 Furniture & Fittings 576,046 144,307 (12,272) - 708,081 11,826,604 2,862,915 (776,974) (6,882) 13,905,663
Net book value 32,026,944 34,949,278
76 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 26. Customer Deposits
Demand 200,926,788 219,125,663 181,792,387 209,338,634 Time 235,127,057 209,928,664 226,113,967 200,644,532 Savings 46,002,465 37,835,524 41,113,905 34,831,952 482,056,310 466,889,851 449,020,259 444,815,118
Analysis by maturity 0 - 30 days 277,899,563 358,131,641 262,254,126 346,619,351 1-3 months 88,555,651 55,394,706 80,676,610 53,003,455 3-6 months 5,992,467 7,358,785 4,183,799 4,558,528 6-12 months 4,180,303 5,910,732 2,446,300 2,936,304 Over 12 months 105,428,326 40,093,987 99,459,424 37,697,480 482,056,310 466,889,851 449,020,259 444,815,118
27. Due to Other Banks Items in course of collection 5,876,486 4,631,780 3,970,670 3,446,876 Overnight borrowing 8,782,866 3,925,938 - - 14,659,352 8,557,718 3,970,670 3,446,876
28. Liability On Investment Contracts
As at start of period 87,809 35,393 - - Additions 129,358 113,229 - - Withdrawals (178,082) (67,702) - - Interest income - 6,889 - - At end of the period 39,085 87,809 - -
Investment contracts are deposit administered funds of customers who are guaranteed their invested funds plus interest at a predetermined rate.
29. Borrowings
Local banks - 2,908,000 - 2,908,000 Foreign banks 1,621,469 9,366,381 1,621,469 9,366,381 Multilateral credit institutions 17,429,527 11,433,728 17,429,527 11,433,728 19,050,996 23,708,109 19,050,996 23,708,109
At start of period 23,708,109 18,587,249 23,708,109 18,587,249 New borrowings 7,420,500 17,163,534 7,420,500 17,163,534 Repayments (12,077,613) (12,042,674) (12,077,613) (12,042,674) At end of period 19,050,996 23,708,109 19,050,996 23,708,109
The above borrowings are long term in nature and are at coupon rates ranging from 1% to 7.5%.
77 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 30. Other Liabilities
Customers' deposit for letters of credit 6,425,073 15,699,508 6,425,073 15,699,508 Due to stock-broking clients 225,820 687,288 - - Subscription deposits for public offers 53,336 55,597 50 2,246 Interest payable 4,483,867 1,604,237 3,625,056 1,558,981 Insurance claims outstanding 25,058 56,454 - - Accounts payable 3,884,801 3,952,249 1,137,603 1,007,520 Accrued expenses 1,758,112 1,522,615 1,095,636 865,604 Unearned income 361,516 423,479 360,970 416,050 Deposit for shares 450 450 - - Secured buy back takings (Note 23) - 31,900,000 - 31,900,000 Other 4,414,886 3,249,025 3,632,189 3,108,964 21,632,919 59,150,902 16,276,577 54,558,873
31. Provision On Insurance Contracts
Life assurance contracts 497,731 390,703 - - Non-life insurance contracts 740,507 512,244 - - 1,238,238 902,947 - -
Movement in liabilities on life assurance contract: At 1 May 390,703 147,287 - - Net written premiums 107,028 150,948 - - Investment income - 42,542 - - Claims incurred - (15,766) - - Surrenders - (270) - - Commissions - (32,573) Other direct expenses - ( 221) - - Transfer from profit and loss account - 98,756 - - 497,731 390,703 - - Liability on non-life insurance contracts is analyzed as: Motor 438,840 231,751 - - Fire 13,318 66,011 - - Accident 1,821 91,935 - - Engineering 152,514 24,177 - - Marine 77,056 90,930 - - Bond 56,958 7,440 - - 740,507 512,244 - -
78 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000
32. Retirement Benefit Obligations Defined contribution schemes 8,192 69,184 1,626 56,897 Gratuity scheme 185,670 758,289 185,670 758,289 193,862 827,473 187,296 815,186
Movement in the liability recognized on the balance sheet: a. Defined Contribution Schemes: At start of period 69,184 225,605 56,897 213,748 Charge / contributions for the period 312,466 617,182 312,466 578,383 Contributions remitted (373,458) (773,603) (367,736) (735,234) At end of period 8,192 69,184 1,627 56,897
The Group and its employees make a joint contribution of 15% of basic salary, housing and transport allowance to each employee's retirement savings account maintained with their nominated Pension Fund Administrators. b. Gratuity Scheme At start of period 758,289 1,014,210 758,289 1,014,210 Charge to profit and loss 310,326 757,492 310,326 757,492 Payments (882,945) (1,013,413) (882,945) (1,013,413) At end of period 185,670 758,289 185,670 758,289
The Bank has a non-contributory defined gratuity scheme whereby on separation, staff who have spent a minimum number of periods are paid a sum based on their qualifying emoluments and the number of periods spent in service of the Bank. With effect from October 2008, this Scheme was discontinued and payments to staff will vest over a three-period period.
33. Non-Controlling Interest Group Group Bank Bank Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000
At 1 May 434,015 534,971 - - Transfer from profit and loss account (32,402) 27,637 - - Dividend - (15,000) - - Sale of shareholding interest - (89,770) - - Net change due to exchange rate movement and increase in controlling interest 44,475 (23,823) - - 446,088 434,015 - -
79 Notes to the Financial Statements For the period ended 31 December 2009
34. Share Capital Group Group Bank Bank Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 a. Ordinary Shares i. Authorised:
20 billion ordinary shares of 50k each 10,000,000 10,000,000 10,000,000 10,000,000 ii. Issued and fully paid :
Beginning of period 13,159,313,000 ordinary shares of 50k each 7,237,622 6,579,656 7,237,622 6,579,656 Issued during the period 1,315,931,000 ordinary shares of 50k each - 657,966 - 657,966 End of period 7,237,622 7,237,622 7,237,622 7,237,622 b. Share Premium Beginning of period 89,629,324 89,629,324 89,629,324 89,629,324 Issued during the period - - - - End of period 89,629,324 89,629,324 89,629,324 89,629,324
80 Notes to the Financial Statements For the period ended 31 December 2009
35. Reserves
Group Statutory SSI Contingency Revaluation Translation Retained Total Reserve Reserve Reserve Reserve Reserve Earnings N'000 N'000 N'000 N'000 N'000 N'000 N'000
At 1 May 2008 9,172,831 2,140,278 31,098 - 245,264 8,922,421 20,511,892 Deemed cost of acquisition - - - - - (7,369,215) (7,369,215) Dividend paid - - - - - (657,966) (657,966) Net change due to exchange rate movement and increase in controlling interest - - - - (492,257) - (492,257)
Transfer from profit and loss account 1,052,017 346,556 75,339 - - 3,670,207 5,144,119 At 30 April / 1 May 2009 10,224,848 2,486,834 106,437 - (246,993) 4,565,447 17,136,573
Dividend paid - - - - - (1,302,771) (1,302,771) Net change due to exchange rate movement And increase in controlling interest - - - - 918,187 - 918,187 Revaluation of investment property - - - 170,059 - - 170,059 Transfer from profit and loss account - - 70,365 - - (8,212,376) (8,142,011) At 31 Dec' 2009 10,224,848 2,486,834 176,802 170,059 671,194 (4,949,700) 8,780,037
The translation reserve is used to record exchange movements on the Group's net investment in foreign subsidiaries.
81 Notes to the Financial Statements For the period ended 31 December 2009
35. Reserves (continued)
Bank Statutory SSI Retained Total Reserve Reserve Earnings N'000 N'000 N'000 N'000
At 1 May 2008 9,171,464 2,140,278 9,462,285 20,774,027 Dividend paid - - (7,369,213) (7,369,213) Bonus shares - - (657,966) (657,966) Transfer from profit and loss account 1,039,669 346,556 5,544,902 6,931,127 At 30 April / 1 May 2009 10,211,133 2,486,834 6,980,008 19,677,975 Dividend paid - - (1,302,771) (1,302,771) Transfer from profit and loss account - - (4,883,446) (4,883,446)
At 31 Dec' 2009 10,211,133 2,486,834 793,791 13,491,758
36. Contingent Liabilities and Commitments a. Legal Proceedings The bank has contingent liabilities in respect of ongoing arbitration and legal proceedings amounting to N2.7 billion (Apr. 2009:N3.6 billion). No provision has been made in these financial statements as based on professional advice, the directors are of the opinion that no significant liability will eventuate. b. Commitments At the balance sheet date, the bank had capital commitments amounting to N1.2 billion (Apr. 2009: N2.4 billion) in respect of authorised and contracted capital projects. c. Credit Related Commitments
In the normal course of business, the Bank is party to financial instruments with off-balance sheet risk. The instruments are used to meet the credit and other financial requirements of customers. The contractual amounts of the off-balance sheet financial instruments are:
Group Group Bank Bank Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000
Performance bonds and guarantees 53,567,544 60,377,233 41,235,332 52,189,290 Guaranteed pension assets 56,409,310 51,078,143 - - Confirmed and unfunded Letters of Credit 14,015,892 45,738,763 14,015,892 45,738,763 Guaranteed commercial papers - - - - 123,992,746 157,194,139 55,251,224 97,928,053
82 Notes to the Financial Statements For the period ended 31 December 2009
37. Related Party Transactions
The Group has related party relationships, where significant influence exists, with Actis DB (UK) Holdings Limited, Mouka Limited and Loneseed Nigeria Limited. The Group normally enters into commercial transactions with related parties on an arm's length basis. During the year, the Group had no significant commercial transactions with Actis. Details of insider credits (as defined by CBN Circular BSD/1/2004) are as shown below:
NAME OF FACILITY RELATIONSHIP DIRECTOR DATE GRANTED EXPIRY DATE STATUS AMOUNT OUTSTANDING NATURE OF SECURITY/STATUS BORROWER TYPE TO REPORTING GRANTED BALANCE INSTITUTION
ADESEMI NIGERIA TERM DIRECTOR CLEMENT PERFORMING 37,242,157 2,166,664 DEBENTURE ON FIXED AND FLOATING ASSETS LIMITED LOAN OWUNNA & LEGAL OWNERSHIP OF LEASED EQUIPMENTS
FLOBY ENTERPRISES OVERDRAFT EX-DIRECTOR MRS FLORENCE 29-07-1998 29-10-1998 NON- 55,423,579 FLOATING DEBENTURE & LEGAL CHARGE ON ANYAMENE PERFORMING CLIENTS ASSET
ASSOC. LEASES DIRECTOR CLEMENT 07-12-2009 06-12-2010 PERFORMING 5,000,000 2,097,228 LIEN ON STOCK & FLOATING DEBENTURE ON PHARMACY OWUNNA ASSETS
INTEGRATED DAIRY LEASES DIRECTOR ISHAYA ABOI 24-12-2007 23-09-2010 PERFORMING 46,337,831 21,755,034 FARM I.D.F.LTD SHEKARI CHARGE OVER FIXED AND FLOATING ASSET INTEGRATED DAIRY TERM DIRECTOR ISHAYA ABOI 19-06-2009 18-06-2010 PERFORMING 70,000,000 143,046,026 OF INTEGRATED DAIRY FARM WITH AN FARM I.D.F.LTD LOAN SHEKARI ESTIMATED OPEN MARKET VALUE OF OVER N1BILLION NAIRA ONLY INTEGRATED DAIRY OVERDARFT DIRECTOR ISHAYA ABOI 29-04-2009 28-04-2013 PERFORMING 299,590,023 249,590,023 FARM I.D.F.LTD SHEKARI
SIR OGBECHIE CHRIS TERM DIRECTOR SIR CHRIS 06-05-2009 30-04-2024 PERFORMING 60,000,000 53,133,838 LEGAL MORTGAGE ON LAND & PROPERTY IKE LOAN OGBECHIE
UCL-MODERN TERM DIRECTOR UZOMA DOZIE 01-07-2008 30-06-2010 PERFORMING 1,909,132,921 1,476,433,827 INDUSTRIES LOAN MOR TGAGE DEBENTURE ON ASSETS & LIMITED OWNERSHIP OF LEASED EQUIPMENT
ENGR. MICHAEL I. FCY LOAN EX-DIRECTOR ENGR. MICHAEL I. 01-04-2009 7-01-2011 PERFORMING 310,905,000 310,905,000 LIEN ON PORTFOLIO OF SHARES UFOEZE UFOEZE
TOTAL 2,738,207,932 2,314,551,219
83 Notes to the Financial Statements For the period ended 31 December 2009
Group Group Bank Bank Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 38. Employees and Directors a. Employees
The average number of persons employed by the Bank during the period was as follows: Number Number Number Number Executive directors 11555 Management 110 363 40 312 Non-management 2,832 3,046 2,560 2,685 2,953 3,414 2,605 3,002 Compensation for the above staff: N'000 N'000 N'000 N'000 Salaries and wages 10,864,666 15,084,770 9,538,916 13,536,772 Retirement benefit costs 523,048 1,374,674 516,134 1,335,875 11,387,714 16,459,444 10,055,050 14,872,647
The number of employees of the Group, other than directors, who received emoluments in the following ranges (excluding pension contributions and certain benefits) were:
Number Number Number Number N300,001- N2,000,000 216 1,482 13 1,225 N2,000,001- N2,800,000 1,095 756 1,045 735 N2,800,001- N3,500,000 9 511 1 476 N3,500,001- N4,000,000 41 279 0 249 N4,000,001- N5,500,000 636 209 631 189 N5,500,001- N6,500,000 634 65 625 53 N6,500,001- N7,800,000 14 37 3 26 N7,800,001- N9,000,000 110 9 99 - N9,000,001- and above 198 66 188 49 2,953 3,414 2,605 3,002 b. Directors
Remuneration paid to the Bank's directors (excluding certain allowances) was: Group Dec.' 2009 Apr.' 2009 N'000 N'000 Fees and sitting allowances 47,950 55,070 Executive compensation 105,675 113,338 Other director expenses 72,849 49,986 226,474 218,394
84 Notes to the Financial Statements For the period ended 31 December 2009
39. Employees and Directors (continued)
Fees and other emoluments disclosed above include amounts paid to: Group Dec.' 2009 Apr.' 2009 N'000 N'000 The chairman 8,000 9,000
The highest paid director 30,014 17,148
The number of directors who received fees and other emoluments (excluding pension contributions and certain benefits) in the following ranges was:
The number of directors who received fees and other emoluments (excluding pension contributions and certain benefits) in the following ranges was: Group Dec.' 2009 Apr.' 2009 Number Number BelowN1,600,000 2 2 N3,400,001 - and above 12 12 14 14
39. Reconciliation of Profit Before Tax to Cash Generated from Operations
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000
Operating profit (12,374,154) 5,901,951 (9,055,793) 8,343,738 Provision for loan losses 18,285,109 17,982,334 16,328,047 19,599,707 Provision no longer required (73,494) (174,416) (73,494) (174,416) Provision for leases (82,643) (10,370) (82,644) (10,370) Provision/(write back) for other facilities (237,081) 12,075 (237,081) 12,075 Provision for insurance receivable 456,378 (303,927) - - Interest in suspense 11,001,294 (172,579) 10,489,765 5,002,533 Provision for other assets 5,756,732 2,467,989 5,436,050 2,272,278 Provision for investment balances (462,517) 1,316,192 - - Loss on sale of investment - (547,815) - - Loss/ (gain) on sale of investment property 170,059 (779,503) - - Loss/ (gain) on disposal of fixed assets 42,335 (10,261) 42,923 (8,661) Depreciation 3,199,815 3,904,615 2,862,915 3,546,742 Impairment of good will - 93,230 - - Gratuity charge and Contributions to staff retirement scheme 622,792 1,375,471 622,792 1,335,875 Remittance to pension fund administrators (373,458) (773,603) (367,736) (735,234) Cash paid to staff for gratuity (882,946) (1,014,210) (882,946) (1,013,413) Operating profit before changes in operating assets and liabilities 25,048,221 29,267,173 25,082,798 38,170,854
85 Notes to the Financial Statements For the period ended 31 December 2009
39. Reconciliation of Profit Before Tax to Cash Generated from operations (continued)
Group Group Bank Bank 8 Months to 12 Months to 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 (Increase) / decrease in operating assets: Cash reserve balances (3,187,018) 2,662,199 (1,316,917) 4,099,405 Loans to customers (46,354,900) (62,531,475) (34,016,146) (82,248,620) Advances under finance leases (729,738) 5,360,562 (729,738) 5,360,562 Other facilities 3,374,529 (5,165,862) 3,374,529 (5,165,862) Insurance receivables 97,034 158,467 - - Short term investments (1,628,656) (3,681,690) (2,900,000) 590,094 Treasury bills under open buy back 31,900,000 3,100,000 31,900,000 3,100,000 Interest receivable and prepayment (831,833) (4,856,442) 1,149,072 (3,413,470) Due from broking clients (243,379) - - - Accounts receivable (3,724,811) (3,595,101) (3,766,641) (5,155,507) (21,328,772) (68,549,342) (6,305,841) (82,833,398)
Increase/(decrease) in operating liabilities: Customer deposits 15,166,460 47,182,216 4,205,141 41,104,998 Due to other banks 6,101,634 26,380 523,793 (2,936,969) Customers' deposit for foreign currency denominated obligations (9,274,435) 4,769,714 (9,274,435) 4,769,713 Investment contract liabilities (48,723) 52,416 - - Insurance contract liabilities 335,291 296,443 - - Due to stock broking clients (461,468) - - - Interest payable and unearned income 2,817,667 497,710 2,010,996 864,636 Accounts payable (67,448) 2,069,208 130,083 347,989 Liability on open buy back treasury bills (31,900,000) (3,100,000) (31,900,000) (3,100,000) Outstanding claims, public offer proceeds and other payables 1,367,701 555,611 751,063 461,633 (15,963,321) 52,349,698 (33,553,359) 41,512,000
Cash generated from operations (12,243,874) 13,069,528 (14,776,402) (3,150,545)
40. Compliance with Banking Regulations
The bank did not contravene any regulation of the Banks and Other Financial Institutions Act 1991 or relevant circulars issued by the Central Bank of Nigeria.
41. Earnings Per Share
Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the period.
The adjusted EPS is calculated using the number of shares in issue at the balance sheet date. Where a stock split or bonus issue has occurred, the number of shares in issue in the prior period is adjusted to achieve comparability.
86 Notes to the Financial Statements For the period ended 31 December 2009
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There were no potential dilutive shares in 2009 (2008: nil)
Group Group Bank Bank Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009
Net profit attributable to shareholders (N'000) (8,142,011) 5,144,119 (4,883,446) 6,931,127 Number of ordinary shares in issue as at period end (thousands) 14,475,244 14,475,244 14,475,244 14,475,244 Time weighted average number of ordinary shares in issue (thousands) 14,475,244 14,475,244 14,475,244 14,475,244 Adjusted number of ordinary shares in issue (thousands) 14,475,244 14,475,244 14,475,244 14,475,244 Basic earnings per share (56k) 36k (34k) 48k Diluted earnings per share (56k) 36k (34k) 48k Adjusted earnings per share (56k) 36k (34k) 48k
42. Cash and Cash Equivalents
For the purposes of the cash flow statement, cash and cash equivalents include cash and non-restricted balances with central banks, treasury bills and other eligible bills, operating account balances with other banks, amounts due from other banks and short-term government securities. Group Group Bank Bank Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 Cash and balances with central banks (excluding restricted balances) 59,262,030 46,787,393 57,601,862 46,671,136 Treasury bills and other eligible bills 9,090,252 11,502,437 6,414,452 9,087,437 Due from other banks 101,663,746 137,638,292 96,202,493 130,568,285 170,016,028 195,928,122 160,218,807 186,326,858
43. Comparatives
Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current period
87 Statement of Value Added For the period ended 31 December 2009
Dec.' 2009 Apr.' 2009 N'000 % N'000 % Group Gross income 67,735,694 108,979,476 Interest , fees and commissions paid (25,277,844) (37,105,241) 42,457,850 71,874,235 Administrative overheads (15,285,302) (22,295,909) Value added 27,172,548 100 49,578,326 100
Distribution
Employees - Salaries and benefits 11,614,188 43 16,677,837 35
Government - Taxation (4,199,741) (15) 730,195 11
The future - Asset replacement (depreciation) 3,187,811 11 3,904,615 9 - Asset replacement (loan loss provision) 24,744,703 91 24,623,109 16 - Expansion (transfers to reserves and minority interest) (8,174,413) (30) 3,642,570 29 27,172,548 100 49,578,326 100
Dec.' 2009 Apr.' 2009 N'000 % N'000 % Bank Gross income 64,667,401 101,659,260 Interest , fees and commissions paid (24,475,744) (35,060,860) 40,191,657 66,598,400 Administrative overheads (14,211,956) (19,252,850) Value added 25,979,701 100 47,345,550 100
Distribution
Employees - Salaries and benefits 10,281,525 40 15,091,041 36
Government - Taxation (4,172,347) (16) 1,412,611 12
The future - Asset replacement (depreciation) 2,862,915 11 3,546,742 9 - Asset replacement (loan loss provision) 21,891,054 84 21,750,254 16 - Expansion (transfers to reserves) (4,883,446) (19) 5,544,902 27 25,979,701 100 47,345,550 100
88 Five Year Financial Summary - Group
Balance Sheet Dec.'2009 Apr.' 2009 2008 2007 2006 N'000 N'000 N'000 N'000 N'000 Assets: Cash and balances with central banks 70,428,505 54,766,850 62,864,387 85,657,352 32,226,993 Treasury bills and other eligible bills 9,090,252 11,502,437 42,059,448 40,639,878 46,564,573 Due from other banks 101,663,746 137,638,292 137,205,435 26,132,542 21,610,952 Loans and advances to customers 302,486,935 285,344,944 240,448,808 100,971,665 80,560,478 Advances under finance lease 6,962,870 6,150,488 11,500,680 8,050,730 4,090,171 Other facilities 20,333,580 23,471,028 18,317,241 7,742,372 4,524,679 Insurance receivables 265,730 819,142 673,682 259,996 - Investment securities 68,776,995 66,457,805 30,833,652 11,798,059 3,598,750 Investment in subsidiaries - - - - 2,050,000 Goodwill - - - - - Deferred tax assets 7,858,279 4,415,531 1,101,725 450,844 300,850 Other assets 21,848,223 54,704,932 51,821,378 21,543,196 19,651,319 Investment property 3,474,612 2,650,587 1,319,925 833,076 - Property and equipment 37,567,390 34,155,878 27,523,257 16,870,457 8,472,719 650,757,117 682,077,914 625,669,618 320,950,167 223,651,484
Financed by: Share capital 7,237,622 7,237,621 6,579,657 4,699,957 3,801,804 Reserves 98,409,361 106,765,897 109,543,713 48,074,680 27,037,093 Minority interest 446,088 434,015 1,132,474 479,352 183,429 Customer deposits 482,056,310 466,889,851 419,707,636 217,737,408 148,562,796 Due to other banks 14,659,352 8,557,718 8,531,338 16,307,420 2,755,129 Liability on investment contract 39,085 87,809 35,393 27,211 - Borrowings 19,050,996 23,708,110 18,587,249 7,820,579 8,915,922 Current income tax 3,653,521 3,826,585 2,813,476 1,702,890 1,306,125 Dividend payable 177,635 163,563 - - - Other liabilities 21,632,919 59,150,901 54,358,658 21,639,940 29,106,027 Provision on insurance fund 1,238,238 902,947 606,504 144,441 - Deferred income tax liabilities 1,962,128 3,525,424 2,533,705 1,325,076 927,827 Retirement benefit obligations 193,862 827,473 1,239,815 991,213 1,055,332 650,757,117 682,077,914 625,669,618 320,950,167 223,651,484
Acceptances and guarantees 123,992,746 157,194,139 214,608,564 129,277,939 36,453,242
89 Five Year Financial Summary - Group
Dec.'2009 Apr.' 2009 2008 2007 2006 N'000 N'000 N'000 N'000 N'000
Net operating income 42,457,850 71,874,237 47,732,805 30,675,194 18,048,908 Operating expenses (30,087,301) (41,349,177) (26,710,988) (20,798,262) (16,497,092) Provision for losses (24,744,703) (24,623,109) (4,808,026) (2,236,050) (172,365) Profit before taxation (12,374,154) 5,901,951 16,213,791 7,640,882 1,379,451 Taxation 4,199,741 (730,195) (3,392,717) (1,870,068) (1,468,267) Profit after taxation (8,174,413) 5,171,756 12,821,074 5,770,814 (88,816) Minority Interest 32,402 (27,637) (72,453) (31,999) (16,614) Profit attributable to shareholders (8,142,011) 5,144,119 12,748,621 5,738,815 (105,430)
Earnings per share (basic) (56k) 36k 118K 74K (2k) Earnings per share (diluted) (56k) 36k 118K 74K (2k) Earnings per share (adjusted) (56k) 36k 97K 61K (1k)
90 Five Year Financial Summary - Bank
Balance Sheet Dec.'2009 Apr.' 2009 2008 2007 2006 N'000 N'000 N'000 N'000 N'000 Assets: Cash and balances with Central Bank of Nigeria 62,470,986 50,223,343 60,021,067 78,928,707 31,066,966 Treasury bills and other eligible bills 6,414,452 9,087,437 42,059,448 40,518,896 46,275,128 Due from other banks 96,202,493 130,568,284 127,603,340 25,055,982 21,230,190 Loans and advances 296,537,785 289,265,955 231,445,158 96,384,941 77,929,985 Advances under finance lease 6,962,870 6,150,488 11,500,680 8,050,730 4,090,171 Other facilities 20,333,580 23,471,028 18,317,241 7,742,372 4,524,679 Investment securities 42,180,226 40,302,632 26,669,535 9,989,680 3,037,391 Investment in subsidiaries 16,442,980 16,442,980 11,682,980 8,983,852 2,725,893 Goodwill - - - - - Deferred tax assets 6,573,106 3,340,135 1,049,505 398,624 300,850 Other assets 15,294,128 50,012,610 46,815,911 20,243,153 19,339,239 Property and equipment 34,949,278 32,026,944 26,161,675 15,952,784 8,345,700 604,361,884 650,891,836 603,326,540 312,249,721 218,866,192
Financed by: Share capital 7,237,622 7,237,622 6,579,656 4,699,957 3,801,804 Reserves 103,121,082 109,307,298 110,403,352 49,191,821 26,986,096 Customer deposits 449,020,259 444,815,118 403,710,120 211,634,824 144,569,685 Due to other banks 3,970,670 3,446,876 6,383,845 14,743,860 2,502,714 Borrowings 19,050,996 23,708,109 18,587,249 7,820,578 8,915,922 Current income tax 3,360,544 3,331,891 2,691,903 1,568,695 1,269,247 Dividend payable 177,635 163,563 - --
Other liabilities 16,276,577 54,558,873 51,214,901 20,287,951 28,840,526 Deferred income tax liabilities 1,959,203 3,507,300 2,527,556 1,318,927 927,827 Retirement benefit obligations 187,296 815,186 1,227,958 983,108 1,052,371 604,361,884 650,891,836 603,326,540 312,249,721 218,866,192
Acceptances and guarantees 55,251,224 97,928,053 140,358,013 93,883,063 36,453,242
Net operating income 40,191,657 66,598,400 44,211,851 29,443,918 17,360,333 Operating expenses (27,356,396) (36,504,408) (24,570,069) (18,665,528) (16,087,700) Provision for losses (21,891,054) (21,750,254) (4,582,668) (1,985,615) (162,109) Profit before taxation (9,055,793) 8,343,738 15,059,114 8,792,775 1,110,524 Taxation 4,172,347 (1,412,611) (3,237,103) (1,862,021) (1,442,649) Profit after taxation (4,883,446) 6,931,127 11,822,011 6,930,754 (332,125)
Earnings per share (basic) (34k) 48k 110k 89k (5k) Earnings per share (diluted) (34k) 48k 110k 89k (5k) Earnings per share (adjusted) (34k) 48k 90k 53k (3k)
91 Financial Risk Analysis For period ended 31 December 2009
Credit risk
The Group takes on exposure to credit risk, which is the risk that a counter party will cause a financial loss for the Group by failing to discharge an obligation. Credit risk is the most important risk for the Group's business; management therefore carefully manages its exposure to credit risk. Credit exposures arise principally in lending activities that lead to loans and advances, and investment activities that bring debt securities and other bills into the Group's asset portfolio. There is also credit risk in off-balance sheet financial instruments. The credit risk management and control are centralized in credit administration department at Group level and reported to the Board of Directors and head of each business unit regularly.
Diamond Bank has a Credit Risk Management framework approved by its Board. The Credit Risk Management Objectives are:
1) To provide a clear and consistent direction for the Bank for creating and managing credit exposures; 2) To maintain a high quality risk assets portfolio and minimize credit losses arising from errors of judgment 3) To achieve the lowest level of non-performing loans in the industry while maximizing returns on assets created; 4) To maximize stakeholder value; 5) To develop a strong credit risk culture where all staff actively participate in the Bank's risk management process and respond to them with cost effective actions.
The Credit Risk Appetite of the bank is defined by its expression or willingness to accept risk up to a level that minimizes erosion of earnings or capital due to avoidable losses from credit activities. The Bank's Credit Risk Management Strategy is driven by its objectives and includes adoption of the following strategies for the management of credit risk;
a) A selective and disciplined approach to credit origination and focus on customers that will create attractive value for the Bank; b) Adherence by all lending and approval individuals to the Bank's credit risk policies, developed to enable staff identify, measure and manage credit risk exposures; c) The Board and Senior Management set the tone for the right risk culture in the Bank; d) Adequate pricing for the risks taken by the Bank; e) Maintenance of a diversified and balanced loan portfolio; f) Establishment and enforcement of the Bank's exposure and provisioning policies in accordance with the Prudential Guidelines and other regulatory requirements; and g) Broadening of the knowledge and skills of all credit personnel through training and capacity building programmes.
Credit risk measurement
(a) Loans and advances In measuring credit risk of loan and advances to customers and to banks at a counterparty level, the Group reflects the following components:
(i) the character and capacity to pay of the client or counterparty on its contractual obligations; (ii) current exposures to the counterparty and its likely future development; (iii) credit history of the counterparty and (iv) the likely recovery ratio in case of default obligations value of collateral and other ways out.
The Group's rating scale, which is shown below, reflects the range of default probabilities defined for each rating class. This means that, in principle, exposures migrate between classes as the assessment of their probability of default changes. The rating tools are kept under review and upgraded as necessary. The Group regularly validates the performance of the rating and their predictive power with regard to default events.
(b) Debt securities and other bills
For debt securities and other bills, external rating such as Standard & Poor's rating or their equivalents are used by Treasury for primarily to manage their liquidity risk exposures.
92 Financial Risk Analysis For period ended 31 December 2009
Risk limit control and mitigation policies
The Group manages limits and controls concentrations of credit risk wherever they are identified in particular, to individual counterparties and groups, and to industries and countries.
The Group structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in relation to one borrower, or groups of borrowers (single obligor limits), and to geographical and industry segments. Such risks are monitored on a revolving basis and subject to an annual or more frequent review, when considered necessary. Limits on the level of credit risk by product, industry sector and by country are approved quarterly by the Board of Directors.
The exposure to any one borrower including banks and brokers is further restricted by sub-limits covering on- and off-balance sheet exposures, and daily delivery risk limits in relation to trading items such as forward foreign exchange contracts. Actual exposures against limits are monitored daily.
The Group also sets internal credit approval limits for various levels in the credit process and are shown in the table below.
Authorizing Level Approval Limit
BOARD N1.5BN TO LEGAL LENDING LIMIT BOARD CREDIT COMMITTEE N1BN TO N1.5BN MCC N500MM TO 1BN MINI-MCC N250MM TO 500MM MANAGING DIRECTOR N150MM TO N250MM EXECUTIVE DIRECTORS N100MM TO N150MM HEAD, REGIONAL BUSINESS N50MM TO N100MM REGIONAL MANAGERS N50MM
Approval limits are set by the Board of Directors and reviewed from time to time as the circumstances of the Group demand.
Exposure to credit risk is also managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations and by changing these lending limits where appropriate.
Some other specific control and mitigation measures are outlined below.
(a) Collateral
The Group employs a range of policies and practices to mitigate credit risk. The most traditional of these is the taking of security for funds advances, which is common practice. The Group implements guidelines on the acceptability of specific classes of collateral or credit risk mitigation. The principal collateral types for loans and advances are:
a. Mortgages over residential properties; b. Charges over business assets such as premises, inventory and accounts receivable; c. Charges over financial instruments such as debt securities and equities.
Longer-term finance and lending to corporate entities are generally secured; revolving individual credit facilities are generally unsecured. In addition, in order to minimise the credit loss the Group will seek additional collateral from the counterparty as soon as loss indicators are noticed for the relevant individual loans and advances.
Collateral held as security for financial assets other than loans and advances is determined by the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, with the exception of asset-backed securities and similar instruments, which are secured by portfolios of financial instruments.
93 Financial Risk Analysis For period ended 31 December 2009
(b) Master netting arrangements The Group further restricts its exposure to credit losses by entering into master netting arrangements with counterparties with which it undertakes a significant volume of transactions. Master netting arrangements do not generally result in an offset of balance sheet assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if a default occurs, all amounts with the counterparty are terminated and settled on a net basis.
(c) Credit-related commitments
The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and standby letters of credit carry the same credit risk as loans. Documentary and commercial letters of credit which are written undertakings by the Group on behalf of a customer authorising a third party to draw drafts on the Group up to a stipulated amount under specific terms and conditions are collateralised by the underlying shipments of goods to which they relate and therefore carry less risk than a direct loan.
Methodology for risk rating
Diamond Bank plc. uses the Moody's rating tool as the core rating for all its corporate credits. In addition to the core rating, the bank has recently developed a new rating framework for rating all corporate exposures in its credit portfolio. Through the new corporate framework, each corporate borrower will be given a rating on the 15-grade Diamond Master Rating Scale, which signifies the borrower's creditworthiness and risk of default. These ratings will be used to determine pricing, availability of credit, required collateral and other important decisions such as in relation to the extension of loans.
The new rating framework takes the core rating (i.e. Moody's) as a foundation and uses other factors such as the Group/country rating, early warning signals and any relevant new information to arrive at a more realistic rating for the borrower.
Enterprise risk review
The Diamond Bank Group seeks to achieve an appropriate balance between risk and reward in its business and strategy, and continues to build and enhance the risk management capabilities that will assist it in delivering its growth plans in a controlled environment. The Group has made significant progress in its vision to become world-class at managing risk. Recently an International firm of management consultants updated the Group's Enterprise Risk Management (ERM) framework and frameworks for specific risk areas such as credit, market, liquidity, operational, strategic and reputational risks.
Full implementation of the requirements of the ERM Framework is on-going under the oversight of the Board Audit & Risk Committee (BARC), which is tasked with monitoring the implementation on behalf of the Board.
The Group's Enterprise Risk Management (ERM) Framework ensures risks are managed using a structured and disciplined approach that aligns strategy, processes, people, technology and knowledge with the purpose of evaluating and managing the opportunities and threats faced. The Group's “Enterprise-wide” Risk Management methodology ensures the removal of functional, divisional, departmental or cultural barriers to managing risks.
The main benefits and objectives to the Group of the ERM implementation include the following: ! It provides a platform for the Board and Management to confidently make informed decisions regarding the trade-off between risk and reward; ! It aligns business decisions at the operating level to the Group's appetite for risk; ! It balances operational control with the achievement of strategic objectives; ! It enables Executives to systematically identify and manage significant risks on an aggregate basis; ! It enables the evaluation of new and existing investments on both a standalone and portfolio basis; and ! It minimizes operational surprises and related costs or losses.
94 Financial Risk Analysis For period ended 31 December 2009
Enterprise Risk Management (ERM) Vision
Diamond Bank's ERM Vision is: “To build a world-class risk management culture”
Risk Management governance structure
The Group's Risk Management Governance Structure is based on the “three lines of defence” model which entails residing responsibility and accountability for risk management with all levels within the Group, from the Board of Directors down through the organisation to each business manager, risk officer, support staff and, indeed, every employee. These responsibilities are distributed in such a way as to ensure that risk/reward decisions are taken at the most appropriate levels and as close as possible to the business, but subject to robust and effective reviews.
Major stakeholders in the risk management governance structure include the following:
Board of Directors The Board sets the Group's overall risk appetite, approves the risk management strategy and is ultimately responsible for the effectiveness of the risk management process and system of internal controls.
The Board oversees the risk management of the Group through the following committees: ! Board Credit Committee; ! Board Audit & Risk Committee; and ! Board Governance Committee
Executive Management Executive Management under the leadership of the Group Managing Director/Chief Executive Officer is responsible for managing risks inherent in the Group's business endeavours and activities. In addition to the aforementioned, Executive Management is also responsible for the following: ! Implementing the risk management framework approved by the Board; ! Implementing strategies, processes and procedures set by the Board of Directors; ! Implementing the internal control systems; ! Setting risk management priorities; and ! Acting as the enforcer on such matters as aligning objectives, strategies, risk appetite, elimination of gaps and overlaps in risk management responsibilities and authorities and resolving significant internal conflicts (if any).
The following management committees, comprising of senior management staff, support the Executive Committee in performing its risk management roles:
I. Asset & Liability Management Committee (ALCO) The Asset & Liability Committee (ALCO) is responsible for market and liquidity risk management.
II. Management Credit Committee (MCC) The Management Credit Committee (MCC) is responsible for managing credit risks in the Group. The committee focuses on management of the Group's credit risk exposures.
III. Group Risk Management Committee (RMC) The Group Risk Management Committee (RMC) has oversight responsibility for all other risk categories except credit, market and liquidity risks. Risk categories within the purview of the committee include, but are not limited to, the following: Operational risk; Strategic risk; Legal risk; Compliance risk; Reputational risk; Accounting & Taxation risk; Human Capital risk; and Information Security risk.
Business units Business Units and their staff, as primary risk owners/managers, are responsible for the day-to-day identification, mitigation, management and monitoring of risks within their respective functions.
95 Financial Risk Analysis For period ended 31 December 2009
Business Units and their staff are also responsible for the following: ! Implementing the Group's risk management strategies; ! Managing day-to-day risk exposures by using appropriate procedures and controls in line with the Group's risk management framework; ! Identifying risk issues and implementing remedial action to address these issues; and ! Reporting and escalating material risks and associated issues to appropriate authorities.
Units and functions with primary responsibility for independent risk oversight and monitoring
! These units and functions include the following: ! Risk Management & Control Division; ! Legal Unit; ! Corporate Communications Unit; ! Strategic Planning & Research Unit; and ! Financial Control Unit.
Units and functions with primary responsibility for evaluating and providing independent assurance
This is made of the following: ! Internal Auditors (i.e. Corporate Audit function); and ! The External Auditors.
Provisioning policies
The internal and external rating systems described above focus more on credit-quality mapping from the inception of the lending and investment activities. In contrast, loan loss provisions are recognized for financial reporting purposes only for losses that have been incurred at the balance sheet date based on criteria set out in the Prudential Guidelines for Licensed Bank.
Risk Assets (Loans and Advances, Advances under Finance Leases, on-balance sheet direct credit substitutes, etc.)
Risk assets are summarised as follows:
Group Group 8 Months to 12 Months to Dec.' 2009 Apr.' 2009 N'000 N'000
Performing 305,548,357 317,621,045 Non-performing 68,234,243 25,200,940 -substandard 28,643,415 8,902,821 -doubtful 16,380,962 2,693,882 -lost 23,209,866 13,604,237 373,782,600 342,821,985
96 Financial Risk Analysis For period ended 31 December 2009
Performing but past due loans
Loans and advances less than 90 days past due are considered performing, unless other information is available to indicate the contrary. Gross amount of loans and advances by class to customers that were past due but performing were as follows:
At 31 Dec.' 2009 Retail Corporate SME Financial Total Institutions N'000 N'000 N'000 N'000 N'000 Past due up to 30 days 1,082,243 - - - 1,082,243 Past due 30 - 60 days 538,479 - - - 538,479 Past due 60 - 90 days 2,398,212 - 21,085 - 2,419,297 4,018,934 - 21,085 - 4,040,019
At 30 Apr.' 2009 Retail Corporate SME Financial Total Institutions N'000 N'000 N'000 N'000 N'000 Past due up to 30 days - - - - - Past due 30 - 60 days - 134,263 46,128 - 180,391 Past due 60 - 90 days - - 5,277 - 5,277 - 134,263 51,405 - 185,668
Non-performing loans by Industry Dec. 2009 Apr.' 2009 N'000 N'000
Agriculture 1,220,206 197,234 Oil & Gas 12,543,986 1,656,151 Capital Market 13,355,837 1,926,016 Consumer Credit 2,009,913 389,062 Manufacturing 14,160,579 3,679,676 Mortgage 3,109,615 - Real Estate & Construction 8,018,944 3,021,506 Financial & Insurance 569,295 1,551,362 Government 814 78,357 Transportation 39,869 33,117 Communication 6,827,257 6,878,027 Education 183,131 - Others 6,194,798 5,790,432 68,234,244 25,200,940
Non-performing loans by Geography Dec. 2009 Apr. 2009 N'000 N'000 South - South 4,423,764 1,190,349 South - West 41,523,464 14,062,632 South - East 1,852,975 3,053,871 North - West 11,233,718 1,438,492 North - Central 6,649,289 4,154,388 North - East 491,268 49,575 Rest of Africa 2,059,766 1,251,633 68,234,244 25,200,940
97 Financial Risk Analysis For period ended 31 December 2009
Concentration of risks of financial assets with credit risk exposure
(a) Geographical sectors The following table breaks down the Group's main credit exposure at their carrying amounts, as categorised by geographical region as of 31 December 2009. For this table, the Group has allocated exposures to regions based on the region of domicile of our counterparties.
At 31 Dec.'2009 Due from Loans Advance under Other Total banks finance lease Facilities
South - South - 12,878,953 179,568 12,482,761 25,541,282 South - West - 242,025,073 5,431,282 7,826,618 255,282,973 South - East - 20,599,653 164,394 24,201 20,788,248 North - West - 17,528,947 993,002 - 18,521,949 North - Central - 21,522,764 217,778 - 21,740,542 North - East - 1,559,143 - - 1,559,143 Rest of Africa - 30,348,463 - - 30,348,463 - 346,462,996 6,986,024 20,333,580 373,782,600
At 30 Apr.'2009 Due from Loans Advance under Other Total banks finance lease Facilities
South - South - 12,353,919 207,604 12,710,428 25,271,951 South - West - 216,655,422 4,811,294 10,962,824 232,429,540 South - East - 23,967,000 316,959 34,857 24,318,816 North - West - 12,621,762 155,500 - 12,777,262 North - Central - 28,619,081 700,404 - 29,319,485 North - East - 2,025,691 64,525 - 2,090,216 Rest of Africa - 16,614,715 - - 16,614,715 - 312,857,590 6,256 ,286 23,708,109 342,821,985
(b) Industry sectors
At 31 Dec.'2009 Due from Loans Advance under Other Total banks finance lease Facilities
Agriculture - 13,389,371 38,032 213 13,427,616 Capital Market - 23,766,627 - 310,905 24,077,532 Communication - 39,421,767 - 181,755 39,603,522 Consumer Credit - 14,197,672 57 - 14,197,729 Educational - 1,531,799 5,263 - 1,537,062 Finance and Insurance - 7,638,353 2,005,283 5 9,643,641 General Commerce 70,231,173 274,467 1,118,843 71,624,483 Government - 752,691 - - 752,691 Manufacturing - 46,193,445 1,543,665 636,743 48,373,853 Mining & Quarrying - 20,066 2,225 - 22,291 Mortgage - 3,669,922 - - 3,669,922 Oil & Gas - 46,654,762 84,250 15,083,257 61,822,269 Power - 19,885,764 1,094,028 98,332 21,078,124 Real Estate & Construction - 25,791,895 - 2,541,817 28,333,712 Transportation - 20,987,108 1,654,960 - 22,642,068 Others - 12,330,581 283,794 361,710 12,976,085 Grand Total - 346,462,996 6,986,024 20,333,580 373,782,600
98 Financial Risk Analysis For period ended 31 December 2009
At 30 Apr.'2009 Due from Loans Advance under Other Total banks finance lease Facilities
Agriculture - 11,967,425 39,110 228 12,006,763 Capital Market - 20,407,685 - - 20,407,685 Communication - 20,511,821 - 475,913 20,987,734 Consumer Credit - 12,559,147 2,280 77 12,561,504 Educational - 1,512,049 32,546 - 1,544,595 Finance and Insurance - 6,477,825 2,413,710 - 8,891,535 Government - 120,409 - - 120,409 Manufacturing - 47,125,583 477,002 260,407 47,862,992 Mining & Quarrying - 209,786 6,238 - 216,024 Mortgage - 7,520,331 - - 7,520,331 Oil & Gas - 46,385,868 195,616 12,672,263 59,253,747 Power - 10,722,941 - 9,406,022 20,128,963 Real Estate & Construction - 29,896,092 282,722 - 30,178,814 Transportation - 6,366,420 1,731,248 163,417 8,261,085 Others - 91,074,208 1,075,814 729,782 92,879,804 Grand Total - 312,857,590 6,256,286 23,708,109 342,821,985
Foreign exchange risk The Group takes on exposure to the effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows. The Board sets limits on the level of exposure by currency and in aggregate for both overnight and intra-day positions, which are monitored daily. The table below summarizes the Group's exposure to foreign currency exchange rate risk at 31 December 2009. Included in the table are the Group's financial instruments at carrying amounts, categorized by currency.
31st Dec. 2009 Naira Dollar GBP Euro Others Total '000 '000 '000 '000 '000 '000 Assets Cash and balances with Central Bank 61,659,419 716,111 184,329 413,139 7,455,507 70,428,505 Treasury bills 6,414,452 - - - 2,675,800 9,090,252 Due from other banks 44,128,105 47,116,022 1,377,401 3,537,074 5,505,144 101,663,746 Loans and advances 259,490,729 14,422,770 - - 28,573,436 302,486,935 Advances under finance lease 6,962,870 - - - - 6,962,870 Other facilities - 20,333,580 - - - 20,333,580 Insurance receivables 265,730 - - - - 265,730 Investments 63,402,098 - - - 5,374,897 68,776,995 Investment in subsidiaries ------Deferred tax assets 7,858,279 - - - - 7,858,279 Other assets 15,600,586 1,380,358 - - 4,867,279 21,848,223 Investment property 3,474,612 - - - - 3,474,612 Property, plant and equipment 36,081,615 - - - 1,485,775 37,567,390 Total Assets 505,338,495 83,968,841 1,561,730 3,950,213 55,937,838 650,757,117
99 Financial Risk Analysis For period ended 31 December 2009
Foreign Exchange Risks (Cont’d)
31st Dec. 2009 Naira Dollar GBP Euro Others Total '000 '000 '000 '000 '000 '000
Liabilities Customer deposits 380,628,358 58,794,498 1,312,776 2,134,536 39,186,142 482,056,310 Due to other banks 3,257,880 686,940 11,716 14,133 10,688,683 14,659,352 Liability on investment contracts 39,085 - - - - 39,085 Borrowings - 19,050,996 - - - 19,050,996 Current income tax payable 3,653,521 - - - - 3,653,521 Dividend payable 177,635 - - - - 177,635 Other liabilities 12,960,588 5,321,417 201,188 1,676,323 1,473,403 21,632,919 Provision on insurance contracts 1,238,238 - - - - 1,238,238 Deferred tax liabilities 1,962,128 - - - - 1,962,128 Retirement benefit obligations 193,862 - - - - 193,862 404,111,295 83,853,851 1,525,680 3,824,992 51,348,228 544,664,046
Net on-balance sheet financial position 101,227,200 114,990 36,050 125,221 4,589,610 106,093,071
Off-balance sheet 88,019,457 23,082,325 56,906 501,847 12,332,211 123,992,746
Naira Dollar GBP Euro Others Total '000 '000 '000 '000 '000 '000
Total financial Assets 505,338,495 83,968,841 1,561,730 3,950,213 55,937,838 650,757,117 Total financial Liabilities 404,111,295 83,853,851 1,525,680 3,824,992 51,348,228 544,664,046
Net on-balance sheet financial position 101,227,200 114,990 36,050 125,221 4,589,610 106,093,071
Off-balance sheet 88,019,457 23,082,325 56,906 501,847 12,332,211 123,992,746
Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its payment obligations associated with its financial liabilities when they fall due and to replace funds when they are withdrawn. The consequence may be the failure to meet obligations to repay depositors and fulfill commitments to lend.
Liquidity risk management process The Group's liquidity management process is primarily the responsibility of the Assets and Liabilities Committee (ALCO). Treasury is the executory arm of ALCO and its functions includes: a. Day-to-day funding, managed by monitoring future cash flows to ensure that requirements can be met. This includes replenishment of funds as they mature or a borrowed by customers. The Group maintains an active presence in money markets to enable this to happen; b. Maintaining a portfolio of highly marketable assets that can easily be liquidated as protection against any unforeseen interruption to cash flow c. Monitoring balance sheet liquidity ratios against internal and regulatory requirements (in conjunction with financial control unit); and d. Managing the concentration and profile of debt maturities.
Funding approach Sources of liquidity are regularly reviewed by Treasury to maintain a wide diversification by currency, geography, provider, product and term.
100 Financial Risk Analysis For period ended 31 December 2009
Maturity profile - on Balance Sheet
8 Months to 31 Dec. 2009 Up to 1 Month 1-3 Months 3-6 Months 6-12 Months 1-5 Years Over 5 Years TOTAL N'000 N'000 N'000 N'000 N'000 N'000 N'000 Assets Cash and balances with CBN 70,428,505 - - - - - 70,428,505 Treasury bills 9,090,252 - - - - - 9,090,252 Due from other banks 101,663,746 - - - - - 101,663,746 Loans and advances 98,270,053 112,234,953 11,733,815 22,675,138 26,143,634 31,429,342 302,486,935 Advances under finance lease 316,762 355,103 221,243 1,056,467 5,013,295 - 6,962,870 Other facilities 8,240,316 1,356,687 1,908,965 365,266 8,462,346 - 20,333,580 Insurance receivables 265,730 - - - - - 265,730 Investment securities 2,900,000 - - 4,899,942 54,311,908 6,665,145 68,776,995 Investment in subsidiaries ------Investment in associates ------Goodwill ------Deferred tax assets 7,858,279 - - - - - 7,858,279 Other assets 21,848,223 - - - - - 21,848,223 Investment Property - - - - 3,474,612 - 3,474,612 Property and equipment - - - - 21,818,399 15,748,991 37,567,390 Total assets 320,881,886 113,946,743 13,864,023 28,996,813 119,224,194 53,843,478 650,757,117
101 Financial Risk Analysis For period ended 31 December 2009
Maturity profile - on Balance Sheet
8 Months to 31 Dec. 2009 Up to 1 Month 1-3 Months 3-6 Months 6-12 Months 1-5 Years Over 5 Years TOTAL N'000 N'000 N'000 N'000 N'000 N'000 N'000 Liabilities Customer deposits 280,394,282 88,555,651 5,992,467 4,180,303 100,976,570 1,957,037 482,056,310 Due to other banks 14,659,352 - - - - - 14,659,352 Claims payable ------Finance Lease obligations ------Liability on investment contracts 39,085 - - - - - 39,085 Liability on insurance contracts ------Debt securities in issue ------Borrowings - - - 121,024 18,929,972 - 19,050,996 Dividend payable 177,635 - - - - - 177,635 Current income tax 3,653,521 - - - - - 3,653,521 Other liabilities 21,632,919 - - - - - 21,632,919 Provision on insurance fund 1,238,238 - - - - - 1,238,238 Deferred income tax liabilities - - - - 1,962,128 - 1,962,128 Retirement benefit obligations 193,862 - - - - - 193,862 Current period profit ------Equity - - - - - 106,093,071 106,093,071 Total financial liabilities 321,988,894 88,555,651 5,992,467 4,301,327 121,868,670 108,050,108 650,757,117
102 Financial Risk Analysis For period ended 31 December 2009
Maturity profile - on Balance Sheet
12 Months to 30 Apr. 2009 Up to 1 Month 1-3 Months 3-6 Months 6-12 Months 1-5 Years Over 5 Years TOTAL N'000 N'000 N'000 N'000 N'000 N'000 N'000 Assets Cash and balances with CBN 54,766,850 - - - - - 54,766,850 Treasury bills 11,502,437 - - - - - 11,502,437 Due from other banks 137,638,292 - - - - - 137,638,292 Loans and advances 101,630,401 83,147,968 29,628,458 33,057,657 13,469,902 24,410,558 285,344,944 Advances under finance lease 227,785 537,855 707,997 1,008,228 3,668,623 - 6,150,488 Other facilities 4,514,614 4,614,912 565,091 2,840,280 10,936,131 - 23,471,028 Insurance receivables 819,142 - - - - - 819,142 Investment securities - - - - 66,457,805 - 66,457,805 Investment in subsidiaries ------Investment in associates ------Goodwill ------Deferred tax assets - - - - 4,415,531 - 4,415,531 Other assets 54,704,932 - - - - - 54,704,932 Investment Property - - - - 2,650,587 - 2,650,587 Property and equipment - - - - 20,551,569 13,604,309 34,155,878 Total assets 365,804,453 88,300,735 30,901,546 36,906,165 122,150,148 38,014,867 682,077,914
103 Financial Risk Analysis For period ended 31 December 2009
Maturity profile - on Balance Sheet
12 Months to 30 Apr. 2009 Up to 1 Month 1-3 Months 3-6 Months 6-12 Months 1-5 Years Over 5 Years TOTAL N'000 N'000 N'000 N'000 N'000 N'000 N'000
Liabilities Customer deposits 358,131,641 55,394,706 7,358,785 5,910,732 39,331,695 762,292 466,889,851 Due to other banks 8,557,718 - - - - - 8,557,718 Claims payable ------Finance Lease obligations ------Liability on investment contracts 87,809 - - - - - 87,809 Liability on insurance contracts ------Debt securities in issue ------Borrowings - 12,059,352 3,909,939 3,553,366 4,185,452 - 23,708,109 Dividend payable 163,563 - - - - - 163,563 Current income tax 3,826,585 - - - - - 3,826,585 Other liabilities 59,150,902 - - - - - 59,150,902 Provision on insurance fund 902,947 - - - - - 902,947 Deferred income tax liabilities - - - - 3,525,424 - 3,525,424 Retirement benefit obligations 827,473 - - - - - 827,473 Equity - - - - - 114,437,533 114,437,533 Total financial liabilities 431,648,638 67,454,058 11,268,724 9,464,098 47,042,571 115,199,825 682,077,914
104 Financial Risk Analysis For period ended 31 December 2009
Maturity profile - off Balance Sheet
(a) Financial guarantees and other financial facilities Performance Bonds and financial guarantees (Note 38), are also included below based on the earliest contractual maturity date. (b) Contingent letters of credits Unfunded letters of credit (Note 38) are also included below based on the earliest contractual payment date. (c) Operating lease commitments Where a Group company is the lessee, the future minimum lease payments under non-cancellable operating leases, as disclosed in Note 38, are summarised in the table below. (d) Capital commitments Capital commitments for the acquisition of buildings and equipment (Note 38) are summarised in the table below.
31 Dec. 2009 Up to 1 month 1 - 3 months 3 - 6 months 6 - 12 months 1 - 5 Years Over 5 Years Total N'000 N'000 N'000 N'000 N'000 N'000 N'000
Performance bonds and financial guarantees 31,833,004 7,903,728 9,074,893 18,488,940 4,958,367 37,717,922 109,976,854 Contingent Letters of credit 2,612,999 2,000,738 9,402,155 - - - 14,015,892 Bankers acceptances ------Guaranteed commercial papers ------Capital commitments ------Operating lease commitments 34,446,003 9,904,466 18,477,048 18,488,940 4,958,367 37,717,922 123,992,746
30 Apr. 2009 Up to 1 month 1 - 3 months 3 - 6 months 6 - 12 months 1 - 5 Years Over 5 Years Total N'000 N'000 N'000 N'000 N'000 N'000 N'000
Performance bonds and financial guarantees 33,467,509 7,196,781 10,907,931 12,441,756 21,150,930 26,290,469 111,455,376 Contingent Letters of credit 1,444,523 21,150,560 10,366,916 12,776,764 - - 45,738,763 Bankers acceptances ------Guaranteed commercial papers ------Capital commitments ------Operating lease commitments 34,912,032 28,347,341 21,274,847 25,218,520 21,150,930 26,290,469 157,194,139
105 Financial Risk Analysis For period ended 31 December 2009
Capital management
The Group's objectives when managing capital, which is a broader concept than the 'equity' on the face of balance sheets, are: a. To comply with the capital requirements set by the regulators of the banking markets where the entities within the Group operate; b. To safeguard the Group's ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and c. To maintain a strong capital base to support the development of its business.
Capital adequacy and the use of regulatory capital are monitored daily by the Group's management, employing techniques based on the guidelines developed by the Central Bank of Nigeria (CBN), for supervisory purposes. The required information is filed with the CBN on a monthly basis. Auditors to the Group are also required to render an annual certificate to the Nigerian Deposit Insurance Corporation (NDIC) that includes the computed capital adequacy ratio of the Group.
The CBN requires each bank to: (a) hold the minimum level of the regulatory capital of N25 billion and (b) maintain a ratio of total regulatory capital to the risk-weighted asset at or above the minimum of 10%. In addition, those individual banking subsidiaries or similar financial institutions not incorporated in Nigeria are directly regulated and supervised by their local banking supervisor, which may differ from country to country.
The Group's regulatory capital as managed by its Financial Control and Treasury Units is divided into two tiers: d. Tier 1 capital: share capital, retained earnings and reserves created by appropriations of retained earnings. The book value of goodwill is deducted in arriving at Tier 1 capital; and e. Tier 2 capital: preference shares, minority interests arising on consolidation, qualifying debt stock, fixed assets revaluation reserves, foreign currency revaluation reserves, general provisions subject to maximum of 1.25% of risk assets and hybrid instruments convertible bonds.
Investments in unconsolidated subsidiaries and associates are deducted from Tier 1 and Tier 2 capital to arrive at the regulatory capital.
The risk-weighted assets are measured by means of a hierarchy of five risk weights classified according to the nature of and reflecting an estimate of credit, market and other risks associated with each asset and counterparty, taking into account any eligible collateral or guarantees. A similar treatment is adopted for off-balance sheet exposure, with some adjustments to reflect the more contingent nature of the potential losses.
The table below summarises the composition of regulatory capital and the ratios of the Group for the periods ended 31 December. During those two periods, the individual entities within the Group and the Group complied with all of the externally imposed capital requirements to which they are subject.
Group Group Dec.'2009 Apr.'2009 N'000 N'000 Tier 1 capital Share capital 7,237,622 7,237,622 Share premium 89,629,324 89,629,324 Statutory reserves 10,224,848 10,224,848 Contingency reserve 176,802 106,437 SMEIS reserve 2,486,834 2,486,834 Bonus issue reserve - - Retained earnings (4,949,700) 4,565,447 Less: goodwill and intangible assets - - Total qualifying Tier 1 capital 104,805,730 114,250,512
106 Financial Risk Analysis For period ended 31 December 2009
Group Group Dec.'2009 Apr.'2009 N'000 N'000 Tier 2 capital - - Preference shares 446,088 434,015 Minority interest - - Convertible bonds - - Revaluation reserve - fixed assets 170,059 - Revaluation reserve - investment securities - - Translation reserve 671,194 (246,993) General provision - 4,285,275 Total qualifying Tier 2 capital 1,287,341 4,472,297
Total regulatory capital 106,093,071 118,722,809
Risk-weighted assets: On-balance sheet 433,871,838 468,085,993 Off-balance sheet 110,651,832 147,309,736 Total risk-weighted assets 544,523,670 615,395,729
Risk-weighted Capital Adequacy Ratio (CAR) 19.5% 19.3%
The decrease in the regulatory capital in 2009 is mainly due to the contribution of the current-period loss arising from significant loan loss provisions for loans.
Operational risk
Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Operational risk is the risk that occurs as a result of doing business and includes: technology failures, breaches in internal controls, frauds, unforeseen catastrophes, or other operational problems which may result in unexpected losses. Operational risks exist in all products and business activities. Business units and support functions in the Bank have primary responsibility and accountability for the management of operational risks in their units. The various units and functions are supported by an Operational Risk Management Unit which reports to the Group Risk Management Committee through the Head of Risk Management and Control, while Corporate Audit Group performs an independent assessment of the implementation of the bank's operational risk management framework.
Strategy risk
Strategic risk is the risk of current or prospective impact on the Group's earnings, capital, reputation or standing arising from the changes in the operating environment and from adverse strategic decisions, improper implementation of decisions, or lack of responsiveness to industry, economic or technological changes. It is a function of the compatibility of the Group's strategic goals, strategies developed to achieve these goals, the resources deployed to meet these goals, and the quality of the implementation of the strategic plan.
The Group strategic risk management focus is to proactively identify, understand, promptly analyse and appropriately manage strategic risks that could affect the achievement of the Group's strategic intent. In the process the Group: a) Ensures that exposures reflect strategic goals that are not overly aggressive and are also compatible with developed business strategies. b) Avoids products, markets and business for which it cannot objectively measure and manage their associated risk; and c) Strives to maintain a balance between risk/opportunities and revenue consideration with the Group's risk appetite. Thus, risk-related issues are considered in all business decisions.
The Board of directors has the ultimate responsibility for establishing and approving the Group's strategy in an integrated manner that aligns
107 Financial Risk Analysis For period ended 31 December 2009
strategies, goals, tactics and resources. The Board members participate in the Bank's Annual Strategy Session towards the review of the Strategic Plan. When approved, such plans are cascaded to the various business units/subsidiaries for creating business unit/subsidiary plans and budgets. It is the responsibilities of the Executive Management Committee to assist the board in developing and formulating strategies to meet the Group's strategic goals and objectives, and ensuring adequate implementation of the Group's strategic plan as approved by the board.
The Group Risk Management Committee is responsible for establishing a suitable reporting system which will ensure timely monitoring of strategic risk exposures, and undertaking measures for the elimination of any possible problems pertaining to internal and external factors. The strategic planning group has the primary responsibility for supporting the board and senior management in managing the Group's strategic risk and facilitating change in corporate strategic plan that contribute to the Group's organizational development and continuous improvement.
108 Diamond Bank Plc Locations Nationwide
DIAMOND BANK PLC LOCATIONS NATIONWIDE
LOCATIONS CODE TELEPHONE NUMBERS
S/n Locations Code Telephone Numbers
Abia 1 2, EZIUKWU ROAD 001 082-221209; 871644, 225302; 440021 2 UMUAHIA, 10, LIBRARY AVENUE 039 088/224345, 486790 3 74, ASA ROAD 078 082-225358; 082-225496 4 ARIARIA MKT MINI, FAULKS ROAD, ABA 001 082-871602 5 OSISIOMA, UMUAKPARA OSISIOMA, NGWA LOCAL GOVERNMENT 001 082502138 6 NGWA RD MINI, 20, NGWA ROAD ABA 078 082- 233 176; 233 178 7 UMUAHIA MINI, 2 OWERRI RD, UMUAHIA 039 082-441247
Abuja (fct) 8 AHMADU BELLO WAY , PLOT 1486 077 3146480-2; 3146483 DL 9 DEI-DEI, BUILDING MATERIAL MARKET 014 09-6700796/6712522 10 N417, UAC BUILDING, PLOT 273, CENTRAL BUSINESS AREA 013 09-7805399; 09-7820752; 09-8734112; 09-8734947 11 PLOT 792, MOHAMMED BUHARI WAY, CENTRAL BUSINESS DISTRICT 061 09-2344200 3; 09-7805208 12 NYANYA, OPPOSITE NYANYA SHOPPING COMPLEX 065 09-6700115; 09-7818022; 2909230; 2909231 13 WUSE 2, PLOT 21, ADETOKUNBOH ADEMOLA CRESCENT, CADASTRAL ZONE 8 041 09-4611428 ; 09-7804044; 09-7805236 14 NASS, NATIONAL ASSEMBLY COMPLEX 013 09-7804046 15 SAVANNAH SUITE HOTEL 013 09-2341204 16 GUDU MARKET, SHOP R 144, BLOCK 6, GUDU MARKET AFTER APO 077 09-6702726 17 FEDERAL SECRETARIAT, PHASE 3, FEDERAL MINISTRY OF EDUCATION, GROUND FLOOR, AHMADU BELLO WAY, CENTRAL BUSINESS DISTRICT 061 09- 6281218,6281219, 8701672 18 KUBWA, PLOT 27, CADASTRAL ZONE 0705, GADO NASCO ROAD, KUBWA (PHASE IV) 106 09- 780 7128; 780 7131; 780 7134 19 ZONE 4, PLOT 2097, HERBERT MACAULAY WAY, ZONE 4, ABUJA 111 09-5236956 - 9 20 AREA 1, 1st FLOOR, AREA 1 SHOPPING COMPLEX, ABUJA 077 097808309 21 MARARABA, NEW KARU, KEFFI ROAD, NEAR ROYAL DREAMS HOTEL 123 097820492; 098701559 22 GWAGWALADA, PLOT 52 PARK LANE FCT ABUJA 138 07098203480, 09-07831099 23 GWARINPA, 1ST AVENUE GWARINPA, ABUJA 150 09-8703441, 09- 8703437
Adamawa 24 YOLA, 10, GALADIMA AMINU WAY 049 08059683100; 08137162550 25 MUBI, AHMADU BELLO WAY, WURO BULUDE 'B', 097 08062142129
Akwa Ibom 26 74, ABAK RD, UYO 048 07023044072, 0703650771 27 EKET, NO. 6/8 GRACE RD, EKET 112 085-480161; 480140 28 IKOT EKPENE, ESSIENTON RD, OFF ABA-IKOT EKPENE RD 134 07023650784, 07023650679 29 BANKING LAYOUT, UDO IDOMA AVENUE, UYO 146 07023044030, 087480203
Anambra 30 AWKA, 208, AZIKIWE STREET 067 046-871105,046-845245,046-4957280 31 OLD NKWO MKT ROAD 071 046-500749; 070-23244526 32 1/3, EDO-EZEMEWI STREET 033 046-497378; 070-23244533 33 46, IWEKA ROAD 059 046- 662866 34 OGBARU ENAMEL WARE MKT 066 046-812007; 812008;313806 35 63A, NEW MARKET 006 046-410407; 410189, 046-410189 36 1, SOKOTO ROAD, MAIN MARKET 053 046-413291; 046-662864 37 36, PORT HARCOURT ROAD, BRIDGEHEAD 019 046-216411, 211098; 216971 38 NAU, NNAMDI AZIKIWE UNIVERSITY, AWKA 067 046 -322589,322587 39 AWKA, ENUGU/ONITSHA EXPRESSWAY, AWKA 116 046-325007 40 OGIDI, PLOT NO. 37, BLOCK 23, PHASE 1, NKWELLE OGIDI 122 046-665794; 665793 41 NKPOR, 1, DEMUDE STREET, BY NKPOR SPARE PARTS JUNCTION 125 046/665791/66592
109 Diamond Bank Plc Locations Nationwide
DIAMOND BANK PLC LOCATIONS NATIONWIDE
LOCATIONS CODE TELEPHONE NUMBERS
Bauchi 42 BAUCHI, ALONG ABDULKADIR AHMED ROAD, COMMERCIAL AREA 045 097-830810; 097-830802; 07098204505
Bayelsa 43 YENEGOA, PLOT A6B CENTRAL BUZ DISTRICT 082 089 504313 44 NIGER DELTA UNIVERSITY MINI, AMASOMA 082 08088705110; 08088706665
Benue 45 7, NEW BRIDGE ROAD, MAKURDI 034 044-534164; 044-534161 46 NORTH BANK, N0.1, UDEI STREET, NORTH BANK, MAKURDI 034 0703 406 3120 ; 0703 406 3119
Borno 47 MAIDUGURI, NSITF BUILDING, 20, SHEHU LAMINU WAY 020 076-940573 48 UNIMAID, UNIVERSITY OF MAIDUGURI 020 076-940502 49 MAIDUGURI, 7 BAGA ROAD, 020 076-940581, 076-940582
Cross River 50 CALABAR, 7, MARY SLESSOR STREET 032 087-237482 / 237484 51 IKOM, 6 OKIM OSABOR, IKOM; CROSS RIVERS STATE 147 0813 478 8537; 0805 628 0134 52 OGOJA, HOSPITAL RD. ; CROSS RIVER STATE 149 08021070229
Delta 53 ASABA, 252, NNEBISI ROAD 038 046-870580, 662868, 056-280010 54 WARRI, 84, WARRI-SAPELE ROAD, EFFURUN 005 053-254301-3; 255271 55 WARRI REFINERY, WARRI REFINERY AND PETROLEUM COMPANY, UVWIE 005 07029547005 56 PLOT 49, OLODI OKI, OKUMAGBA AVENUE, WARRI 151 053-817100
Ebonyi 57 ABAKALIKI, 2D, OGOJA ROAD 035 07023333451; 07023333452 58 EBSU, EBONYI STATE UNIVERSITY, ABAKILIKI 035 07023333455
Edo 59 BENIN, 6, AKPAKPAVA STREET 036 052-258503; 052-258713 60 SAPELE ROAD, 81, SAPELE ROAD, BENIN CITY 108 052-253750; 253783; 259068; 255 742 61 UGBOWO, NO. 170, UGBOWO - LAGOS ROAD, BENIN, EDO STATE 109 052-602143 62 MISSION ROAD, NO. 109, MISSION ROAD, BENIN 115 052-876691, 052-880593
Ekiti 63 ADO-EKITI, 146, SECRETARIAT ROAD 094 030-207058, 030-251872
Enugu 64 22, OKPARA AVENUE 052 042-250979; 252193 65 PLOT 40, GARDEN AVENUE 018 048-290096;042-290514 66 NSUKKA, NO. 69B, ENUGU / OBA ROAD, NSUKKA 113 07023333403; 07023333404 67 UNN, UNIVERSITY OF NIGERIA, NSUKKA 113 07023333405 68 9TH MILE CORNER, PLOT 87, IFUEKE/OKWE UWANI, NGWO, UDI, ENUGU 145 042-290571-2 69 100 AGBANI RD, ENUGU STATE 139 042-290498, 042-290499
Gombe 70 GOMBE, NO 31, BIU ROAD 092 07032833828; 07032831919
Imo 71 PLOT 6, WAAST AVENUE, IKENEGBU LAYOUT 017 07023044146; 07023044143 72 89, DOUGLAS RD, OWERRI 090 07023126990 73 ORLU, ORLU INTERNATIONAL MARKET, IMO 103 08088950147 74 ORLU ROAD, AMAKOHIA, OWERRI, IMO STATE 114 083-801386
110 Diamond Bank Plc Locations Nationwide
DIAMOND BANK PLC LOCATIONS NATIONWIDE
LOCATIONS CODE TELEPHONE NUMBERS
75 WETHERAL ROAD, NO. 4 MCC ROAD, OWERRI 126 082-507102 76 IMO STATE SECRETARIAT, PORT HARCOURT ROAD, OWERRI 090 083-483136 77 FUTO MINI, FEDERAL UNIVERSITY OF TECHNOLOGY, IHIAGWA, OWERRI 017 083-801255 78 BUILDING MATERIALS MARKET, NAZE, OWERRI 090 79 MBAISE BRANCH, AHIARA JUNCTION 157
Jigawa 80 DUTSE, PLOT C1 SANNI ABACHA WAY, DUTSE 104 (FAX/D/L:07034045314), 07034045313/5
Kaduna 81 1, KACHIA RD 012 062/884039, 062/884640 82 23, AHMADU BELLO WAY 064 062-878845; 062-884641 83 KAFANCHAN, ALONG KAGORO RD 133 08054338867; 0706418887 84 JAJI, COMMAND AND STAFF COLLEGE 096 0703 4060759, 08051455144 85 ZARIA, F13, KADUNA ROAD 127 069-330522; 330606; 331671; 875685 86 KADUNA REFINERY, KRPC, KADUNA 012 07029060882 87 60 SOKOTO RD. SAMARU, ZARIA 127 069-875749, 069-890524
Kano 88 5B, BANK RD 058 064-645356; 644091 89 36/38, M/MOHMAMMED WAY 007 064 - 973159 90 DAWANAU MINI, DAWANAU MARKET, ALONG KANO- KATSINA RD 058 0703406 3118 91 BAYERO UNIVERSITY ROAD, C31, KOFA WUKA DUYA, ALONG BAYERO UNIVERSITY, KANO 007 064-946190 92 2 FRANCE RD., SABON GARI 148 064-925572, 064-0896152
Katsina 93 KATSINA, No. 130A IBB Way 044 065 - 800937, 07027013233
Kebbi 94 BIRNIN KEBBI, NO. NW614, SULTAN ABUBAKAR ROAD, BIRNIN KEBBI 105 08088954058; 07034136287
Kogi 95 LOKOJA, GOVERNMENT HOUSE JUNCTION, MURTALA MOHAMMED WAY 089 07095250172; 07095254366 96 OBAJANA, (B2, BANK AREA, OBAJANA CEMENT FACTORY) 100 07034050900; 0813 111 2236
Kwara 97 ILORIN, NO 102 IBRAHIM TAIWO ROAD 042 031-743043; 031-810602
Lagos 98 DOBBIL PLAZA AVENUE, ALABA INTERNATIONAL MARKET 068 01 8541095 ; 01-7618695 99 OLD GARAGE, ALABA INTERNATIONAL MARKET 024 01 8791360; 01-7402785; 01-8541086; 01- 8791360 100 16 CREEK ROAD 069 01-8126490 101 SAGITTARIUS BLOCK, ELEGANZA PLAZA, WHARF ROAD 010 01-5978606; 5804605; 5804608 102 30, APAPA OSHODI EXPRESSWAY, COCONUT B/STOP 083 01-7614536 / 7614537 103 BALOGUN BUSINESS ASSOCIATION (BBA 1), ATIKU ABUBAKAR PLAZA, TRADE FAIR COMPLEX, BADAGRY EXPRESSWAY 040 01-8712345; 8714515; 8181941
104 BALOGUN BUSINESS ASSOCIATION, (BBA 2), BANK PLAZA, TRADE FAIR COMPLEX, BADAGRY EXPRESSWAY 074 01-8963944; 01-8966753; 01-7618694 105 COKER, KM 19, LAGOS/ BADAGRY EXPRESSWAY, COKER BUS STOP ORILE 031 01-7743231; 8129081 106 EBUTE METTA, 1, MARKET STREET,OYINGBO, OPPOSITE BHOJSONS LTD. 050 01-5821253; 01- 7411423 107 10, OPEBI ROAD, IKEJA 027 01-2711814(D/L); 2798074; 2712772; 4602020 108 60, OPEBI ROAD, IKEJA 057 01-2793938 ,2703520,8122089 109 34, LADIPO OLUWOLE STREET, OFF ADENIYI JONES 011 01-4602321; 4602405, 8938791; 01-7737837; 01-7450242
111 Diamond Bank Plc Locations Nationwide
DIAMOND BANK PLC LOCATIONS NATIONWIDE
LOCATIONS CODE TELEPHONE NUMBERS
110 80, AWOLOWO ROAD, IKOYI 054 01-2712565; 2712566; 2712567; 2805236 111 ISOLO, 25, ASA-AFARIOGUN STREET, AJAO ESTATE 004 01-2719735/ 8522337; 7769866 112 BALOGUN, 136, BALOGUN STREET, LAGOS ISLAND 021 01-2643027-30; 26430978; 2642926,40 113 BROAD STREET, 121, BROAD STREET, LAGOS ISLAND 056 01-8179699; 01-2793105 114 IDUMOTA, 118, NNAMDI AZIKIWE STREET, LAGOS ISLAND 002 01-7362491; 01-7348919 115 MARINA, 23A, ,MAMMAN KONTAGORA HOUSE, MARINA 008 01-2646639/2600225-9/2646732 116 OKE ARIN, 1, OKE ARIN STREET 085 01-8713017; 7614560 117 MATORI, 129, LADIPO STREET, MATORI 029 01- 2710167-9 118 OGBA, 36, IJAIYE ROAD 080 01-4920049, 4920369, 4920370, 7618687, DL: 8752003 119 SURULERE, 31, BODE THOMAS STREET 051 01-2793661; 8736761; 8736819 120 TRADE FAIR COMLPEX 1, HALL 2 ASPAMDA PLAZA, TRADE FAIR COMPLEX, BADAGRY EXPRESSWAY 028 01-7919230; 8935887; 7919706; 01- 7939347
121 TRADE FAIR COMPLEX 2, ASPAMDA OFFICE BLOCK 2, TRADE FAIR COMPLEX, BADAGRY EXPRESSWAY 076 01-7618696 122 PLOT 730, ADEOLA HOPEWELL STREET 026 01-4619433; 01-4613891 123 PLOT 64, ADEOLA ODEKU STREET 025 01-2601902-6 D/L:4627245 124 238, HERBERT MACAULAY STREET, YABA 087 01-8776148, 7647139 125 HEAD OFFICE, PLOT 1261, ADEOLA HOPEWELL STREET 016 01-2701500,2620740-80 126 TEJUOSHO RETAIL, NO. 6, OJUELEGBA ROAD, OPP. TEJUOSHO MARKET 050 01-2793331-2; 07028301099 127 THE PALMS RETAIL SHOP 41, THE PALMS SHOPPING COMPLEX, V/ ISLAND 026 01-2714506 - 8 128 OKOTA RETAIL, NO. 116/118, AGO PALACE WAY, OKOTA 004 01-7618690 129 IKOTA RETAIL SHOP, C96 -101, IKOTA SHOPPING COMPLEX, VGC 095 01-4613328; 4613349; 4613350 130 SATELLITE TOWN MINI, BLOCK 11, PLOT 4, OLD OJO RD., SATELLITE TOWN 028 01 - 8161972 131 FESTAC MINI, PLOT 1609, E CLOSE, 4TH AVENUE, FESTAC TOWN 107 01-5990415, 8919192; 7374274 132 IKORODU, 83, LAGOS ROAD 088 7642703; 7642746 ; 7324689 133 LEKKI, PLOT 10, BLOCK 117, LEKKI PENISULA 095 01-2793492 (DL)/ 01-2793490 134 MUSHIN, NO, 281, AGEGE MOTOR ROAD, OLORUNSOGO, MUSHIN 099 01-7450244-6; 08191361628 135 MAFOLOKU, NO, 77/79, OLD EWU ROAD, MAFOLOKU 099 01-7450248 136 DALEKO, SHOPS 661-670, BANK ROAD, DALEKO MARKET, MUSHIN 099 01-7450246; 08191361628 137 ALUMINIUM VILLAGE, NO. 17, OGERETEDO ST., ALUM. VILLAGE, DOPEMU 011 01-7450245 138 BARIGA, PLOT 103 & 105, ST. FINBARRS ROAD, AKOKA 087 01-7450151; 017368397 139 ENU OWA, NO. 71, ENU OWA STREET, LAGOS ISLAND 102 01-8754878,01-7413291 140 KETU, PLOT 608, LAGOS - IKORODU ROAD, KETU MILE 12 088 01-7450154 141 FESTAC, HOUSE 20, 2ND AVENUE FESTAC TOWN 107 01-7359778-9 142 COKER MINI, AGRIC MARKET, COKER-ORILE 031 NA 143 OGUNLANA DRIVE, 33 OGUNLANA DRIVE, SURULERE 051 01-7450153 144 IYANA IPAJA, NO. 166, ABEOKUTA EXPRESSWAY, IYANA IPAJA 110 01-7450152; 01-7349818 145 KIRIKIRI, KARIMU STREET, KIRIKIRI TOWN, APAPA 083 01-7450155 146 OJUWOYE MARKET, (190, AGEGE MOTOR ROAD, OJUWOYE) 099 01- 740 2240 147 NAHCO SHED, (NIGERIA AVAITION HANDLING COMPNAY, IKEJA) 027 01-7403161 148 SEME BORDER, (SEME BORDER, BADAGRY, LAGOS STATE) 118 07029738955-6 149 ISHERI ROAD, ( PLOT 47, GEORGE CRESCENT, OGBA) 080 01- 870 1066 150 LAWANSON (58, LAWANSON ROAD) 119 01-7402235 151 KING GEORGE V (11, KING GEORGE V ROAD, ONIKAN) 120 01-2806077; 01- 7402233 152 JANKARA MARKET (NO. 7 IDUMAGBO ROAD, LAGOS ISLAND) 002 01-7403160 153 IYANA IPAJA (55/57 NEW IPAJA ROAD, ALIMOSHO) 110 01-7349819 154 LIVERPOOL, (21, LIVERPOOL, APAPA) 129 01-8731292; 017379685; 01-8736207 155 RORO PORT (RORO PORT, TIN CAN ISLAND, APAPA) 010 01-8133498 156 ALAUSA (PLOT J, ASITABI COLE ST, CENTRAL BUSINESS DISTRICT, AGIDINGBI) 130 01-4482020; 4482021 157 COLLEGE ROAD, 71, COLLEGE ROAD, OGBA 080 017369076 158 AMUWO ODOFIN, PLOT NOS 21, 22 & 23 OPPOSITE ABC TRANSPORT TERMINAL 124 01 7403093 159 JIBOWU, 32, IKORODU ROAD, JIBOWU 128 018929539, 019504876 160 MAZA MAZA, 37, OLD OJO RD, OJO 135 01-7412166 161 GBAGADA/IFAKO, 20, DIYA STREET, IFAKO, GBAGADA 087 01-736-9077; 017360197 162 51, MUSHIN RD, ISOLO 143 01-7360224 163 ILUPEJU, 26A&B ILUPEJU BYEPASS, ILUPEJU 140 017360852
112 Diamond Bank Plc Locations Nationwide
DIAMOND BANK PLC LOCATIONS NATIONWIDE
LOCATIONS CODE TELEPHONE NUMBERS
164 11 BURMA RD, APAPA 144 017360854 ; 01-2705830-32 165 OREGUN BRANCH, PLOT E ZIATECH RD, OREGUN 154 01-7359513; 01-8104818 166 20, IDIMU RD, IKOTUN 156 01-8104807; 8104810 167 IDDO MARKET MINI, IDDO ULTRAMODERN MARKET 050 168 AJAH BRANCH, LEKKI-EPE EXPRESSWAY, OPP. OLUWOLE BAKER ST 153
Nassarawa 169 AKWANGA, PLOT 1, OPPOSITE AKWANGA POLICE DIVISION, OFF KEFFI RD 062 07068720769 170 KEFFI, PLOT 27, ABUBAKAR BURGA ROAD 073 08131533666 171 20/21 DOMA ROAD, LAFIA 060 07061817371 172 2, JOS ROAD, LAFIA 075 08073140147 173 NASSARAWA STATE UNIVERSITY, KEFFI 073 07034054060
Niger 174 MINNA, 118, PAIKO ROAD 043 08131849178; 07051296137 175 SULEJA, OPPOSITE IBB MAIN MARKET, ALONG MINNA ROAD 079 07035999408
Ogun 176 ABEOKUTA, 13 LALUBU RD, OKE-ILEWO 030 039-240741; 039-2441190; 241389, 771264 177 OTTA, ABEOKUTA EXP KM 38, ABEOKUTA EXPRESSWAY, SANGO OTTA 081 (039) 721826,721827,721828721829, D/L 01- 7638831 178 AGBARA, PLOT C2/9A, ILARO ROAD, AGBARA INDUSTRIAL ESTATE, 117 01-7389273 179 AJILETE (AJILETE INTERNATIONAL MARKET, YEWA, AJILETE) 121 01-4533278 180 SAGAMU, 145, AKARIGBO STREET, SAGAMU 137 01-7369302 181 IDI ROKO, OPPOSITE MAYOWA BUS-STOP, IDIROKO ROAD 131 01-4536868
Ondo 182 AKURE, 82, OYEMEKUN STREET 046 034216148,031745332
Osun 183 OSOGBO, 73, GBONGAN-IBADAN ROAD, OLOSAN BUS-STOP, ADJACENT THE REDEEMED CHRISTIAN CHURCH OF GOD 093 035-207946; 035-207945
Oyo 184 11, LEBANON STREET, IBADAN 022 02-2414506 D/L 02-2413063; 7522294; 027522294 185 53, IWO RD, IBADAN 084 02- 8100123; 02-7522301; 02- 8100130; 02- 7525538 186 BODIJA, UI, SECRETARIAT RD, NEAR PASTORAL INSITUTE, BODIJA, IBADAN 022 02-8731063
Plateau 187 65, OLD JOS ROAD, BUKURU 072 07023245356; 07023245357 188 34, AHMADU BELLO WAY 055 073-457143 073-456275 189 13, COMMERCIAL AREA 015 073/460798(D/L); 460997; 461311 190 1, CLUB ROAD 070 073-452331 3 191 KATAKO MARKET, NO. 68 & 70, MALLAM KURE STREET, LARANTO 015 073-612 992 192 UNIVERSITY OF JOS, JOS 055 073-613991
Rivers 193 ABA ROAD, 145, ABA ROAD, PH 086 084-232285; 794352; 232270; 232282; 794351 194 222 IKWERRE ROAD, PH 009 084-237920(S/B); 231062, 796844(D/Ls) 195 48, IKWERRE ROAD, PH 063 DL: 084-754296; 231641; fax: 231647 196 BONNY ISLAND, PH 023 08065444838 197 FOT ONNE, FEDERAL OCEAN TERMINAL (FOT), FOT ONNE, ITT BASE 037 084784675 198 TRANS AMADI, PLOT 71, ELEKAHIA INDUSTRIAL ESTATE ROAD, PH 003 084-461069-71; 464103; 464907; 464209; 465651 199 1, ODUAL RD, PH 003 084768340
113 Diamond Bank Plc Locations Nationwide
DIAMOND BANK PLC LOCATIONS NATIONWIDE
LOCATIONS CODE TELEPHONE NUMBERS
200 PPMC, ELEME REFINERY, PH 037 084-797680 201 13, OLD ABA ROAD, PH 086 084-236612; 799131 202 316, ABA ROAD, PH 003 084-740076 203 OYIGBO, NO. 11, LOCATION ROAD, OBIGBO, PH 136 084-894862
Sokoto 204 SOKOTO, 20, KANO RD 047 08082521075; 08036465013
Taraba 205 JALINGO, HAMMAN RUWA WAY, JALINGO 098 079-224162;079-224174
Yobe 206 DAMATURU, 596A, NJIWAJI LAYOUT, OPPOSITE CENTRAL MOSQUE, MAIDUGURI ROAD 091 074-521738 DL, 074-521739 207 POTISKUM, PLOT 1140 &1141, IDRIS MUHAMMAD WAY 159
Zamfara 208 GUSAU, 160, SANI ABACHA WAY, GUSAU 101 08136100800
114 DB PLC/AGM/19/10 PROXY FORM
ANNUAL GENERAL MEETING TO BE HELD ON 3RD JUNE 2010 AT THE LE MERIDIEN IBOM HOTEL & GOLF RESORT, UYO, AKWA IBOM AT 9 A.M. PROMPT
Number of shares held:
I/We* RESOLUTION being a member/members of DIAMOND BANK PLC hereby appoint** 1. That the Directors' Report, the Balance Sheet as at 31st December 2009 together with the Profit and Loss Account and Auditor's Report be and are hereby adopted.
2. That having offered themselves up for re-election, and being eligible, Mr. Chris Ogbechie and Chief John D. Edozien be and are hereby re-elected of as Directors of Diamond Bank Plc. 3. That the Directors are hereby authorised to fix the remuneration of the Auditors.
4. That the appointment of the members of the Audit Committee be and is Or failing him/her the Chairman of the meeting as my/our hereby approved. proxy to act and vote for me/us and on my/our behalf at the 5. That the Directors' fees shall until reviewed by the Company in Annual Annual General Meeting of the Company to be held on 3rd June General Meeting be and is hereby fixed at =N=100,000,000.00 for each 2010 and at any adjournment thereof. financial year
Dated this day of 2010 6. That the Board of Directors be and are hereby authorised to convert the outstanding International Finance Corporation (IFC) loan amount of $24,545,463.80 (Twenty Four Million, Five Hundred and Forty Five Thousand, Four Hundred and Sixty Three Dollars Eighty cents) into Signature ordinary shares of the Company at a price to be determined and to allot such shares to IFC. NOTE: 7. That approval is hereby given for Diamond Bank Plc to enter into a business combination with or transfer, assign or otherwise dispose of its 1. Please sign this form and return it to the Company shareholding in any of its subsidiaries as may be determined necessary Secretary not later than 48 Hours, before the time fixed for the by the Board of Directors for the purpose of optimizing the business of meeting. If executed by a Corporation, this form should be the Diamond Bank Group; and the Directors be and are hereby sealed under its common seal or under the hand of some authorised to execute all documents and do all such things as are necessary or incidental thereto. officer or an attorney duly authorized in writing.
Please indicate with “X” in the appropriate space above how you wish your votes to be cast on the Resolutions set out above. Unless otherwise instructed the proxy will vote or abstain from voting at his discretion.
*Shareholder's name to be inserted in BLOCK CAPITALS in the blank space marked. In the case of joint shareholders, anyone of such may complete this form, but the names of all joint holders may be inserted.
**In keeping with the normal practice, the Chairman of the Meeting has been entered on the form to ensure that someone will be at the Meeting to act as your proxy, but you may insert the name and address of any person, whether a member of the Company or not, who will attend the Meeting and vote on your behalf.
Note: Any instrument appointing a proxy to vote at a meeting must be duly stamped in accordance with the provisions of the Stamp Duties Act.
Before posting the above form, please tear off and retain this part for admission to the meeting.
DIAMOND BANK PLC 19th ANNUAL GENERAL MEETING
PLEASE ADMIT THE SHAREHOLDER NAMED ON THIS FORM OR HIS DULY APPOINTED PROXY TO THE ANNUAL GENERAL MEETING TO BE HELD ON 3RD JUNE 2010 AT THE LE MERIDIEN IBOM HOTEL & GOLF RESORT, UYO, AKWA IBOM AT 9 A.M. PROMPT
Name of Shareholder
Signature of Shareholder
Signature of Person Attending
NOTE: requested to produce and sign this form at the entrance of the venue in the presence of the Secretary/Registrar on the day of the Meeting please affix stamp here
116 Diamond Registrars Limited
E-Dividend Mandate Form
Dear Shareholder(s)
In view of the robust developments in the financial sector, Diamond Bank Plc is pleased to introduce our e-dividend module to you. This is to facilitate the payment of your dividend through direct credit to your bank account irrespective of the type of account, Current/Savings. It makes dividend payment faster and safer. We advise that you take advantage of this service by supplying the information as required below and return same to us accordingly.
Please ensure you state the actual name used in purchasing the shares and the signature(s) you signed at that time and fill in BOLD prints.
Thank you.
Basil Aharanwa Registrar
The Registrar Diamond Registrars Limited 59, Ogunlana Drive Surulere Lagos
Please take this as authority to credit my/our under-mentioned account with any dividend payment(s) due on my/our shareholding particulars of which are stated below from the date hereof:
Shareholder's name
(Surname) (Other Names)
Shareholders account no(s)
CSCS Investor Account No.
CSCS Clearing House No
Name of Stock Broker
Mobile Phone Number(s)
Fax Number E-Mail Address
Bank Name Branch
Bank Account Number Type of account
Dated this Day of 20
Authorized signatory/Bank Stamp Authorized Signatory/Bank stamp Shareholders signature Joint Shareholders signature
Your completed forms should be returned to Diamond Registrars Limited or any of the Diamond Bank Plc branches nearest to you.
Please note that it is very important that you clearly state your bank Name, Bank Account Number, E-mail Address and Mobile Phone Numbers to ensure proper processing of your mandate.
For more information us on (01-2710574) or E-mail: [email protected] 2009 DIAMOND BANK UNCLAIMED DIVIDEND
1 A.LAWAL SHERIFF 75 ADEBAWO RONEBS 150 ADH NOMINEES -PSP, 2 ABAITOR, OZOVEHE AUGUSTINE 76 ADEBAYO OLUWAYEMISI SUSAN 151 ADI, CHRISTOPHER RIKOM 3 ABAKA HOPE KEPAPOH 77 ADEBAYO, JOSEPH 152 ADIBE OKEY, 4 ABAKPA OCHIGBO ADAMS 78 ADEBISI ABIOLA ABDULFATAI 153 ADIGHIBE OJO FRIDAY 5 ABALAKA ANDREW 79 ADEBISI GBOYEGA BOLAJI 154 ADIGWE CHARLES 6 ABALU KEN 80 ADEBISI PATRICIA NKIRU 155 ADIGWU ANDREW IKEMEFUNA 7 ABALUNAM GABRIEL CHIBUZOR, 81 ADEBIYI, DAVID ADEOYE 156 ADIHENE, BABA ABDULSALAM 8 ABAMA BITRUS IDI 82 ADEBUTU ADEBISI, 157 ADMIN. TO THE ESTATE OF LATE UDOSEN 9 ABANA OBINNA ANTHONY 83 ADEBUTU AJIBOLA, SYLVESTER EDET 10 ABANA TOCHUKWU 84 ADEDEJI ISAAC KOLADE 158 ADOTI ADETOUN 11 ABANG B.E. 85 ADEDEJI OLAIDE 159 AFFIAH SARAH RAPHAEL 12 ABASHI, CHRIS 86 ADEDEJI OLOLADE 160 AFOLABI BISI 13 ABATAN ISAAC OLU 87 ADEDEJI YOMI 161 AFOLABI CALEB OLATAYO 14 ABAYOMI BERNARD OLUSEGUN 88 ADEDIPE ISAAC IDOWU 162 AFOLABI RAYMOND ADELEKE 15 ABAZU OBIAGELI FELICIA 89 ADEDIRAN ADENIKE 163 AFOYA JAMES, VICTORIA MICHAL 16 ABDALLAH MAMMAN ALI 90 ADEDOYIN PAUL 164 AFULUKWE KENNETH ONYEKACHUKWU 17 ABDUL AHMADU JOSEPH 91 ADEFILA BISI ABDULAHI 165 AGADA, EMMANUEL AGADA 18 ABDUL HUSSAINI, ABDULRAHAMAN 92 ADEFOLA JIMOH ADEBOLA 166 AGAH GLADYS OBHAKHAMEN 19 ABDUL, ABDULLAHI 93 ADEFUNMILAYO AYODELE A. 167 AGATE TOWER LIMITED, 20 ABDUL, JOHN MICHAEL 94 ADEGBITE ADENIYI ABEL 168 AGBA ANDORNIMYE JANE 21 ABDUL, JOHN MICHAEL 95 ADEGBOKUN BIODUN MOSAK 169 AGBA LINUS UCHE 22 ABDUL, MICHEAL JOHN 96 ADEGBOYE, A.O.A. 170 AGBA ULABI S 23 ABDULATEEF, ABDULKARIM 97 ADEGBOYEGA ANGELA, 171 AGBAERU ANTHONY 24 ABDULATEEF, HABIBAT 98 ADEGEBO ANTHONY AKINTOYE 172 AGBAGO DONATUS OBUNIKE 25 ABDULLAHI AISHA BABY, 99 ADEGEGE CHRISTIANAH YEWANDE 173 AGBAJE LATIF OLALEKAN BABATUNDE 26 ABDULLAHI IBRAHIM 100 ADEGOKE ASIMIYU KOLAWOLE 174 AGBAJE OLAJIDE OLUWOLE, 27 ABDULLAHI, ABUBAKAR TANI 101 ADEH DAH LUMUMBA 175 AGBANYIM JUDE 28 ABDULLAHI, MUHUMMED MAIKWATA 102 ADEH NWORAH THERESA 176 AGBASSI MICHAEL JUDE EJEKWUGHANNA 29 ABDULLAHI, SULEIMAN 103 ADEJUMOBI, FATAI GBOLAHAN 177 AGBATUO MUTIAT ADEPEJU 30 ABDULLAHI, USMAN 104 ADEKA, IBRAHEEM ATUKPA 178 AGBEB NEKABARI 31 ABDULRAHMAH, KHALIFA MUSA 105 ADEKANBI ADEBOLA VICTORIA 179 AGBEDI FREDERICK YEITIEMONE, 32 ABE, ALBERT ADEDAYO 106 ADEKITAN ABIOLA OLADEJI 180 AGBELUYI ADEWUMI 33 ABEGUNRIN OLUSEYI KEHINDE 107 ADEKOYA AFUSAT AJOKE 181 AGBERIA VOKE RITA 34 ABIEN EUNICE 108 ADEKUNLE ADESOJI DEJI 182 AGBO EMMANUEL EKENE 35 ABIFARIN OLAJUMOKE OLUWASEYI 109 ADELEKE BASHIRU 183 AGBO OTENE MATHIAS 36 ABIMBOLA OLAYODE VALENTINE 110 ADELEYE TALIAT OLADAPO 184 AGBO, DAUDA 37 ABIODUN IYABODE ANIKE 111 ADENIRAN THEOPHILUS OLUFEMI 185 AGBOGUN HENRY MOSIMABALE 38 ABIODUN KOLAWOLE 112 ADENIRAN, KEMI 186 AGBOKLO PETER DELE 39 ABIOLA MORIAMO ABIKE 113 ADENIYI BOLAJI EMMANUEL 187 AGBONIKA, PETER OMENEFU 40 ABISOLA TEMILOLUWA YETUNDE 114 ADENIYI CATHERINE ABIMBOLA 188 AGBONJARU SUNDAY OKAH V. 41 ABISOLA TEMITOPE OLUWASEYI 115 ADENIYI MICHAEL 189 AGBONTAEN ETOSA 42 ABODERIN BOLATITO BIDEMI 116 ADENIYI ODENIYA MOHAMMED 190 AGBOOLA LASISI 43 ABODERIN OLUWASEUN CLEMENTINA 117 ADENIYI OLUASEMILRE ANTHONIA 191 AGBOOLA OLANREWAJU OMOTOSHO 44 ABODUNRIN DORCAS ADE-OLA ADUKE 118 ADENIYI, MOHAMMED TAJUDEEN 192 AGBOOLA RHODA FUNMILOLA 45 ABOHWEYERE JOAN 119 ADEOSUN TOSIN WILLIAMS 193 AGBU DANLADI H 46 ABOKI, OVYE JAMES 120 ADEOTI ABDULFATAI KOLAWOLE 194 AGHA FRANCIS DIKE 47 ABOLARIN JANET SHADE 121 ADEOYE SHAKIRU ADEDOYIN 195 AGHAGBA, BENSON UWOMAHD 48 ABONTA ADAEZE CHINYEAKA 122 ADEPOJU ADEJOJU KAZEEM 196 AGHEDO AGATHA AMO NIKE 49 ABORISADE VICTORIA DUNKE 123 ADEPOJU OLUTUNDE SOLOMON 197 AGHEDO ONYEKA MONDAY 50 ABU NELSON 124 ADEPONLE ADEBISI JOHN 198 AGHO SUNNY JURGEN 51 ABUBAKAR AISHATU INDO 125 ADEREMI ADEDOKUN 199 AGIM LUCY 52 ABUBAKAR ISAH SOKOTO 126 ADESANYA ADEOYE KOLAWOLE 200 AGIRI NURAINI ISHOLA BABAJIDE 53 ABUBAKAR RALIYA 127 ADESANYA ANN OLUWADAMILOLA 201 AGIRIGA DANIEL ONYEDIKACHI 54 ABUBAKAR UMAR 128 ADESANYA MICHAEL OLUROTIMI 202 AGODA JOHN HALIMS OCHUKO, 55 ABUBAKAR, ABDUL-AZEEZ AGEGE 129 ADESEGHA BODE, 203 AGOHA GEOFFREY NNEJI 56 ABUBAKAR, UMAR SULEIMAN 130 ADESINA ADEGBOYEGA 204 AGORO TINUOLA ABIMBOLA 57 ABYAT, SUNDAY SHAFUWA 131 ADESINA ISAAC AYODEJI ADEDOKUN 205 AGORUA REGINALD AGORA 58 ACCESS BANK PLC/BGL SEC. LTD -TRADING, 132 ADESOLA ESTHER 206 AGRITED NIGERIA LIMITED, 59 ACCESS BANK/COWRY ASSET MGT LTD- 133 ADESOLA SARAFA 207 AGU CHRISTOPHER NJOKU TRADING, 134 ADETIMIRIN IYABODE IDAYAT 208 AGU CYRIL EBEKE 60 ACHEBE IGWE NNAEMEKA, 135 ADETO ONUCHE GABRIEL 209 AGU EMMANUEL IFEANYI 61 ACHINIVU OCHI IKOKU 136 ADETOLA TUNDE GEORGE 210 AGUBATA AMECHI L 62 ACHOM CHUKWUMAEZE 137 ADETUNJI ABIOLA ADESOLA 211 AGUONYE THEOPHILUS CHUKUDI 63 ACHOROMADU MICHAEL 138 ADETUNJI AJIBADE MICHAEL 212 AGWADU, DAUDA ILIYA 64 ACHU GOODNEWS I. 139 ADETUNJI ALHAJA FATIMAH 213 AGWU IJEOMA JOYCE 65 ACHUKO IHUOMA OBBY 140 ADETUNJI LASISI OLA AKANO 214 AGWUEGBO BENSON 66 ADAH PAUL NNAMDI 141 ADEWEMIMO OLUYEMI OYETOUN 215 AHAMEFULE DAVID CHUKWUEMEKA OLUTISE 67 ADAKA GODWIN SIMEON 142 ADEWOLE OLUWAROTIMI AKINRINADE 216 AHARANWA BASIL EMEKA 68 ADAMU AUDU 143 ADEWOYE NIYI EZEKIEL 217 AHMED, MANSUR 69 ADAMU DANFALA NUHU 144 ADEWUYI BASHIRAT 218 AHMED, ZAINAB MOHAMMED 70 ADAMU, ABDULLAHI MUSA 145 ADEYEMI ADEREMI AYODELE 219 AHMMED T. ZUBAIR 71 ADAMU, ABDULLAHI MUSA 146 ADEYEMI BOLADALE ALI 220 AHUNANYA ANGELA 72 ADAMU, NUHU 147 ADEYEMI GREGORY OTUNOLA 221 AIDAMENBOR OLUWAFEMI DANIEL 73 ADAMU, USMAN 148 ADEYEYE ADEMOLA 222 AIFA ZAKARI 74 ADEAGBO, DAVID ADESOKAN 149 ADEYEYE CHRISTIE OYEKANMI 223 AIL SECURITIES LTD-DEPOSIT A/C,
118 DIAMOND BANK UNCLAIMED DIVIDEND 2009
224 AINA BABATUNDE ADEBAYO 299 AKMSIGI, PETER BAMBO 374 AMUDA AREMU Y., 225 AINA OLADOYIN ATINUKE KOREDE, 300 AKOKO TAMUNOTEKENA SUNNY 375 AMUDA YAKUBU AREMU 226 AIRAMIN NIG LTD, 301 AKONI, MODU AJA 376 ANACHEBE OKECHUKWU PANTELEON 227 AJADI-OLAGUNJU AYOOLA O. BUSURA 302 AKPAN BASSEY ASUQUO 377 ANAELE THESSY NWANYINNA 228 AJAEGBU JOSEPH AMAECHI, 303 AKPAN CHRISTOPHER INNOH 378 ANAJEKWU GABRIEL IFECHUKWU, 229 AJALA, AMUSAT A. 304 AKPAN GODWIN SIMEON 379 ANAJEMBA STEVE CHILOZIE 230 AJALI BLESSING ONYINYE 305 AKPAN VICTOR EFIONG 380 ANAKA IKECHUKWU JUDE 231 AJANA OLUMIDE RAPHEW 306 AKPAN, EKONG BASSEY 381 ANAZODO GILBERT EZE 232 AJANG USMAN 307 AKPAVAN, BAKOM ASAKU 382 ANDE, EMMANUEL USMAN 233 AJANI EYITAYO OLUSOLA 308 AKPOMIE, RUTH ONAJITE 383 ANDREW AFARIYU 234 AJAO ADIGUN OLUGBOYEGA 309 AKPOROKOKA, SAMUEL 384 ANDREW ANUSIEM OGUAMANAM 235 AJAO OSENI LAWAL 310 AKUNAFIA VINCENT 385 ANDREWS BOLA PETER 236 AJASIN FOUNDATION, 311 AKWANOKE OVUEFEYE COLLINS 386 ANEKE UZOMA JACOBS, 237 AJAYI ISAAC OMONIYI 312 AKWEBE, PIUS AUDU 387 ANENE EMMANUEL CHUKWUEDOCHIE 238 AJAYI JOSEPH 313 ALADE EZEKIEL ADEBAYO 388 ANGBAZO, BALA ABAINE 239 AJAYI KAMARDEEN OLALEKAN 314 ALADE JOHNSON IDOWU 389 ANGBAZO, BALA ABAINE 240 AJAYI KEHINDE OLUWOLE 315 ALADESANMI SUNDAY OLUBUNMI 390 ANGBAZO, BALA ABAINE 241 AJAYI LATIFATU-MOTOLANI 316 ALAKU, AUDU 391 ANGO, MOSES 242 AJAYI SINA SEGUN 317 ALAKU, AUDU 392 ANGULU, RAKIDA SALEH 243 AJAYI STEVE OLUSANYA 318 ALAMUTU RAFIAT 393 ANI ESTHER 244 AJAYI TALABI-BOLAJI 319 ALAO ADEKUNLE 394 ANIDIOBU EMEKA AMAKA 245 AJIBABI ADEDAPO JACOB 320 ALAO OLABISI 395 ANIEDOBE CHRISTOPHER 246 AJOGU ANTHONY 321 ALAPO OLADEJI JOHN 396 ANIEKWE EUCHARIA ANYAROGBUNE 247 AJOMARIE CHARLES OGHALE 322 ALASA MARY 397 ANIEKWE, BENEDETTE 248 AJOSE JOHANNA OLAYINKA 323 ALE OLUSEGUN ANTHONY 398 ANIEKWE, BENEDETTE UKA 249 AJUKWU CHINEDU CHRISTIAN 324 ALE TITUS SUNDAY 399 ANIGARA NGOZI BLESSING 250 AJUYAH CAROLINE OLUMAGI, 325 ALEGE MOSES IYA 400 ANIH, CHUKWUMA N. 251 AKA KOLAWOLE NOJEEM 326 ALEX MIRACLE CHIDERA 401 ANIIBUEZE CYRIL ANAYOCHUKWU 252 AKADE OLUREMI YETUNDE 327 ALFRED ASAPE IIOGHO 402 ANIKE RASIDAT ARIKE 253 AKADIRI FOLAKE ODUNAYO 328 ALHASSAN, ZUBIA ANTHONY 403 ANIOBODO DANIEL CHUKWUYERE 254 AKAENWEOKWU PATRICK IKECHUKWU 329 ALI DISU ADEBAYO 404 ANIOBODO EMMANUEL CHINONSO 255 AKALE, O. MABEL 330 ALI JOHN ONOGU 405 ANJORIN, REUBEN KEHINDE 256 AKAM GEOFFREY, 331 ALI ROSELINE 406 ANOMENWERE OBINNA 257 AKAMO TAJUDEEN AKANNI 332 ALI, ADAMU 407 ANOSIKE NKEM TINA 258 AKANA, PHINA-ANN 333 ALI, ADAMU 408 ANOZIE IGNATUS NNAMDI 259 AKANDE BUSAYO OPEYEMI 334 ALI, ADEJO UKWUBILE 409 ANTHONY, ALI DENH 260 AKANIRO EMMANUEL CHUKWUNONYEREM 335 ALI, BITRUS ALI 410 ANUCHA SAMSON OKWUKWA 261 AKANJI JIMOH ADEREMI 336 ALIU PIUS 411 ANUKAM GODWIN 262 AKANJI LATEEF AJANI 337 ALIYU AHMED YARO 412 ANUKAM, ERASMUS 263 AKANNI REUBEN IKE-OLUWAPO 338 ALIYU MOHAMMED MUKHTAR 413 ANUNTU QUEEDALINE IFUNAYA 264 AKHIGBE, LUCKY SYLVESTER OZEMEBHOYA 339 ALIYU SALISU AMINU 414 ANYABUONWM CYPRIAN 265 AKIGA AGEE SAMUEL 340 ALLEN RALPH & ALLEN OLUBUKOLA, 415 ANYAEGBUNAM ELIZABATH ASABE 266 AKIGA ANADOO 341 ALLI ADEKUNLE WASIU, 416 ANYANWOKE, GILBERT N. 267 AKIGA MICHELLE SEWUESE 342 ALLI-ILIASU ADETUTU ADEYEMI 417 ANYANWU GEOFF OMEREM CHUKS. 268 AKIGA SAMUEL AGEE 343 ALOZIE GEORGE O. 418 ANYANWU GODFREY NWAOKONYIRINWA 269 AKILO TOLUWALOPE O.I & ADEBOLAJO T., 344 ALU UKAMAKA ROSEMARY 419 ANYANWU NNODI THEODORE 270 AKINADEWO OLUYINKA 345 ALUEDE MONDAY KIBERASE 420 ANYASODO UGOCHUKWU GERALD, 271 AKINBILE OLUWATOYIN F. 346 ALUWO GEORGE 421 ANYEBE, GODWIN OKACHU 272 AKINDE OLUFUNKE 347 AMABIBI NGORSIN 422 ANYEZUBA KENNETH CHIDIEBERE 273 AKINDEINDE OLAITAN OLABISI 348 AMADI AKAHARA 423 ANYI - BEST & CO NIG LIMITED 274 AKINKUNMI, ADEOLA OLUWASAYO 349 AMADI ASSORBINONWU EMMANUEL 424 ANYIM, NYERERE 275 AKINLABI ADEKUNLE ENITAN 350 AMADI CHIMEZIE PAULINUS 425 APEH EJIKA FRIDAY 276 AKINLOSOTU OLUGBEMI DICKSON 351 AMADI KENNETH MARY 426 APENA ADEMOLA OLANIYI 277 AKINMOLADUN FESTUS OLUWATOPE 352 AMADI LAWRENCE 427 APIR SENATER 278 AKINMUDA JOHN OLAWALE 353 AMADI NNENNA 428 APPRECIATION ACCOUNT 279 AKINNISOLA BOLAJOKO OTUBU 354 AMAECHI ADIELE BENEDICT 429 APT NOMINEE-RHS, 280 AKINOGUN MONSURU OLATUNBOSUN 355 AMAECHI JOHN ELEM 430 AQUILA CAPITAL LTD, 281 AKINOLA WASI ABENI 356 AMAECHI VALENTINE OKEY ROGERS 431 ARARILE LUCKY OCHUKO, 282 AKINOLU ABODURIN SHAKOOR 357 AMAEFULE SUNDAY C. K 432 AREMU OLUFOLAKE 283 AKINPELU OLAWALE OYETOLA 358 AMAEFULE, JUDE O. 433 ARIBA SUNDAY OLAYINKA 284 AKINPELUMI THOMPSON USIOLA 359 AMALGAMATED CAPITAL FUNDS LTD, 434 ARIKANKI OLUTUNDE 285 AKINRODOYE ABIMBOLA 360 AMASA TOYIN RAMAT 435 ARINZECHI SABASTINE 286 AKINRUNTAN ENITI FREDERICK, 361 AMAZU ABED 436 ARIYO BAMIDELE SUNDAY 287 AKINSANYA KUDIRAT ADEJOKE 362 AMBAH OFFONG OKON, 437 ARM NOMINEES LTD: AGGRESSIVE GROWTH 288 AKINSANYA MOJISOLA TOPE 363 AMBO INTERNATIONAL LTD, FUND, 289 AKINTOLA FEHINTOLA MORISELADE 364 AMEH MERCY O. 438 ARM NOMINEES: CHIPA NIGERIA LIMITED, 290 AKINWALE KAYODE MOSES 365 AMIN AHMED HARUNA, 439 ARO IYABO OLUYEMISI 291 AKINWE TEMILADE-JEROME 366 AMINA ATA YUSUF 440 AROGUNDADE AYODELE AISABINI 292 AKINWONMI RISIKAT AJOKE 367 AMINU ABDUL MASHI 441 AROH ERIC NWOYE, 293 AKINYELURE TOBI MOSES 368 AMISU ADEBOLA FASASI 442 AROWOJOBE ROSELINE OLUWATOSIN 294 AKINYEMI AKINSINA AKINBOLA 369 AMOBI CHIDI HENRY 443 AROWOYELE SEGUN 295 AKINYEMI E. AKINGBODE 370 AMOLE IBUKUN ABIOLA 444 AROYEWUN OLAWALE OLUSESAN 296 AKINYEMI OLUDARE V.N. 371 AMOS SOLOMON UDOH 445 ARUWAJOYE AKIN, 297 AKINYEMI, OLUFUNSO OLUFEMI 372 AMOS THANKGOD CHIMA 446 ASANGA SAMUEL BAKO 298 AKINYEMI, VICTORIA OLUFUNKE 373 AMROMAH EDWARD 447 ASEMOTA JOSHUA BELLO
119 2009 DIAMOND BANK UNCLAIMED DIVIDEND
448 ASEMOTA S. E 523 BAMBO, PETER EZRA 598 BOT, SUNDAY JACOB 449 ASHIRU FARIDAT OPEDEJI ADEGBOYEGA 524 BAMIRO OLUMUYIWA C.ODUNTAN 599 BOT-MANG, MARTIN 450 ASIFU FASASI EDU 525 BAMISILE SESAN A, 600 BRIGGS NGOJI DOKUBO 451 ASOEGWU GABRIEL IZUCHUKWU 526 BAML PROPRIETARY TRADING PROGRAMME, 601 BROWN OLUWOLE SOLOMON 452 ASONYE ANTHONY 527 BAMMEKE MOROHUNKE ADENIKE, 602 BROWN, ANTHONY SUNDAY 453 ASSEMBLIES OF GOD MINISTERS BENEFIT SCH, 528 BANCOM HOLDINGS LIMITED 603 BUBA ABDULLAHI MISAU 454 ASSET & RESOURCE MANAGEMENT CO. LTD, 529 BANIGO, OWEN GOGO 604 BUBA AMAR 455 ASSET & RESOURCE MGT. CO. LTD, 530 BANKOLE MURITALA KALEJAYE 605 BUCKSENSE GLOBAL LTD. 456 ASSET PLUS SECURITIES-TRADED-STOCK-A/C 531 BANSAL SANJEEV KUMAR 606 BUGE SARAH AYO 457 ASTRA METROPOLE LTD 532 BANYE BALA ALMU 607 BULUS, EDWARD 458 ATANDA C. OTSEBOLU 533 BARDE TURKAMA AUTA 608 BULUS, MAHONEY TOKBISH 459 ATANG, JACOB ATANG 534 BARKA ABDULKADIRI 609 BURAIMOH ANTHONY BAMIDELE 460 ATEMIE GRACE ANANE 535 BARKIN LADI G.G.C 610 BURAIMOH IGBO OLUWOLE SIKIRU 461 ATLAS INVESTMENT CO. LTD, 536 BARON FERNANDEZ BRAIMAN D, 611 BUSARI HAKEEM ARAMIDE 462 ATOLAGBE OLANREWAJU LUKMAN 537 BARTHOWAY DREDG. IND (NIG) LTD, 612 BUSHURA-OLAGUNJU MOJISOLA AJADI 463 ATTAH AYOMIDE E.ADUKE 538 BASHAR ELAMINE, OLUWASHANU A 464 ATTAH CHARLES ENUMERUKE 539 BASHAR ISSA FOLOHUNSHO 613 BWODE SUNDAY 465 ATTAH MOH'D AKO 540 BASHARU ZAINAB TITILAYO 614 C & F INVESTMENT LTD., 466 ATTAH, SUNDAY 541 BASSA LOCAL GOVERNMENT, COUNCIL. 615 CAPEDE INVESTMENTS LTD 467 ATUANYA ANTHONY 542 BASSEY EMMANUEL UDO 616 CAPITAL BANCORP 468 ATUEGWU GLADYS EBELE 543 BASSEY GLORIA ANTIGHA 617 CAPITAL PROVIDERS DEPOSIT A/C 469 ATUNBI, JOHN OLUSHOLA 544 BASSEY IFIOK JOHNNY 618 CAPITAL TRUST BROKERS DEP OSIT A/C 470 ATURETA OZEIZA BLESSING 545 BASSEY IMOKE ASIKONG 619 CARING CHEMISTRY LIMITED, 471 AUDU EMMANUEL A 546 BASSEY-INYANG, EMEM 620 CASERS INVESTMENT LTD, 472 AUDU MARY ADUN 547 BAWA GARBA YAURI 621 CASHCRAFT ACCOUNT 60811-TRAD, 473 AUDU, DANJUMA DANAZUM 548 BEDE ENEWALLY 622 CASHCRAFT ASSET-DEPOSIT 474 AUDU, ISHAYA 549 BEECROFT OLUSOLA TAIWO 623 CENTURA EQUITY LIMITED, 475 AUWAL MOHAMMED 550 BELAMO J. TERHEMBA 624 CHAI, DEBORAH BAGU 476 AVON FIN. & SEC LTD 551 BELFRY INV. & SEC LTD.TRADED-STOCK-A/C 625 CHAKTOURA KARAM 477 AVRESON JOYCE 552 BELLO AMINA ASABE 626 CHAMPO MUSA ISA 478 AVWENAGHAGHA FRANCES ONOVUCHE 553 BELLO ARUNA ADEBAYO 627 CHAPEL HILL ADVISORY PARTNERS LTD, 479 AWA UKOH 554 BELLO AYODELE KAMALDEEN 628 CHARTWELLSECURITIES LTD AC 2, 480 AWAKAFANG MFON UDOH 555 BELLO GANIYU ADEMOLA 629 CHEDID ROGER 481 AWARA IKECHUKWU 556 BELLO KAYODE RAPHAEL 630 CHEDID ROGERS 482 AWE LOCAL GOVT COUNCIL, 557 BELLO OLAYIWOLA 631 CHEVRON OIL STAFF M.C.S. LTD., 483 AWODEIN ABIMBOLA YETUNDE 558 BELLO, ADISA 632 CHIADINAOTU CHRISTOPHER 484 AWOJIDE KASALI OLALEYE AJIBADE 559 BELLO, EDITH OMOZE 633 CHIAKA SAMUEL 485 AWOLUSI JOHNSON OLUWAGBENGA 560 BELLO, LUKUMON IBIYEMI 634 CHIAZOR MARK NWANNE 486 AWONIYI EBENEZER SUNDAY 561 BELLO-OSAGIE RICHARD 635 CHIBUEKE OGECHUKWU 487 AWULU, ADEMU DRISU 562 BENJAMIN NANKWAT DAKILING 636 CHIBUOGWU MARY MEBELI 488 AXHOLME NOMINEES LTD "MG" A/C, 563 BENSON EDEH ONEILL 637 CHIDEBELU SUNDAY BENSON 489 AYA CHINORUM ROBERTS, 564 BENUE STATE GOVERNMENT, IFEANYICHUKWU 490 AYEMENRE, LOVE-ENDURANCE E.O. 565 BEOCOMA VENTURES, 638 CHIEKEZI ANGELA ONYINYE 491 AYEMIEN KATE 566 BFCL INVESTMENT A/C, 639 CHIGBO GERALD UDOCHUKWU 492 AYENI FRANCIS FALEYE 567 BGL INVESTMENT LTD, 640 CHIGBU MOSES ENYINNA 493 AYENI OLADOKUN 568 BGL PLC/STP, 641 CHIKELUBA COLLINS CHIKEZIE, 494 AYENI, SIKIRU OLAYIDE 569 BGL SECURITIES PTA A/C 2, 642 CHILAKA, JOHN S. 495 AYERE OKE 570 BIBI ELLIS 643 CHILE JUSTICE DANIEL 496 AYOBAMI JUDEA EL-OSANNAH 571 BIDIKI SAMUEL 644 CHIME DENIS 497 AYODELE FELICIA OLUFUNKE 572 BIGUN, YAKCIT 645 CHINBELL INDUSTRIES LIMITED, 498 AYODELE YINKA AZIKIWE 573 BIKEMOT ASSOCIATES LIMITED/IB PLC 646 CHINBELL INDUSTRIES PLC, 499 AYOGU CHINEDU OLIVER 574 BIKWA, ECHAIM JAMES 647 CHINWUBA GODWIN CHUKWUEMEKA 500 AYOH EJIMA HASSANA 575 BIMA AFRICA LTD, 648 CHIRCHAN NGYOR 501 AYOKA PATRICIA NONYEREM 576 BIMROY NIG. LTD, 649 CHITEC MOTORS NIG LTD, 502 AYUBA, JOHN M 577 BIMSHAK, IBRAHIM 650 CHIWARNA, NIGERIA LIMITED 503 AZI ABOK, AJIJI 578 BINOGUN CHRISTOPHER MAYENI 651 CHIWETALU NNABUIKE PAUL 504 AZUBOGU CHIDOZIE RICHARD 579 BIOBAKU, GABRIEL OLAFARE 652 CHRIST IMAGE ASSEMBLY 505 BABALOLA JOSEPH OJO 580 BISE, ABUBA KEFAS 653 CHU, SHEDRACK O'ARA 506 BABANGARA, ALHASSAN HALIRU 581 BISE, KEFAS 654 CHUKS COMMUNICATION SERVICES LTD, 507 BABATUNDE MARY .O 582 BISIRIYU ABISOWO F 655 CHUKWU AMAECHI 508 BABATUNDE SULEIMAN ATANDA 583 BISIRIYU MUIDEEN OLUSEGUN 656 CHUKWU FREDRICK 509 BADEJO LOLADE OYINDAMOLA 584 BISKANGA, FELICIA 657 CHUKWU JOSIAH 510 BADEJOKO SAMUEL ADEKANMI 585 BITOA LIMITED, 658 CHUKWUANU NNEKA 511 BADMUS AKEEM 586 BITOA LTD, 659 CHUKWUDI ILO 512 BADMUS-AGORO OLAYIMIKA 587 BLESSED ONES, 660 CHUKWUDINDU AMOS EBUBECHUKWU 513 BAJOMO OKUNADE FREDRICK 588 BOATENG, SAMUEL DENYO 661 CHUKWUDINDU IMMACULATA CHINWEOTITO 514 BAKARE ABDULATEEF KASALI 589 BOATENG, SAMUEL DENYO 662 CHUKWUDUM SOLOMON 515 BAKARE HAMMED 590 BODANI KISHOR LEKHARAJ, 663 CHUKWUDUM SOLOMON OZICHUKWU 516 BAKARE MUKAILA OLUKOREDE 591 BODE, AISHATU A. 664 CHUKWUDUM, NWABUEZE 517 BAKARE TENIOLA 592 BOGUNJOKO FLORENCE EMILOYE 665 CHUKWUEKE ANTHONY 518 BAKARE, ABDULLATEEF KASUA 593 BOLA ROTIMI ADEMOLA 666 CHUKWUEKE KELECHI MICHAEL 519 BALOGUN ABIODUN, 594 BOLANRINDE ROTIMI 667 CHUKWUEKE NETOCHUKWU 520 BALOGUN OLAYINKA FOLASADE 595 BOMPY ZUPPAI CHRISTY MAMISA 668 CHUKWUEMEKA, BENJAMIN CHIDOZIE 521 BALOGUN OMOLOLA ADEOLA 596 BOSSON CAPITAL ASSET LIMITED, 669 CHUKWUEMEKA, BENJAMIN CHIDOZIE 522 BAMAI MOSES M. 597 BOT, DANBOY DAVOU 670 CHUKWUKA MARIUS CHUKWUDALU
120 DIAMOND BANK UNCLAIMED DIVIDEND 2009
671 CHUKWUKA NDUBISI MADABUCHI 744 DAVID CHUKS KEVIN 815 EDOKPIA AKHERE 672 CHUKWUNOMNSO GIDEON IKECHUKWU 745 DAVID ELIZABETH MANDU 816 EDUN BENJAMIN AMORIGHOYE 673 CHUNG, DAUDA D 746 DAVOIS FRANCIS D., 817 EFEH CASIMIR OMORSE 674 CHUNG, DAUDA DAVOU 747 DAVOU DANBOYI 818 EGAGESHE JAH'S WILL 675 CIL RISK & ASSET MANAGEMENT LTD, 748 DAVOU REBECCA 819 EGAGESHE RUDDY 676 CINNAMON ENGINEERING LTD, 749 DAVOU, CHUNGDUNG MANCHA 820 EGAGESHE SANDRA 677 CLIFF-AGBAEZE CHRISABLE AMARACHI N. 750 DAVWAR, HANATU PHILEMON 821 EGAGESHE, JAHSWILL MILLS 678 CLIFFORD SMART CHIDERA 751 DAVWAR, HANATU PHILOMON 822 EGBO ANTHONY IKECHUKWU 679 COGEDS, NIGERIA LIMITED 752 DAWODU ADEBISI 823 EGBON OSAZEE MASCOS 680 COLE CYNTHIA OMOYEMWENSE 753 DAWODU ATINUKE, 824 EGBU VICTOR 681 COLE PATRICK DELE, 754 DAWODU BIODUN AHMED 825 EGBUNU MUSA ADAMU 682 COMFORT SUITES LIMITED, 755 DAWODU TESILM AYODELE 826 EGORAH ONYEKA SIMON SUNDAY 683 COMPOS MENTIS LEGAL PRACTITIONER, 756 DAZE, KANENG SARAH 827 EGUAKHIDE FRANK OMOGBUA 684 CONTINENTAL REINSURANCE PLC, 757 DAZE, SARAH KANENG 828 EGUBE SAMUEL, 685 CORE TRUST & INVESTMENT LTD, 758 DE-CANON, INV.-TRADED-STOCK-A/C 829 EGWUATU JOSEPH ONYEKACHI, 686 CREATIVE FINANCIAL CONSULTANTS LTD, 759 DEE JONES PETROLEUM & GAS LTD , 830 EGWUATU, SYLVESTER AZUKA 687 CRUSADER GENERAL INSURANCE LTD., 760 DELE HAKEEM OLAWALE 831 EGWUONWU CHUKWU NDUKAUBA, 688 CRYSTALIFE ASS. CO. LTD- NOMINEE A/C, 761 DENENU VICTORIA 832 EGYA SAMUEL AZAMU 689 CRYSTALIFE ASSURANCE - NOMINEE 762 DENHAM MANAGEMENT MILLENNIUM FUND, 833 EHIBOR DANIEL ACCOUNT, 763 DERIVATIVES INDUSTRIES LTD/IB PLC, 834 EHIEMERE ERNEST CHIMEZIE 690 CRYSTALIFE ASSURANCE CO. LTD, 764 DIAFE OGHENERUEMU JACOB 835 EHINLAIYE REMI 691 CRYSTALIFE ASSURANCE CO. LTD-NOMINEE 765 DIAI JASPER IFECHUKWUDE 836 EHIOGHIREN OSARETIN A/C, 766 DIAMOND BANK/INTEGRATED TRUST & INV- 837 EHIRIBE JEREOMA 692 CRYSTALLIFE ASSURANCE COMPANY LIMITED, TRDG, 838 EHIZOKHALE LOUIS E. 693 DABAWA SASHE IBRAHIM 767 DIAMOND BANK/VETIVA CAPITAL MGT- 839 E-IKRAX VENTURES NIG. LTD, 694 DADA-ADEYANJU BUSAR ADENIRAN TRADING, 840 EISELE OSARO ANNA 695 DADAH, DUSTE MUTMANG 768 DIATO OIL LIMITED, 841 EJIAFA SYLVESTER CHUKWU 696 DADAH, DUTSE MUTMANG 769 DIBASHI AUGUSTINE UCHE 842 EJIEDIBIA ADA 697 DAHEER, SULLEY 770 DIBIAH CHIKANELE EMILIA 843 EJIMOGU SAMUEL ONYEKACHI 698 DAHIRU, ALKALI 771 DICKMWEN, BITRUS MANGBIT 844 EJIOGU CHIMDI/NGOZIKA 699 DAHIRU, MOHAMMED 772 DIDI PROPERTIES LIMITED 845 EJIOGU JULIE AMAECHI 700 DAHUNSI SIMEON OYEYEMI, 773 DIEKOLA IBRAHIM KOLAWOLE 846 EJUKONEMI ROLAND 701 DAIRO LUKMAN IDOWU 774 DIETE-SPIFF DANIEL 847 EKANEM, EDEM EYO 702 DAJAN, JULIUS 775 DIKE PRINCEWILL 848 EKEKWE ROBERT OBIKE 703 DAJAN, JULIUS 776 DILA GWAMADA KABIR 849 EKEOMA E. EKEOMA (ELDER), 704 DAKOP, JESSEY MUTTEN 777 DIMKA, AMINA ANITA 850 EKINE AUGUSTINE PRINCE 705 DAKUT CAROLINE 778 DIMKA, ESTHER KENAYA 851 EKITI STATE GOVT, 706 DALHATU ABUBAKAR SADIQ 779 DISU RAHEEM B. OLA 852 EKO IKPI IBIANG 707 DALLANG LARABA C. 780 DOGO, ALHMADU JATAU 853 EKOM, IME ETUK MR. 708 DALYOP, ELIZABETH VOU 781 DOMKAT YATEA B 854 EKOME ONOYEMARINUWA MOSES 709 DAM, ZURFATU 782 DON MAC LTD, 855 EKPE NWANKWO 710 DAMA GAMBO ABIGAIL 783 DOYIN ODUKO IMOLEAYO 856 EKUNSUNMI, HAKEEM A. 711 DAMILOLA DANIEL BAMGBOSE 784 DUNG, ALEX P. 857 EKWE KENNETH CHINEDU 712 DAMITOP CONSULTING LTD., 785 DUNU INDUSTRIES LTD, , 858 EKWENUYA, HENRIETTA UMEADI 713 DANGANA DANJUMA MICHAEL 786 DURU FAITH AKUCHUKWU 859 EKWENUYA, UMEADI HERIETTA 714 DANGOTE SANI, 787 DURU OBINNA SAMUEL 860 EKWURUKE EMEKA JERRY, 715 DANIEL ADEBAYO OLUGBENGA 788 DURUEKE VITALIS ONYEOZIRI 861 ELAYO JAMES 716 DANIEL COMFORTMESERU 789 DUYILEMI TEMIDAYO CLEMENT 862 ELEAZE UDOCHUKWU CYRIL 717 DANJUMA ABDUL RAUF 790 DWANCHIN, JAMES MARKPRIM 863 ELECHI GODWIN 718 DANJUMA DAVID 791 EAGLE GLORIA SYNDICATE LT, D 864 ELEDO CHIDIMMA ESTHER 719 DANKAURAH KABIR MOHAMMAD 792 EBAGU, OGEYI EVELYN 865 ELEGBUSI MARY ADAOBI 720 DANLAMI SAMUEL 793 EBEGBULEM, CHIJIOKE MR. 866 ELEKWECHI, RAYMOND MR. 721 DAOMAN EMMANUEL SUNDAY 794 EBELE, EDNA UMEZULIKE 867 ELENDU, COLLINS 722 DARIYE, DABORAH 795 EBERECHUKWU JUSTICE ANYANWU 868 ELEWEKE SUNDAY CHIBUZO 723 DARIYE, DEBORAH 796 EBHUELE, HELEN 869 EL-KYARI JUMMAI AHMED 724 DARIYE, EBENEZER 797 EBI ERNEST CHUKWUDI 870 EL-KYARI, JUMMAI AHMED 725 DARIYE, EBENEZER P. 798 EBI PORBENI, 871 ELUSADE A.O. 726 DARIYE, JOSHUA CHIBI 799 EBIZIE NATHAN 872 ELUSHADE IBIYINKA OLUBUNMI 727 DARIYE, JOY NESHIT 800 EBOIGBE NOSAKHARE RICHMOND 873 ELUWA, ANNA 728 DARIYE, JOY NESHIT 801 EBUOMA, CLEMENT E MR, 874 EMBASSY PHARM & CHEM LTD, 729 DARIYE, JOY NESHIT 802 ECHE, OCHEJE WILSON 875 EMBASSY PHARMACEUTICAL, 730 DARIYE, NAMLE MIRACLE 803 ECHEBIRI RAPHAEL NDUBUISI 876 EMEAGWALI EMMANUEL IFEANYI 731 DARIYE, NANLE MIRACLE 804 ECHEDOM CHINEDUM 877 EMEDE RAMSEY OMEMAWOMA - IMF, 732 DARIYE, RUTH WANRET 805 ECHEKWUBELUM PATRICIA NGOZI 878 EMEFIELE, TONY 733 DARIYE, RUTH, WANRET 806 ECOBANK NIG.PLC/ICMG SEC.LTD-TRADING, 879 EMEGHALU NOMWEN 734 DARIYE, VALENTINA 807 ECOBANK NIGERIA/TOPMOST SEC.LTD- 880 EMEKA BENNETH IZUCHUKWU 735 DARIYE, VALENTINA TRADING, 881 EMEKA LIVINUS AGBIM 736 DARIYE, VALENTINA 808 ECOBANK/ESL/CAVERTON PROP. LTD-TRDG, 882 EMENALO CHINYERE TRAVIS 737 DARIYE, WANLE M. 809 ECOBANK/EUROCOMM SEC LTD-TRADING, 883 EMENDU FRANK CHIJIOKE, 738 DARIYE, WARNLE M. 810 ECOBANK/MEGA EQUITIES NIG - TRADING 884 EMENIKE, JOSEPHINE MRS. 739 DASHE, SAMUEL NDEN A/C, 885 EMENUGHA HANNAH AMARACHI 740 DASHUM, JONAH MACHIF 811 EDEKI JOYCE 886 EMERSON MARSHAL 741 DAUDU, DENNIS 812 EDEWI GODWIN 887 EMETAROM, UZOAMAKA NNAMDI MRS 742 DAUDU, DENNIS 813 EDIDJANA RICHARD 888 EMMANUEL FAVOUR E. 743 DAVID C. ISREAL 814 EDOGWO-JOHNSON JUSTINE CHINEDU 889 EMMANUEL JEREMIAH
121 2009 DIAMOND BANK UNCLAIMED DIVIDEND
890 EMMANUEL NWOKOMA HENRY 963 EZEILO OBINNA FELIX 1038 FIDELITY FINANCE CO. (DEP OSIT A/C) 891 EMMANUEL, REBECCA TUMBA LT 964 EZEIRU UCHECHUKWU SUNDAY 1039 FIDELITY FINANCE CO.-DEPOSIT A/C 892 EMODI KAREN EBUBE 965 EZEKIEL, TIZHE S 1040 FIDELITY FINANCE CO.-TRADED-STOCK-A/C, 893 EMOH IFEANYI JOSEPH 966 EZEKWERE DON SUNNY, 1041 FIDELITYBANK PLC/TIDDO SEC LTD- TRADING, 894 ENE JOY NMA 967 EZENAGU, SOMTOO 1042 FINAXA CORPORATION LIMITED, 895 ENE, CRESCENT 968 EZENWA CHIGOZIE 1043 FIRST BANK PLC/BGL SECURITIES LTD- TRDNG, 896 ENEANYA AUGUSTINE NDUKA 969 EZENWA SAMUEL CHINENYEZE 1044 FIRST BANK PLC/FUTURE VIEW SEC - TRDG, 897 ENEBELI, OFILI 970 EZENWAJI PETER ONYECHI 1045 FIRST BANK PLC/FUTURE VIEW SEC-(2)- 898 ENEH CLEMENT BERTRAM .A. 971 EZENWOBI ABUCHI TRDNG, 899 ENEH, VINCENT C. 972 EZEOBI ALPHONSUS 1046 FIRST FIDUCIARIES & TRUST LTD 900 ENEMCHUKWU CHIEMELIE JUDE M 973 EZEOBI ANGELA CHINYERE 1047 FIRST NAT LTD 901 ENEMUOH MICHEAL, 974 EZEOCHA CHUKWUNYERE STANLEY 1048 FIRST PCN/FIRST GUARANTEE PENS-PFA 902 ENEOGINE NEWMAN CHIZZY 975 EZEOGU NNAMDI ONYEDIKACHI SAMUEL MAIN, 903 ENNE, BERNARD SABO 976 EZEOKWUORA OLUCHUKWU NDUBUISI 1049 FIRST PCN/FIRST GUARANTEE PN-PFA 904 ENOCH IWUEZE, 977 EZEONWUKA ROMMY AMANDI TRADING, 905 ENVULUANZA, AMINA 978 EZEONYEKWEKE GRACE IFEOMA 1050 FIRST TRUSTEE A/C-2002 MULTIPURPOSE, 906 ENWEREM, NDIDI DAVID MR. 979 EZERA NDUKWE EZERA 1051 FIRST TRUSTEES A/C ACHUNINE ROSE 907 ENWEREM, VIVIENNE R MRS 980 EZERUOMA, KENNETH CHIEF 1052 FIRST TRUSTEES NIG.LTD.(DISCOVERY FUND), 908 ENWEREUZOR, CHUKWUEMEKA A. 981 EZIKE DOZIE OKWUNNA 1053 FIRSTINLAND BANK/FIDELITY FIN CO. - TRDG, 909 ENYIOHA SELINA 982 EZIKE, VIVAN NGOZI MR. 1054 FIRSTINLAND BANK/FUTUREVIEW FIN. - 910 EPHRAIM DANIEL 983 EZIOKWU EMMANUEL EMEKA, TRDNG, 911 ERHUVWU ALFRED 984 EZUMAH APPOLONIA AVIO 1055 FLEET TECHNOLOGIES LTD - NOMINEE A/C, 912 ESABU, ESTHER OTHAILOBHEGBE 985 EZUMEZUH CHUKWUEMEKA LYNFORD 1056 FLEET TECHNOLOGIES LTD, 913 ESEKHAIGBE OTIBHO GRACE 986 F&C SECURITIES LTD-TRADED-STOCK-A/C, 1057 FOLORUNSHO ELIZABETH FUNKE 914 ESEKHAIGBE, ANGELA OBEHIAGHE 0 987 FABAMISE EMMANUEL 1058 FORESIGHT SECURITIES LTD - DEPOSIT A/C 915 ESEKHAIGBE, CECIL MR. 988 FABIYI MARGARET UFUOMA 1059 FORTE ASSET MGT.LTD -DEPO SIT A/C. 916 ESEKHAIGBE, EBANEHITA JUDE DR(MRS) 989 FABONG RAMNAN 1060 FOURSQUARE GOSPEL CHURCH 917 ESENDU BOGOFANYO 990 FABUSUYI FEMI KAYODE 1061 FOURZALI JOSEPH 918 ESIMOBI, SMART ODUNI MR. 991 FADAHUNSI OLUWASEUN 1062 FOURZALI, JOSEPH MR 919 ESO ANUOLUWAPO 992 FADAHUNSI, OLUMIDE 1063 FUS NOM A/C IGBO-UKWU MICROFINACE, 920 ESOGWA CASMIR IFEANYI 993 FADARE BILIKIS ENIOLA 1064 FUSL INVESTMENT & TRUST CO LTD A/C 2, 921 ESONWUNE COSMAS IHEDORO 994 FADARE FATIMA TEMITOPE 1065 FUSL NOMINEE / SMALL CAP FUND, 922 ESSIEN , O E 995 FADARE GANIU AFOLABI 1066 FUSL NOMINEE A/C AYU & CO LTD, 923 ESSIEN FAITH CLEMENT 996 FADERO STEPHEN ILESANMI 1067 FUSL NOMINEE A/C ONWUKA THADDEUS 924 ESSIEN FRANCIS AKPAN 997 FADEYI BIODUN EMMANUEL CHIDI 925 EST. OF EKE CHRISTOPHER OSATO (ADMORS) 998 FAGBEMI AYODELE OLADEJI 1068 FUSL NOMINEE/ AURORA AC 1, MRS. EKE CHRISTIE OSARU BELLO-OSAGIE 999 FAGBEMI SAMSON OLUPITAN 1069 GAMBO DAHIRU DANLITI AND IKPONMWOSA EKE 1000 FAGITE MATTHEW 1070 GANA, CHRIS RIGGA 926 ESU, IVARA EJEMOT PROF, 1001 FAIRCORP INVESTMENT LIMITED, 1071 GANA, CHRISTOPHER RIGGA 927 ESUA OKON JOHNSON 1002 FAJUYI (IFE) FRIENDS MULTIPURPOSE CO-OP. 1072 GANG, JOEL MANGAI Y 928 ETAROGBA CHRISTIANA 1003 FAKAISI OMOLAFE OLUSEGUN 1073 GANGO ISAAC 929 ETEBU, HANNAH 1004 FAKOKUN BLESSING ANDY AGHAHUWA 1074 GANIYU, MUIBAT BIMBO 930 ETEGHARARA DUKE 1005 FAKOYA ADEWALE OLABISI O. 1075 GARBA (RTD), JOSEPH NANVEN 931 ETIE AZUONYE PATRICK 1006 FALAYAJO JULIANA A. 1076 GARBA MUSA HAFIZ 932 ETIKO ADEKUNLE RASAQ 1007 FALAYE RUFUS OLUKAYODE 1077 GARBA, EMMANUEL 933 ETIM DON, 1008 FALEKE MOSES AYODELE 1078 GARBA, JOSEPH NANVEN 934 ETOKAKPAN JOSEPH 1009 FALODUN EDNA I. 1079 GARUBA, IBRAHIM 935 ETOMI PHILIP OBI 1010 FALOLA ABEL 1080 GASL NOM. LTD - SOVEREIGN ACCOUNT, 936 ETOP ELEM YEWANDE 1011 FALOWO OLAWALE IDOWU 1081 GASL NOMINEE LTD - ADEYEMI LAOSEBIKAN 937 ETTA CLETUS NNAEMEKA 1012 FAMAKINDE OLUWAKEMI 1082 GASL NOMINEE-DIRAN FADOJU ACCONUT 938 ETUK, OKON TOM 1013 FAMOBIWO FREDERICK AYODELE O. 1083 GAYA IBRAHIM AMINU GAYA SAI 939 EVAH PREYE MAGADA 1014 FAPO ABRAHAM BAMIDELE 1084 GBADAMOSI NIMOT BOLADALE 940 EWULUM BONIFACE EBELE 1015 FARAKWAI MUHAMMAD YARO 1085 GBADAMOSI OYINLOLA TINUOLA 941 EWUMI, WALE 1016 FAREMI ISAAC B., 1086 GBADAMOSI, JAMIYU OLA 942 EYITUYOR EYETUOAHENWO ABEL 1017 FAROMIKI SUNDAY OLUFEMI 1087 GBADEBO KOLAWOLE 943 EZE CHUKWUDI MAYOR 1018 FAROUK, FATIMA UMARU 1088 GBADEBO MICHAEL 944 EZE DAVID 1019 FASHINA AJIBADE TAOFEEK 1089 GBAKPHEN, JOAN JOHNSON 945 EZE JOHN CHIMEREZE 1020 FAWAZ HASSAN ABDULHUSSEIN, 1090 GBENGA ONIGBOGI, 946 EZE JONAH OBINNA 1021 FAYEMI JOEL AYOKOMI 1091 GBOMAH JIMMAH 947 EZE JUSTINA IFEYINWA 1022 FBC TRUST & SECURITIES LTD., 1092 GEORGE HELEN 948 EZE OBINNA BASIL 1023 FBN CAPITAL LTD NOMINEE, 1093 GEORGE OLUWASEUN 949 EZE OLIVER UCHENNA 1024 FBN CAPITAL NOM-ASNANI N, 1094 GEORGE SOLOMON INYANG 950 EZEAGWU CHRISTOPHER OGWUGWUAM 1025 FBN CAPITAL NOMINEE LTD-3/TP2, 1095 GEORGE, GASHON 951 EZEAGWULA IHEUKWUMERE 1026 FBN CAPITAL NOMINEES 2, 1096 GETSO KABIRU IBRAHIM 952 EZEAKA CHUKWUEMEKA ANTHONY 1027 FBN CAPITAL NOM-NPF MB, 1097 GIADOM ESTHER 953 EZEAKU BASIL CHINEDU 1028 FBN HERITAGE FUND, 1098 GIMBA, DORCAS A. 954 EZEAKUNNE, SHEDRACK MR. 1029 FBN NOMINEE A/C 00094 1099 GIMNS IND.LTD, 955 EZEAMATOGU MARYSTELLA EBERE 1030 FBN/MAMUDA INDUSTRIES NIG. LTD, 1100 GITTO COSTRUZIONI GENERALI NIG.LTD, 956 EZEANOCHIE EMMANUEL M. 1031 FBN/MARIO JOSE ENTERPRISES LTD, 1101 GIWA ABDUL SALAM ADESAYO 957 EZEANOCHIE JOSEPHINE CHINWE 1032 FCMB/CROWNWEALTH ASSET-TRDG, 1102 GIWA MARGARET OLUYEMISI 958 EZEBUDE IFEANYI BONAVENTURE 1033 FEJUKU, SOLOMON ROTIMI 1103 GJMSMER COMMODITIES LTD, 959 EZECHI VITALIS IKECHUKWU 1034 FEJUKU, SOLOMON ROTIMI 1104 GLOBAL ASSET MGT. LTD-TRADED-STOCK-A/C 960 EZEGWU JOHN AROCHUKWU 1035 FELIX, EMEGOAKOR MR & MRS. 1105 GLOBAL HARVEST CHURCH INTER HEADQT 961 EZEH CHIDIEBERE KENNETH 1036 FESTUS SUNDAY 1106 GODWIN CHUKWUDIEBERE FRANK 962 EZEH, CHRISTOPHER NWAFOR 1037 FIBERESIMA, O MAJOR MRS 1107 GODWIN JIM EMMANUEL
122 DIAMOND BANK UNCLAIMED DIVIDEND 2009
1108 GODWIN NORA 1179 IBEJIRO NDIDI 1254 IGWEH FREDRICK NDAH 1109 GOFWAN, VERONICA G. 1180 IBEKWE CHIOMA FLORENCE 1255 IGWEZE OBIORA PAUL 1110 GONDYI, SHIRIWKA THOMAS 1181 IBENECHE, CHIMAOBI 1256 IGWILO BLESSING 1111 GONGUR, NENGAU GOLIT 1182 IBEWIRO OBANI 1257 IGWILO STEPHEN 1112 GORDEN, UWEMAKAMA 1183 IBEZIMAKO AUGUSTINE N. 1258 IGYEM, AARON JOHNSON 1113 GOTAR, KAMWOK YIBIS 1184 IBHASUEMOJIE .A. OKOEGUALE 1259 IGYEM, SHADRACK JOHNSON 1114 GOTORONGS, TIMOTHY DANCHA 1185 IBIANG OFEM OBONO., 1260 IHEANACHO MONDAY CHI 1115 GOWAM, JACOB K. 1186 IBIDOKUN GBENGA JACOB 1261 IHEANACHO RAPHAEL CHIDIEBERE 1116 GOWDYI, SHIRKUKA THOMAS 1187 IBIDOKUN SAMUEL ADEYIPO 1262 IHEANETU GEORGIANA CHIGOZIE 1117 GOWON BAKUT 1188 IBIKUNLE VICTORIA ABOSEDE 1263 IHEZUO OGBONNA INNOCENT 1118 GOWON, JOSEPH 1189 IBILE HOLDINGS LIMITED, 1264 IHIONU MMADUABUCHI PETER 1119 GREEN UCHENNA MITCHELL 1190 IBIROGBA, IBUKUNOLUWA OLAWALE 1265 IHONGBE ESELE JUDITH 1120 GREGORY-UBIGEN NOSA FYONNA 1191 IBIROGBA, IBUKUNOLUWA OLAWALE 1266 IHUKA UZOMA THEODOR 1121 GT BANK PLC/FUTUREVIEW FIN SER - 1192 IBIRONKE GBADEBO JOSHUA 1267 IJEOMA SAMUEL TOCHUKWU TRADING, 1193 IBIWOYE SUNDAY 1268 IJOSE ADETUTU OLUFUNTO 1122 GT BANK/CALYX SECURITIES LTD - TRADING, 1194 IBODE OLUMIDE OLUFEMI 1269 IKE JANE NKECHI 1123 GTB ASSET MANAGEMENT LTD 2, 1195 IBRAHIM AHMAD NASIR 1270 IKE STELLA CHIKA 1124 GTB ASSET MANAGEMENT LTD, 1196 IBRAHIM GRACE ABIODUN 1271 IKEAGU VINCENT CHIJIOKE 1125 GTB/SIGMA SEC. LTD - TRADING, 1197 IBRAHIM JOKO 1272 IKEBEOTU EMEKA 1126 GTM/AFOLABI OLAYINKA OLADOYIN 1198 IBRAHIM LATIFAT 1273 IKEMENANWA FRANCIS ONYEDICHUKWU 1127 GTM/ALLI A ADEKUNLE 1199 IBRAHIM M. MOHAMMED 1274 IKENWA STEPHEN CHIDUBEM 1128 GTM/OMUYA OZIGI JOSHUA, 1200 IBRAHIM NURAEN ADEKUNLE, 1275 IKEOKWU ANTHONY ANDY 1129 GUARANTY TRUST BANK/BGL SEC LTD - 1201 IBRAHIM RASHEED OYEBANJI 1276 IKEORA FRANCIS CHUKWUNONSO TRADING, 1202 IBRAHIM SHEHU BESSE 1277 IKHARO ISIOMA GLADYS 1130 GUARANTY TRUST BANK/PROMINENT SEC- 1203 IBRAHIM TOSIN 1278 IKIME OBARO TRDNG, 1204 IBRAHIM, ADEPEJU FOLASHADE 1279 IKOBAYO OLATUNDE ISIAKA 1131 GULUDE LIMITED, 1205 IBRAHIM, BITRUS HILDI 1280 IKOGWU ONYEKA HARRISON 1132 GUMEL MARYAM IBRAHIM .D. 1206 IBRU, OSKAR C J 1281 IKORO ANYIM NKEM 1133 GUMWOS, AYUBA DANIEL 1207 IBTC CHARTERED BANK PLC, 1282 IKOUGHE PHILIP UDOMOH 1134 GUMWOS, AYUBA DANIEL 1208 IBUKUN DAVID TITILAYO 1283 IKPAH MARTIN 1135 GUSHEM, LADI OBED 1209 IBUZO IRENE IFEYINWA 1284 IKPEME ENE 1136 GWARI DAUDA MUSA 1210 ICMG SECURITIES LTD-TRADED-STOCK-A/C 1285 IKPEOHA CHIMAEZE ALOZIE 1137 H.D.F. AND SONS LIMITED, 1211 ICON NOMINEE 333 (UBIB), 1286 IKPI GLORY 1138 HAANSBRO (NIG) LTD, 1212 ICON NOMINEE LIMITED 276 1287 IKPONMWOSA KINGSLEY ODIASE 1139 HAASTRUP VICTORIA AYODELE, 1213 ICON STOCKBROKERS LIMITED 1288 IKWECHEGH , AMADI 1140 HADI MASHOOD 1214 IDAHOSA PETER IGBINIGIE 1289 IKWU ANSELM NWOKLEME 1141 HALADU AMINU 1215 IDAYAT ALABA USMAN 1290 ILARIOGUN OLANREWAJU DURO 1142 HALILU, DANLADI (ALH.) 1216 IDEBI ANAH 1291 ILEABOYA ALBERT JOSHUA 1143 HAMDALA REALITIES & INVEST. LTD, 1217 IDIAKHOA OBOITE LAWRENCE 1292 ILECHUKWU, BARTH CHINONDU 1144 HAMILTON HAMMER & CO LTD NOMINEE 1218 IDIHC NIGERIA LIMITED 1293 ILESANMI JOHNSON WALKAY, 1219 IDIOK WEEKS UDDOH 1294 ILIYA MUSA DOKA 1145 HAMZA ATTA 1220 IDISI CHRISTIAN O 1295 ILO, SILAS ARINZE 1146 HAMZA KOLO HADIZA 1221 IDOWU ABIODUN OLAWALE 1296 ILOH CHUKWUDI PAUL 1147 HANDEF, 1222 IDOWU OLUWATOYIN IDRIS 1297 ILOZURU LOUIS AZUMA 1148 HANOTU BRIGHT CHIMA 1223 IDOWU WILLIAM AKITOLA 1298 IMAFIDON CLIFF RICHARDSON 1149 HARRISON IBI-ADA 1224 IDRIS ALADE 1299 IMHONTU DOMINIC ODIANOSE 1150 HARUNA IBRAHIM S. 1225 IDRIS IBRAHIM, 1300 IMOH MARTINS UCHE 1151 HARUNA SHUAIBU YAHAYA 1226 IDUITUA FELICIA 1301 IMOUOKHOME FRANCIS AIEN-AKHO 1152 HARUNA, AMOS NEIARI K. MAKPA 1227 IFASUYI OLASEHINDE 1302 INDEPENDENT SEC.LTD. TRADED-STOCK-A/C, 1153 HARUNA, AMOS NGARI 1228 IFE CHETACHUKWU JUSTINA 1303 INEH - MIC AUTO COMPANY LTD, 1154 HASSAN TOLULOPE A. 1229 IFEANYI ARINZECHUKWU 1304 INFOR & BROS [NIG] LTD, 1155 HASSAN, RABIU RINGIM 1230 IFEAZI OLUCHUKWU FABIAN 1305 INNEH ENDURANCE EHIGIE 1156 HAUTGARD LIMITED, 1231 IFEDIORA SUNDAY LAWRENCE 1306 INTEGRAL FACTOR INT. LTD., 1157 HAVILAH LIMITED, 1232 IFUNE CHINEME CHRISTABEL 1307 INTEGRATED HOLDINGS NIGERIA LTD, 1158 HEDGES SECURITIES & INV. CO LTD, 1233 IGBADUMHE IVIAGBOYA SOLOMON 1308 INTEGRATED MULTIPURPOSE ENT., 1159 HEZES UCHECHUKWU GERADINE 1234 IGBAJI CHRISTOPHER UGABI 1309 INTERCONT BANK/DEEP TRUST INV - 1160 HILLPOINT INTERNATIONAL LTD, 1235 IGBO OKEY HYGINUS TRADING, 1161 HU CHARLES TITAN 1236 IGBOELI GLADYS OLUCHI, 1310 INTERCONT BNK/EQUITY CAPTL/STACO- 1162 HUGHES THOMAS FREDERICK 1237 IGBOELI MIRIAN NJIDEKA TRADING, 1163 HUNDER MIKE OCHUKO, 1238 IGBOKEH MAXWELL NDU 1311 INTERCONT BNK/PRIMEWEALTH CAPITAL- 1164 HURRICANE VENTURES LTD 1239 IGBOKWE AHAU ENYINNAYA TRADG, 1165 HUSSAINI ALIYU 1240 IGBOKWE TOCHUKWU HENRY 1312 INTERCONTINENTAL SECURITIES LTD-PAM 24, 1166 HUSSAINI IDRISU 1241 IGBONAJU IFECHUKWU E. 1313 INTERCONTINENTAL SECURITIES LTD-PAMS25, 1167 HYPPOLITE CHUKWUDI 1242 IGBONEKWU LEONARD UDEOZO 1314 INT'L ENERGY INS CO, 1168 I.C.E.L RESOURCES & INVESTMENT LTD., 1243 IGBRUDE MINNIE AJUWEDE, 1315 INYANG ISAAC 1169 IAML A/C CNSPL GSF, 1244 IGBUDU, NGO 1316 INYINBOR VICTOR 1170 IAML A/C DAFE & NNOLI AKPEDEYE, 1245 IGEDEBOR UFUOMA JERETON 1317 IPINNAIYE MARGARET 1171 IAML A/C GB VESS PLAN, 1246 IGHARHA KESIENA OGHENOVO 1318 IRIS TRADING & INVESTMENTS LTD 1172 IAML A/C HEZI GLOBAL SERVICES LTD, 1247 IGHIGHE EDWIN OMORUVIGHO 1319 IRONO NKECHI FIDELIA 1173 IAML A/C OCEAN & OIL INVESTMENT, 1248 IGIEHON EVBAKHAVBOKUN BLESSING 1320 IROZ-NNANTA CHINEDU 1174 IBE KENNETH CHUKWUMA 1249 IGIOZEE EFOSA 1321 ISAAC ELIZABETH DADA 1175 IBE TOCHUKWU SYLVESTER 1250 IGIRI ONUOHA 1322 ISAIAH MICHAEL AYANATE 1176 IBEABUCHI HELEN OLUCHI 1251 IGWE, CLETUS NAPOLEON 1323 ISAKU HALADU 1177 IBEANUSI, MAXWELL 1252 IGWEGBE PAUL NNAMDI 1324 ISANDU, SAMUEL 1178 IBEH MAURICE I. 1253 IGWEGBE SAMUEL OBINNA 1325 ISANDU, SAMUEL AKUBAKA
123 2009 DIAMOND BANK UNCLAIMED DIVIDEND
1326 ISA-OLADELE AISHA A/C 2, 1401 KASIMU, YAKUBU 1472 LEDIJU BABATUNDE 1327 ISE-IDEHEN GEORGE OTUTU 1402 KASSIM ABDULRASAQ OLAYIWOLA O 1473 LEKSHI, EMMANUEL 1328 ISHAKU SANI 1403 KATSALA NIGERIA LIMITED 1474 LEMCHI CHIDOZIE .C. 1329 ISHAKU, MUSA 1404 KATSINA STATE UNIVERSITY, 1475 LEWIS GREGORY ADEYEMI 1330 ISHOLA ADIJAT TEMITOPE 1405 KAYLOPE CO LTD 1476 LEWIS RICHARD OLABODE 1331 ISHOLA AKINOLA, 1406 KAYODE ADEPOJU 1477 LIASU ATANDE MUHAMMED 1332 ISHOLA GBENGA PAUL 1407 KBB ENGINEERING LIMITED, 1478 LINGO NIG LTD, 1333 ISHOLA MOSES GBENGA 1408 KEDUSAPH LIMITED, 1479 LIPDO, MERCY NANJI 1334 ISREAL OWOLABI OLATUNJI 1409 KEFFAS GRACE 1480 LITTLE HEROES LTD, 1335 ITEGBOJE DAVID 1410 KEFFI LOCAL GOVERNMENT CO, UNCIL. 1481 LOCAL GOVT. JOINT ACCOUNT, 1336 ITUA JOSHUA 1411 KENNETH CHIBUZO 1482 LOCAL GOVT.OWO ARA ENI COOP.INVEST. 1337 IWEKA AFAMFUNA NDUBUISI 1412 KER ALEXANDER IGBAWASE CREDIT LTD 1338 IWU, MAURICE 1413 KEVIN, STELLA OBY 1483 LOENSE INTERNATIONAL LIMITED, 1339 IWUAGWU BATHRAM CHINEDU 1414 KINGSLEY ADEKUSIBE OLANREWAJU 1484 LONG, JONG LONG 1340 IYANIWURA MUJIDAT AJIKE 1415 KIRKWOOD OLAJUMOKE ABIODUN 1485 LONGBA, EPHRAIM MARKUS 1341 IYIMOGA, FATIMA 1416 KOGI UNITED COMPANY NIGERIA LIMITED, 1486 LONGE JIMOH ADEDOYIN 1342 IZANG, AZI JOSHUA 1417 KOGUNA BABURA INSUR. BROKERS LTD, 1487 LONGTSEN, SHEPNA'AN AMBROSE 1343 IZANG, AZI JOSHUA 1418 KOKOGHO IGHO DANIEL 1488 LORDMIKE ASSETS & PROP. LTD, 1344 IZUAKOR PASCHAL OSITA 1419 KOLA PADONU 1489 LOT GABRIEL ALICE 1345 IZUNOBI BOLINGO JOSAPHAT 1420 KOLADE AKEEM BABATUNDE 1490 LOTOBI NKECHI 1346 J A DINA INVESTMENTS LTD., RC NO 217960 1421 KOMOLAFE OLAKUNLE MUYIWA 1491 LOTTOJ INTERGRATED SERVICES LTD 1347 J P NOMINEES LIMITED 1422 KOMOLAFE OLATUNDUN O. 1492 LUCAS JAIYEOLA OLATUNDE, 1348 JACK SOALA ABEL 1423 KOSIN OFORAYE NOAH 1493 LUKA, JATAU KAGOMA 1349 JACOB ENEMAKWU 1424 KOTSO, IBRAHIM IDI SABO 1494 LUNGU, MARTIN TUMBA 1350 JAIYEOLA OSENI OLAJIDE 1425 KOWAL ESE 1495 LYNAC SEC.LTD-TRADED-STOCK-A/C 1351 JAJI MUDASHIRU AJAO OLA 1426 KOYEJO OLUFUNKE OLABISI 1496 M.O. NNAJI INDUSTRIES LTD, 1352 JALINGO NIGERIA LIMITED, 1427 KPOTIE ALOYSIUS EFFIONG ALFRED 1497 MABIGU ADESINA 1353 JAMES, UDONG 1428 KPUDONU, BEN NNABUEZE 1498 MABO ISAAC FOLORUNSHO 1354 JANG, BENJAMIN ZOYONG 1429 KUBEYINJE ALERO RACHEL 1499 MACAULAY ENIOLA YASMIN 1355 JANG, SAMSON BOTT 1430 KUKU MODUPE ADEYINKA 1500 MACAULAY KAREEM ABIODUN 1356 JANKANWA, EMMANUEL WUDELWA 1431 KUKWI HOSEA BONET 1501 MADUBIKE NKECHI G. 1357 JAURO SABO ISHIYAKU 1432 KUKWI, HOSEA BONET 1502 MADUBO ARISE 1358 JEGEDE, DARE 1433 KUM, NANRE LILIAN 1503 MADUBUEZE OBIANATA PETER 1359 JEGEDE, DARE 1434 KUNDILA FINANCE-DEPOSIT 1504 MADUBUIKE, IHECHUKWU CHIEDOZIE 1360 JEMIBEWON DAVID MEDAIYESE, 1435 KUPONIYI MICHEAL ADEKUNLE 1505 MADUBUKO CHINWENDU EZINWANNE 1361 JEREMIAH PRATT DARE 1436 KURAYE ABUBAKAR ABDULLAHI 1506 MADUGU, AHMED 1362 JIBRIN SOLOMON CHIDERA 1437 KURU AHMED LAWAN, 1507 MADUGU, TANKO SHUAIBU 1363 JIDDAH, USMAN HEZEKAIYA 1438 KUTI-GEORGE SEGUN TAYO 1508 MADUWUBA OBUMKERE 1364 JINADU ARIAT ADEROJU 1439 KWARI SULEIMAN ABDU 1509 MAFIANA ANTHONY UCHE 1365 JOEIRENE ENT NIG 1440 KWATWA, PHILIP 1510 MAFO BENJAMIN OLUGBOTEMI 1366 JOHN EZEKIEL PRECIOUS 1441 KWATWA, PHILIP 1511 MAGA, NAMO 1367 JOHN GODWIN 1442 KWATWA, PHILIP 1512 MAGNARITIS FIN.&INV.LTD.TRADED-STOCK- 1368 JOHNSON ABIDEMI OLADOSU 1443 KWAZEMA RACHEL OSEHISE A/C 1369 JOHNSON GRACE DADA 1444 LABARAN CONSTRUCTION CO., LTD. 1513 MAHONEY, BULUS TOKIBISH 1370 JOHNSON O OLUTOYIN 1445 LADAPO ABIMBOLA LATIFAT 1514 MAKANJUOLA NOAH 1371 JOHNSON OLUWATOYIN ADENIKE 1446 LADAPO ESTHER MOJISOLA 1515 MAKASUWA EGO MADAKI 1372 JOHNSON SUNDAY 1447 LADAPO SOLIU OLATUNJI 1516 MAKINDE ABIODUN JOSEPH 1373 JOHNSON VICTORIA OMOLARA 1448 LAITO VENTURES - OCCAM, 1517 MAKINDE AKINDELE 1374 JOLAOSO TAIWO RASIDI 1449 LAKSWORTH INV. & SEC LTD -TRADED STOCK 1518 MAKINGAT, SAMUEL CECILIA 1375 JONES ABAYOMI A/C. 1519 MAKWA, DOUGLAS NKORI 1376 JOSEPHS MARYLILIAN IJEOMA 1450 LALEYE ADUNNI M 1520 MAKWA, DOUGLAS NKORI 1377 JOSHUA, YAKUBU IZANG 1451 LAMIDI SURAJU ADEYEMI 1521 MAKWUT, SUNDAY TOMA 1378 JPR NIG LTD, 1452 LAMINA ABDUL GANIYU 1522 MALAN IBRAHIM MALVIN 1379 JUBRIL ABDULAZEEZ AJAYI 1453 LAMONDE NIG LTD, 1523 MALI, MOSES ANGO 1380 JUUL TREVOR D.C, 1454 LAOYE AKINRINOLA OYEWALE, 1524 MAMUDA, JOHN CHRISTOPHER 1381 JUUL, TREVOR CARELISE 1455 LAR, NANNYAM GIDEON 1525 MAMVEN MANJI ELSIE 1382 KAANGA BEMGBA 1456 LARRY EPHRAIM ETTAH, 1526 MANCHA, CHUNDUNG MARY 1383 KADIMA MARY KEMS 1457 LASACO ASSURANCE PLC. WAREHOUSE 1527 MANDE SAMBO 1384 KADIRI SOLOMON AMAGBOR SHARES, 1528 MANGAI, GODWIN 1385 KADIRI, MORUFU ABOLAJI 1458 LASISI ADIO 1529 MANGVWAT, LILIAN NANCIN 1386 KAFINTA, WINIFRED DAMSEN 1459 LATU OLIVIA YOHANNA 1530 MANKAY GLOBAL PROJECTS LTD, 1387 KAFISANWO JIMI OMOSNAYA 1460 LAVIDA MEDICAL GROUP, 1531 MANKILIK ISAAC MASHINGIL 1388 KAGBURE OLUGBEMIGA MOSES 1461 LAW UNION AND ROCK INSURANCE PLC A/C 1532 MANSUR, SANI MOAHMMED 1389 KAKAWA DISCOUNT HOUSE LTD A/C-1, 2, 1533 MARANATHA ASSO. PASTOR'S FELLOWSHIP 1390 KAKAWA NOMINEES - OCCAM, 1462 LAWAL ADEWALE KEHINDE 1534 MARANELLO RESOURCE LIMITED, 1391 KALE ISAAC BAMIDELE 1463 LAWAL HASSAN 1535 MAREN, WILLIAM MATARU 1392 KALEJAIYE AMOS OLUFEMI 1464 LAWAL RAHEEM ADEKUNLE ADISA 1536 MARK JOY CHINWE 1393 KALU ARUNSI UKAIRO 1465 LAWAL RASAKI OLABANJI 1537 MARLBICS INDUSTRIES LTD, 1394 KALU OBI CHUKWU 1466 LAWAL SIKIRU ADEKUNLE 1538 MARTINS ADETAYO SHADRACK, 1395 KALU OGBA NENA JANE 1467 LAWAL YEMISI SERIFATU 1539 MARTINS ONYEBUCHUKWU OHAZURUME 1396 KANAM LOCAL GOVTERNMENT C, OUNCIL. 1468 LAWAL, ABIOLA MUNIRAT 1540 MAXIN LOTUS LIMITED 1397 KANGKUM, MAUREEN NAANZEM 1469 LAWAL, SAKIBU OLUWATOYIN 1541 MAYOR-EZE IFEDI LLOYO 1398 KANU UDOCHUKWU 1470 LEAD INVESTMENT LIMITED-TRADED-STOCK- 1542 MAYOR-EZE NKEIRUKA JULIANA 1399 KANZE, ILIYA A/C 1543 MAYOR-EZE UDONNA OWEN 1400 KARAMI YAHAYA, 1471 LEADWAY ASSURANCE COMPANY LIMITED, 1544 MBA KALU KALU
124 DIAMOND BANK UNCLAIMED DIVIDEND 2009
1545 MBACHU KINGSLEY CHIBUOGWU 1620 MUSTAPHA-OLAGUNJU OLADIRAN B. 1694 NWABISI BRIDGET NNEKA 1546 MBADUGHA CHUKWUEMEKA EZEMONYE 1621 MUTTO VENTURES LTD 1695 NWABUEZE BARTH 1547 MBAERI, UCHENNA FESTUS 1622 N.A.D.S.S.I. NIG. ASS. OF SMALL SCAL IND. 1696 NWABUFOH GERALD CHIDI 1548 MBAH CHIBUGO EZINWA 1623 NAMO KIGBO SAMUEL 1697 NWABUKO MARTINA IFEYINWA 1549 MBAKWE OBED ANAECHI 1624 NAMO, MAGA 1698 NWABUO DOROTHY CHINYERE, 1550 MBAM SUNDAY 1625 NAMO, MARK 1699 NWACHINEKE FRANKLIN CHUKWUKELUO 1551 MBANEFO CHARLES ANIWETA 1626 NANA OIL INVESTMENT LTD, 1700 NWACHUKWU ANULI AUGUSTINA 1552 MBANEFO ELOCHUKWU ANSLEM 1627 NANA PHILIP ONYEMAZUWA 1701 NWACHUKWU AUGUSTINE N. 1553 MBANUGO EMMANUEL 1628 NANSEL-GAMBO ROSE NAMICIT 1702 NWACHUKWU CHINEDU FRANCIS 1554 MBCSEC NOMINEE 'PHIL' 1629 NASARAWA INVESTMENT & PROPERTY 1703 NWACHUKWU ENYINNA ONYEMAECHI 1555 MDEIHLI SULEIMAN DEVELOPMENT COMPANY LTD, 1704 NWACHUKWU, AUGUSTINE 1556 MEDUGU JOSHUA ZACHARU 1630 NASIRU MUFUTAU AFOLABI 1705 NWACHUKWU, C. STEPHEN 1557 MEFOROM CHIKAMARA OGBOMUCHE 1631 NDAH ANIEFIOK GODWIN 1706 NWADIKE, GODWIN IHEANYI 1558 MEJABI BAMIDELE 1632 NDICHIE EDDY 1707 NWAEMESI CARLISTUS 1559 MENE-OMAGBEMI, ELIZABETH 1633 NDOKWE CHISOM CHINONYE 1708 NWAESI CHIMA EDMOND 1560 MERILL-OGE INVESTMENT 1634 NDU CHIMDI TERRENCE 1709 NWAFOR ROSELINE CHIDI 1561 MERVEILLIE O'TEGA VANESSA 1635 NDUKUBA UCHENNA CHIDINMA 1710 NWAFOR, CLEMENT CHIMA 1562 METROPERIL INSURANCE BROKERS LTD, 1636 NEDOLISA CHIDI-EBERE J JOHNSON 1711 NWAGBO HENRY IGWEMADU 1563 METROPOLITAN TRUST NIG. LTD., 1637 NEVOBASI BEDE NZEADIBE 1712 NWAGWUNOR MICHAEL 1564 MGBENU CLARA CHIEBONAM, 1638 NEVOBASI CHINENYE ENEH 1713 NWAICHI CHRISTOPHER CHIDI 1565 MGBEOKWERE INNOCENT 1639 NEWDEVCO FINANCE-DEPOSIT 1714 NWAIGWE IJEOMA EUNICE 1566 MICHAEL NELSON UGOCHUKWU 1640 NGALORU HYACINTH NGAMDINMA 1715 NWAINYINYA MOSES UNA 1567 MIDAS STOCKBROKERS-DEPOSIT 1641 NGENE DARLINGTON OKWUCHUKWU 1716 NWAJIAKU CHIDI AMBROSE 1568 MIKANO INTERNATIONAL LIMITED, 1642 NGEREM CHINYERE 1717 NWAKA SYBIL ONYEJI 1569 MINISTRY OF FINANCE INC. BAYELSA STATE, 1643 NGEREM FRANCISCA 1718 NWAKANMA, BRANDON V.A. 1570 MKPADO OFOEGBU JOSEPH 1644 NGONADI, UZOUKWU EDMUND 1719 NWAKERENDU SUNNY 1571 MMADU LINUS OBUMNAEKE 1645 NICHOLE INTEGRATED LTD (ANNEX), 1720 NWAKUCHE NNAEMEKA 1572 MODEBE NNEAMAKA JOY 1646 NIG. INT. SEC.LTD. 1721 NWAKWESI NNAMDI CLEMENT 1573 MOHAMMAD RABIA ABDUL 1647 NIGER INSURANCE COMPANY, 1722 NWAMADI CHINMA JANICE 1574 MOHAMMED ABDULSALAM 1648 NIGERNORTH LTD, 1723 NWAMMADU CHUKWUMA CHARLES 1575 MOHAMMED BAKO AHMED J.J 1649 NIGIETEM INTEGRATED VENTURES LTD, 1724 NWANA VITALIS ADIMORA 1576 MOHAMMED BASHIRU 1650 NIKAL NIGERIA LIMITED, 1725 NWANGWU, BEAUTY 1577 MOHAMMED OLAJUMOKE 1651 NISSI IFEANYI 1726 NWANI, LINUS 1578 MOHAMMED OLAMIDE 1652 NJIOFOR MAXMILLIAM OBUMNEME 1727 NWANKWO ALPHONSUS EMENIKE 1579 MOHAMMED OLAWUNMI 1653 NJOKU CALLISTUS NDUBUISI 1728 NWANKWO AUGUSTINE OGOEGBUNA 1580 MOHAMMED RILWAN 1654 NJOKU CHARLES CHUKWUMA 1729 NWANKWO BERNEDETTE ADAOBI 1581 MOHAMMED USMAN ADAMU 1655 NJOKU CHIBUZO FELIX 1730 NWANKWO CHIDINMA EMMANUEL 1582 MOHAMMED, ANGULU 1656 NJOKU JUDE CHINONYE 1731 NWANKWO CHUKWUDI CHIBUEZE, 1583 MOHAMMED, DANLADI UMARU 1657 NJOKU PATRICK O. 1732 NWANKWO EMEKA PAULINIUS 1584 MOHAMMED, JA'AFARU GIWA 1658 NKANANG WALTER DANIEL 1733 NWANKWO HUMPHREY. O 1585 MOHAMMED, YAKUBU 1659 NKAYUK JOSEPH MOYON 1734 NWANKWO IKE 1586 MOKA JOSEPH OKECHUKWU 1660 NKEBEM UBONG BASSEY 1735 NWANKWO OGBONNAYA 1587 MOKWUNYE AUGUSTIN 1661 NKEM IJOMA 1736 NWANKWO OLAITAN 1588 MOLOKWU EMMANUEL EMEKA FAVOUR 1662 NKEMJIKA INDUSTRIES LTD, 1737 NWANKWO, CHIDOZIE WILSON 1589 MOLOKWU, BENJAMIN NNAEMEKA 1663 NKWAEGBULAM JONATHAN 1738 NWANTU, EMILY NANKYER 1590 MOLTEN TRUST LTD, 1664 NKWUEKE NDIDIAMAKA .J. 1739 NWANTU, EMILY NANKYER 1591 MOLTEN TRUST LTD-TRADED-STOCK-A/C 1665 NLERUMWOMGBA JOHN OKECHUKWU 1740 NWAOKOROM AMBROSE CHIMEZIE 1592 MOMENTUM CAPITAL LTD., 1666 NMECHA UKPAI KALU 1741 NWAORGU CHRIS EJIKE 1593 MOMOH KABINU EGELE 1667 NNABUE ADAKU LILLIAN 1742 NWAORGU NGOZI REGINA 1594 MONEY POINT LIMITED, 1668 NNABUE ALEXANDER CHUKWUEMEKA 1743 NWAOZUZU CHINELO 1595 MONOFI, MOMODU 1669 NNABUE EJIKEME HENRY 1744 NWA-UWA EZE A. 1596 MORAKINYO GOODNESS TEMILOLU 1670 NNADI CLETUS DURU 1745 NWELLE HELEN 1597 MORDI JOSEPH CHUKWUMAH, 1671 NNADILI, ELIZABETH 1746 NWEMEA PETRUS CHUKWUEMEKA 1598 MOSES TITUS MUYIWA 1672 NNADILI, ELIZABETH 1747 NWINYI CHIGOZIE CHRISTOPHER 1599 MOUKA LIMITED, 1673 NNAJI KENNETH EKPERECHUKWU 1748 NWODIKA JOY CHIDIOGO 1600 M-SDS/ADEKANBI TOYIN FELCIA 1674 NNAJI NICHOLAS 1749 NWODO OKORIE PAUL 1601 M-SDS/EKUNDAYO IDOWU OLUSEGUN 1675 NNAJI, EMEKA GILBERT 1750 NWOKJI PATIENCE NGOZI 1602 MUFUTAU OLAJUMOKE 1676 NNAKA GODWIN EMMANUEL 1751 NWOKOCHA INNOCENT MADUGBA 1603 MUHALLI, DEVELOPERS COMPANY LIMITED 1677 NNAMAH AUSTIN 1752 NWONE IFEANYI SAMUEL 1604 MUHAMMAD UMARU 1678 NNAMANI TONY IKECHUKWU 1753 NWONWU OBINNA G 1605 MUHAMMED, YAKUBU 1679 NNAMDI JUDE 1754 NWOSU IKECHUKWU 1606 MULTINATIONAL INVT. & SEC . LTD. 1680 NNANEMERE EUCHARIA 1755 NWOSU MARTIN OBI 1607 MULTITUDE CONCEPT LIMITED 1681 NNANNA PAULINA NKECHINYERE 1756 NWOSU UDOCHUKWU CHIKEZIE 1608 MUNONYEDI HELEN 1682 NNEBEDUM CELESTINE 1757 NWUFOH , FRANCIS 1609 MUSA ABDULRAHMAN BASHIR, 1683 NNOKA FRANKLIN NNAMDI 1758 NYAM, DANJUMA PAM 1610 MUSA AHMED AIGBUGHU 1684 NNOROM AZUBUIKE INNOCENT 1759 NYANKA, YOHANNA 1611 MUSA ISHAKU 1685 NNOROM MCDONALD ONYEKACHI 1760 NYANKA, YOHANNA 1612 MUSA JOSEPHINE BRISTON 1686 NNOROM UCHENNA HENRY 1761 NYONG SUNDAY EDET 1613 MUSA MOHAMMED KABIR 1687 NOBERT UZOCHUKWU ARONU 1762 NZE GODFREY 1614 MUSA SADIQ SANKARA 1688 NORGEM NIGERIA LTD, 1763 NZEH GODWIN ANAYOCHUKWU 1615 MUSA, ALTINE AYUBA 1689 NSI AGWU CHIMA 1764 NZELIBE CHINELO GRACE 1616 MUSA, SUNDAY 1690 NTON NTO SYLVANUS 1765 NZELIBE CHINUA OBINWANNE IFEANYI 1617 MUSA, YUSUF 1691 NUHU, STEPHEN 1766 NZELIBE IFEANYI 1618 MUSTAPHA AFIS ADEBIMPE 1692 NUHU, STEPHEN NUHU 1767 NZELIBE JAUCHI NNEKA.M. 1619 MUSTAPHA SAYE MUHAMMAD 1693 NURA ALIYU 1768 NZELIBE MUNACHI MADUEGBUNA
125 2009 DIAMOND BANK UNCLAIMED DIVIDEND
1769 NZEWI GRACE 1843 ODUNIYI OLAYINKA OLUSEGUN, 1918 OGUNSANYA ALABA 1770 NZEWI MARTIN C. 1844 ODUNSI JOSEPH OLATUNJI 1919 OGUNSANYA KEHINDE 1771 NZIWU BETHRAND MMOJINDU 1845 ODUNTAN OLUFUNKE JACQUELINE 1920 OGUNSANYA TAIWO 1772 OASIS INSURANCE COMPANY LTD, 1846 ODUNTAN, TITILAYO OMOWUNMI 1921 OGUNSEMI JOHNSON A., 1773 OBAAH IFEANYI PATIENCE 1847 ODUNUGA ELIZABETH 1922 OGUNSIPE BENSON 1774 OBADIGIE SYLVESTER 1848 ODUNWA PETER OGUOZI 1923 OGUNSOLA EMILY 1775 OBAGUNLU JOSEPH BAYODE 1849 ODUPITAN SAMSON AFOLABI 1924 OGUNSOLA KAZEEM AYODEJI 1776 OBAGUNLU SYLVESTER OMOKHODION 1850 ODUSANYA SEGUN - OCCAM, 1925 OGUNSOLA TAOFIQ 1777 OBALICE INVESTMENTS LTD, 1851 ODUSINA SAMUEL DAYO, 1926 OGUNTADE ADEJOKE 1778 OBASA OLATUNDE STEPHEN 1852 ODUWOLE OLASENI, 1927 OGUNTADE BUSUYI EMMANUEL 1779 OBASANJO MICHAEL OLOWOOKERE 1853 ODUWOLE-BADEKALE AMOS O., 1928 OGUNTOWO EZEKIEL ADEOGUN 1780 OBASAWO BEATRICE OLUTOYIN 1854 ODUYEMI ADEMOLA OLUGBENGA 1929 OGUNTUYI JOSPHINE OLUFUNKE 1781 OBAWEYA BABATUNDE BENJAMIN 1855 ODUYOYE MICHAEL OLUREMI 1930 OGUNUSI SEKINAT ADEBISI 1782 OBE HANNAH BOLANLE 1856 OFFIAH DON 1931 OGUZIE JERRY HENRY 1ST 1783 OBENE HENRY 1857 OFFOR MAUREEN A 1932 OGWU DAVID OLISA 1784 OBES NIG LTD 1858 OFFOR, UGWUKA JOSIAH 1933 OGWU EMMANUEL UCHECHUKWU 1785 OBEYA JEREMIAH, 1859 OFILI HELEN NKECHI 1934 OGWUMA , PAUL A. OFR 1786 OBHIO JEROME 1860 OFILI KENECHUKWU 1935 OHAERI NICHOLAS EMEKA 1787 OBI GREGORY PETER, 1861 OFOEGBU MARK IKEOTUENYE 1936 OHAKWE GREG MADUEBONAM 1788 OBI UZOMA CHINONYE 1862 OFONAGORO WALTER IBEKWE, 1937 OHANUGO WILBERFORCE NONYE 1789 OBIAGWU CHRISTIAN OGUNDU 1863 OFOREGBU CHUKWUKA SAMUEL 1938 OHIOMBA FRANCIS 1790 OBIAKOR CHUKWUMA 1864 OFULUE KANWULIA JOY 1939 OHIWEREI , OHIS 1791 OBIANERI EMEKA 1865 OFULUE SYLVESTER AZUBUIKE, 1940 OHOR CHARLES OHOR 1792 OBIANIME IGBIKIOWUBO 1866 OGA, SABO MUSA 1941 OJEANOR OMON CELESTINA 1793 OBIDIOZOR CHIMEZIE IBE 1867 OGAH, UMAR 1942 OJEDIRAN BAMIDELE SUNDAY 1794 OBIEBI STELLA OBIEBI 1868 OGBANI BERNICE UDO 1943 OJEDOKUN JOSEPH ADETUNJI 1795 OBIEGBUNAM KEVIN CHIEDOZIE 1869 OGBANKITI, AGBOREBULEM AMOS 1944 OJEDOKUN OLALEKAN 1796 OBIEKWE CHRISTOPHER NDUKA, 1870 OGBE COMMUNITY BANK LIMITED, 1945 OJEJINMI, THERESA IBIYEMI 1797 OBIGAJU JOSEPH OKWUCHUKWU 1871 OGBE OJOH 1946 OJEKALE ADEJARE AMOBI 1798 OBIKE FELIX CHIJIOKE 1872 OGBEBOR CHRISTOPHER 1947 OJEKPO, SULEIMAN ISAH 1799 OBILONU, LOUIS OZOEMENAM 1873 OGBECHE EJIRO JOCELYN 1948 OJELE LANRY A 1800 OBINECHE ENYIOMA NWAOGU 1874 OGBODO SILAS CHIDIEBELE 1949 OJETUNDE OLUKUNLE PETER 1801 OBINO RESOURCES NIG LIMITED 1875 OGBOGU CHRISTIAN EBERE 1950 OJEYEMI PAUL OLUMIDE 1802 OBINWA DANIEL ANULI 1876 OGBOLE, HUSSEINI 1951 OJI IRO , JONAH 1803 OBIOHA RICHARD CHUKWU 1877 OGBONNA ADAOBI JENNIFER 1952 OJIABO CHIBUIKE REX 1804 OBIORAH IKECHUKWU JOHN 1878 OGBONNA EKENEDILICHUKWU .E. 1953 OJIEGE TOBECHUKWU TOBIAS 1805 OBISESAN GBADEGESIN ALABI 1879 OGBONNA JARLATH OPARA 1954 OJILAKA-NWAFOR, OLIVIA NGALOZE & 1806 OBLE, HABU MOHAMMED 1880 OGBONNA UCHELOVE NWAFOR YOUNG MACAULARY OJILAKA 1807 OBOH DESTINY 1881 OGBONNA, O H 1955 OJO .E. CHARLES, 1808 OBOH NKOYO OKON 1882 OGBOSE NNABUCHI CHUKWUEMEKA 1956 OJO FUNMILAYO YEMI 1809 OBOJAKPOR EMUS ANDREW 1883 OGBUEWU, EKE NDUKWO 1957 OJO IDOWU ANTHONY 1810 OBOT JOSEPH EMMANUEL 1884 OGBUTA INVESTMENT COMPANY LIMITED, 1958 OJO ISAAC KOLAWOLE 1811 OBRIDJA ABRAHAM 1885 OGHOMI FRANCIS IGHOMARO 1959 OJO NINUOLAOLUWA M. 1812 OBU, OLUMBA 1886 OGIZA MARY 1960 OJO SAMSON OLUGBENGA 1813 OBULUM ELIAS .U 1887 OGOH, ADAKOLE CHRIS 1961 OJOBO SUNDAY IFEAYICHUKWU 1814 OCEANIC BANK INT'L LTD, 1888 OGOLO HENRY OMOAREBU 1962 OJOBOR THEOPHILUS OKONKWOR 1815 OCEANIC BANK/BELFRY INV & SEC LTD- 1889 OGON AYANG PATRICIA 1963 OJONG-AYUK BATES ARSAN TRADNG, 1890 OGU MARTIN OBINNA 1964 OJORA RASAKI OLUWOLE 1816 OCEANIC BANK/IMPERIAL ASSETS MGR-TRDG, 1891 OGU PRINCE KASARACHI, 1965 OJUMU THEOPHILUS O., 1817 OCEANIC INSURANCE CO LTD, 1892 OGUAH AKOSI AUGUSTA 1966 OJURI, ADEKUNLE OLANRAN 1818 OCHIE SUNDAY AKHALE 1893 OGUAH IYEGHO SANDRA 1967 OKAFOR AMAKA JANE 1819 ODAH SUNDAY OGOR 1894 OGUCHE USMAN 1968 OKAFOR AMANCHUKWU 1820 ODEBUNMI PAULINA BISI 1895 OGUEJIOFOR , CHINEDU 1969 OKAFOR ANTHONY CHUKWUMA 1821 ODELANU SAMSON ADEBOYE 1896 OGUH AUGUSTINE AKUJORONUMA 1970 OKAFOR AUSTIN NKENDI 1822 ODERINDE, IDOWU 1897 OGUNBAMOWO, FRANCIS ADEBAYO 1971 OKAFOR BENJAMIN ARINZE 1823 ODESHOLA OLUGBADE SUNDAY 1898 OGUNBAMOWO, PHEBEAN OLURONKE 1972 OKAFOR DANIEL OSITA 1824 ODEYEMI DIRAN 1899 OGUNBANWO ADEYEMI 1973 OKAFOR ELIAS CHIKA ODILI 1825 ODI GREGORY 1900 OGUNBONA OLUWAKEMI TITILOPE 1974 OKAFOR FAVOUR 1826 ODIDO, SHEHU 1901 OGUNBUSOLA SOLOMON AKINWOLE 1975 OKAFOR FIDELIS V 1827 ODIGIE MARY 1902 OGUNDANA OMOTAYO ABAYOMI 1976 OKAFOR FRANCES CHINECHEREM 1828 ODINAKA EMEKA PATRICK 1903 OGUNDEPO AKINDELE ABAYOMI 1977 OKAFOR IKENNA ADORA EVA 1829 ODIONWUNAKA FESTUS AZUBIKE 1904 OGUNDEYI, ADELEKE 1978 OKAFOR IKENNA CHINEYE GIFT 1830 ODITA NKEM PATIENCE 1905 OGUNDIJO OLAIDE 1979 OKAFOR JIDEOFOR HENRY 1831 ODIWO DAVID 1906 OGUNDIPE DAVID OLUSEGUN 1980 OKAFOR JOY CHINYELU 1832 ODOEMENE AUGUSTINE EZECHI 1907 OGUNJIMI LASISI OLADIMEJI 1981 OKAFOR MATTHEW OSITA 1833 ODOGBO VENATUS 1908 OGUNLESI OLUMIDE ANTHONY 1982 OKAFOR OFILI CHARLES 1834 ODOGBO VEWATUS 1909 OGUNLEYE JOSEPH AINA 1983 OKAFOR, COSMAS ONYEBUCHI 1835 ODOGWU, SANDRA N. CHINYELU 1910 OGUNLEYE OLAGOKE LEONARD 1984 OKATA IROAKAZI NNAMDI 1836 ODOH-IDIKE JANESFRANCES NNENNA 1911 OGUNLEYE OLUWATOSIN OLAYINKA 1985 OKEABA PROMISE N. 1837 ODOOM FRANK KOLAWOLE 1912 OGUNMADE ADEKUNLE 1986 OKECHI CHIWENDU GIFT 1838 ODU DOROTHY ULOMA 1913 OGUNMOROTI SUNDAY PATRICK 1987 OKEH CHRISTOPHER 1839 ODUFUWA GBEMILEKE DAVID 1914 OGUNMUYIWA JAMES SESAN 1988 OKEKE CHIKE MICHAEL 1840 ODUKO ADEDOYIN OLUWAJUWON 1915 OGUNNUPE ADEOYE 1989 OKEKE CHUKWUDI 1841 ODUM VINCENT OBINNA 1916 OGUNNUPE OLUBUNMI IDOWU 1990 OKEKE EVANS MADUKA 1842 ODUNFA SAMUEL AKINLOLA 1917 OGUNS, MUINATU 1991 OKEKE FRIDAY RAYMOND
126 DIAMOND BANK UNCLAIMED DIVIDEND 2009
1992 OKEKE GLORIA 2066 OKUNRINBOYE CHARLES ADEREMI 2139 OLUTIMEHIN TEMILOLUWA 1993 OKEKE IFEANYICHUKWU, OKUNRINBOYE 2140 OLUWA TOYIN JIBRIL DUROSINMI, 1994 OKEKE IFEOMA 2067 OKUNRINBOYE IREOLUWAMITIDE ISAAC 2141 OLUWADARA IBIDAPO OLUWALOLOPE 1995 OKEKE MICHAEL 2068 OKUNRINBOYE TANITOLUWA DANIEL 2142 OLUWADARE JOSEPH AKINRINMADE 1996 OKEKE, DAVID CHUKWUKA 2069 OKWESILI, AUGUSTINE 2143 OLUWAFEMI SAMUEL BUKOLA 1997 OKEM PATRICK CLEMENT 2070 OKWOLI PETER IDOKO 2144 OLUWATUYI CALEB ADEREMI 1998 OKENYI JULIANA 2071 OKWUOKEI SIMON SUNDAY 2145 OLUWO PELADE OLAYINKA 1999 OKEREKE CHRIS 2072 OLA BOLAJI OLUSEGUN 2146 OLUWOYE TITUS AYOOLA 2000 OKIGBO , LINDA 2073 OLA ISAAC AYOBAMI 2147 OMACHI MARY 2001 OKODUA AUGUSTINE E 2074 OLABODE OLUWATOBILOBA TOFUNMI 2148 OMACHOKO DAVID MARK 2002 OKODUWA PATRICK ADAGHE 2075 OLABODE TEMILOLUWA AYOMIDE 2149 OMAGE STEPHEN BABATUNDE 2003 OKOEDION GABRIEL .O. 2076 OLADEPO JACO BOLANLE 2150 OMAKUN , ESTHER 2004 OKOH FRIDAY ONUORA 2077 OLADIPO DAMILOLA ELUBANKE 2151 OMATSOLA MOSES E. 2005 OKOKON, ERNEST EDEM 2078 OLADIPO HELEN EYEH 2152 OMEOGA CHUKWUEMEKA THEOPHILUS 2006 OKOLI , CHIZOMA 2079 OLADIPO MUDASHIRU BISI 2153 OMETRACO INT'L LTD 2007 OKOLI CHIKA PATRICIA 2080 OLADIPUPO ADAM 2154 OMIDIYA OLUGBENGA, 2008 OKOLI IFEANYI OKOLI 2081 OLADOSU KAMARUDEEN KAREEM 2155 OMIGIE BEATRICE ABUODUBO 2009 OKOLI JULIETTE CHIKODILI 2082 OLA-FADUNSIN AKINBOWALE OLUFEMI 2156 OMOJOLA TOLULOPE BRIDGET 2010 OKOLI STEPHEN OSITA 2083 OLAGUNJU BUSHURA AJADI 2157 OMOLASOYE CHRISTIANA ADEGBENGA 2011 OKOLI, STELLA 2084 OLAIFA AKINTUNDE MODUPE 2158 OMOLEWA SESAN ADEMIJU 2012 OKOLO CALLISTUS AFAM 2085 OLAIYA ABIMBOLA BUKOLA 2159 OMOLEWU OLUGBENGA 2013 OKOLO EDITH 2086 OLAIYA SIKIRU 2160 OMONAIYE ELIZABETH AINA 2014 OKOLO JOE 2087 OLAJIDE FRED O., 2161 OMOOBA VICTORIA OLAOLUWA 2015 OKOMAH HENRY DAN 2088 OLALEKAN SEFIU OYEWOLE 2162 OMORODION HUMPHREY 2016 OKON ETETIM ETIM 2089 OLALEYE ABDULAHI 2163 OMOROGIEVA STEPHEN IDEMUDIA, 2017 OKON, LEO EFFIONG 2090 OLALEYE LATEEF OLADAPO 2164 OMOTOLA ALABA 2018 OKONGWU LAWRENCE CHUKWUDI 2091 OLALEYE LUKE AJISAFE 2165 OMOTOSHO(DECD) MRS OMOTOSHO 2019 OKONGWU NNAMDI CHUKWUELOKA 2092 OLALEYE OLUFEMI AMOS OLAYINKA(ADMOR) CALEB BABADIPO 2020 OKONKOEJE ABIGAIL 2093 OLANIYAN BUSAYO OMOWUMI 2166 OMOTOSO ADEGBITE OLADIRAN, 2021 OKONKWO AGNES 2094 OLANIYI OYELUKA VICTORIA 2167 OMUDU MARGARET OGOLOINU 2022 OKONKWO CHIJIOKE JOHN 2095 OLAOYE OMODELE O 2168 OMUYA OZIGI JOSHUA, 2023 OKONKWO CRISTOPHER CHIDI 2096 OLAOYE OYENIYI LIADI, 2169 ONABANJO BIRIKISU AFOLAKE 2024 OKONKWO SAMUEL ANAYO 2097 OLASOJI, AMOS ENIOLA 2170 ONABANJO BUSOLA SAHEEDAH 2025 OKORAFOR ONYEKA AMADI 2098 OLASUPO, ADEREMI TAJUDEEN 2171 ONADIPE 2026 OKORE MOSES NWANKWO 2099 OLATEJU SARAFADEEN ADEKUNLE 2172 ONAGA ANTHONY IKECHUKWU 2027 OKORI EJIKE JEROME 2100 OLATOMIDE ADEWALE DANIEL 2173 ONAH EMMANUEL OBINNA 2028 OKORIE GEORGE CHIJIOKE 2101 OLAWOYE OLABISI O. 2174 ONAH JOSEPH NDUBISI 2029 OKORIE NGOZI UGWUBUJO 2102 OLAWUYI JOEL 2175 ONAH ONYEBUCHI 2030 OKORIE NICHOLAS CHIJIOKE 2103 OLAWUYI OLUFEMI BABATUNDE 2176 ONAHOR MICHAEL 2031 OKORO ANTHONY IFEANYICHUKWU 2104 OLAYENI ABIBU OGUNBIYI 2177 ONALO JANET OJOMA 2032 OKORO CHUKWUDI 2105 OLEBUNNE CHARITY CHIMMY 2178 ONASANYA STEPHEN OLABISI, 2033 OKORO CYPRIAN OKECHUKWU 2106 OLEJEME PRINCE BOB OZUE 2179 ONAYEMI OLUFEMI FELIX 2034 OKORO GRACE 2107 OLELE, PAUL OMEOGOR 2180 ONDO STATE GOVT, 2035 OKORO LINUS NNANNA 2108 OLIBALE SAMSON AJIBOLA, 2181 ONEJEME IFEATU CHINEDU, 2036 OKORO MOSES 2109 OLISA SAMUEL EKUNDAYO 2182 ONI AKINBIYI AKINTUNDE 2037 OKOROAFOR ADOLPHUS OGUNKA 2110 OLISAKWE GEOFFREY 2183 ONI JOHN FOLORUNSO 2038 OKOROIGWE, CHRIS IFEANYI 2111 OLISE EMEKA VICTOR 2184 ONI JOSEPH ODION, 2039 OKORONKWO NNENNA MAI 2112 OLOGE, TITILOLA 2185 ONI JULIANAH KEHINDE 2040 OKOSUN GODWIN 2113 OLOJEDE FOLAKEMI YETUNDE 2186 ONI OLAYINKA 2041 OKOSUN MICHEAL 2114 OLOKOR OGHENEFEGRO EDWIN 2187 ONI RAPHEAL SHOLA 2042 OKOYE CHARLES AZUBUIKE, 2115 OLOKUNTOYE OLUWATOBI ABIODUN 2188 ONIFADE TINUOLA MOBOLAJI, 2043 OKOYE CHIBUZO EDMUND 2116 OLOLO PETER UKUORITSEMOFE, 2189 ONIGBINDE ABRAHAM ISHOLA 2044 OKOYE SIMON OGOCHUKWU 2117 OLOMIDE OTITOJU 2190 ONIGBINDE ISAAC OLADEPO 2045 OKOYE, BETTY ADAORA 2118 OLOMO ADEBAYO KOLAWOLE 2191 ONODIPE LAWSON BADEJO 2046 OKPAGA EMENIKE ITSUMA 2119 OLOMU OLATUNJI ALAO 2192 ONOGWU CATHERINE O. 2047 OKPAKALA, MARSHAL MKPE 2120 OLONI FELIX A. TOLU 2193 ONOJA MUKASA S 2048 OKPALAKU GODWIN FRANKLIN 2121 OLONISAKIN OLUWATOYIN YEMISI 2194 ONOJA PRISCILLA I 2049 OKPALANZE JOHN CHINWEUBA 2122 OLORI TAJUDEEN ADISA 2195 ONONIWU PRINCE CHIMEZIE 2050 OKPALE JACKSON O 2123 OLORUNFEMI OLUDARE 2196 ONONUJU CHIEDOZIE FRANKLIN 2051 OKPALEKE CHUKWUEMEKA EMMANUEL 2124 OLORUNLEKE, PAUL AYORINDE 2197 ONOYAKE KINGSLEY 2052 OKPALEKE NJIDEKA EMMANUEL 2125 OLOWOYEYE OLUFUNKE TAIWO 2198 ONU JOHN EZE 2053 OKPANACHI, BALA EMMANUEL 2126 OLUBIYI SAFARA ADEKUNLE 2199 ONU JOSEPHINE CHIMEZIRI 2054 OKPARA OGBONNA 2127 OLUBOYE FOLAKE BOLATITO 2200 ONUCHE ADUKU EMMANUEL 2055 OKPE DELE ELIJAH 2128 OLUE MONDAY 2201 ONUH FRIDAY CYRIL 2056 OKPE JULIANA 2129 OLUFUNSHO ADESINA DOHERTY, 2202 ONUH KENNIS CHUKWUNWEOLU 2057 OKPE PAUL 2130 OLUFUWA EMMANUEL AFOLABI 2203 ONUKWUBIRI JOYCE NGOZI 2058 OKPEH FELIX 2131 OLUGBANI MOHAMMED SAHEED TOLANI 2204 ONUMAJULU, BERNARD C. 2059 OKPEKU OSEINOMA 2132 OLUKA PHILIP 2205 ONUMINYA PETER 2060 OKPOSIN COMFORT CHINYERE 2133 OLUMESE FLORENCE EKELEOSEYE 2206 ONUNKWO BENJAMIN 2061 OKUBANJO BOLAJI 2134 OLUMUYIWA OLUWOLE 2207 ONUNWA NDUKA ANTHONY 2062 OKUKU DAVID 2135 OLUSEGUN ADEKUNLE OYEBOLA 2208 ONUOGU RAPHAEL C 2063 OKUNDAYE NOSAKHARE 2136 OLUSEYI IKOTUN, 2209 ONUORAH REUBEN IKEY 2064 OKUNJEMIRUWA DEBORAH CHIDINMA, 2137 OLUSUNBOLA OLUREMI JACOB 2210 ONWENI, AMARACHUKWU 2065 OKUNOLA ADEREMI SAKIB 2138 OLUTIMEHIN OLUWATAMILORE 2211 ONWERE ADA
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2212 ONWOCHEI CHRSTIE CHIEDOZIEM 2285 ORUKPE MERCY 2360 OYEGBOLA ADEBAYO JOHN 2213 ONWUAKPA OBIAGELI, 2286 ORUKPE PEACE 2361 OYEJOBI PETER OLUWOLE 2214 ONWUANYI BONIFACE ANUKWU 2287 ORUKPE PIUS 2362 OYEKOLA AZEEZ 2215 ONWUBOLU ANNE NGOZI 2288 OSADEBAY CECILIA UMEADI 2363 OYELOWO, THOMAS KOLAWOLE 2216 ONWUCHEKWA AKOBUNDU 2289 OSAIGBOVO OKHIONKPAIMWONYI OSAGIE 2364 OYENOLA OLUYEMI 2217 ONWUDIKE OGBONNAYA CHIKWE 2290 OSAKA DANIEL 2365 OYESILE CLEMENT OLUSOJI OYESILE 2218 ONWUEGBUCHI OSONDU CHIEMEKA 2291 OSANYINPEJU OLALEKAN SAHEED 2366 OYESOLA TUNDE 2219 ONWUGBENU CHUMA OBUM 2292 OSARENKHOE EDDIE AGHAMIOGHO 2367 OYETUNJI LAWRENCE, 2220 ONWUKA SAMUEL, 2293 OSEGHALE GABRIEL O. 2368 OYEYINKA BABAJIDE OYETAYO 2221 ONWUKA SAMUEL, 2294 OSEMEKE ANIEMEKE GIBSON 2369 OYEYINKA OYEDELE OLANIYI 2222 ONWUKANJO NWAMARA 2295 OSEMEKE NGOZI NEVILLE 2370 OYEYINKA OYEFUNKE MONILOLA 2223 ONWUMERE LORETA NKECHI 2296 OSEMENAM C A 2371 OYOBIO ANGELA MAYEN 2224 ONWURAH HENRY CHINEDU 2297 OSEMENAM NDIDI 2372 OYOM JOYCELYN NNENNA 2225 ONWUSA ANDY EZENWA 2298 OSEMENAM WARINGA 2373 OZEGBE, LARRY NDIDI 2226 ONWUZULIGBO MICHAEL IKECHUKWU 2299 OSHAI VICTORIA 2374 OZI-AKANDE SUNDAY 2227 ONYEAGUSI ANTHONY 2300 OSHIEMETE MONDAY UZEZI 2375 OZIENGBE AUGUSTINE OSEME 2228 ONYEAGWU FESTUS EZEKWEM 2301 OSHOGBE VERONICA ONOSHORERE 2376 OZIGIADAMS- TRADING ACCOUNT 2229 ONYEAKAZI NGOZICHUKWU CLARA 2302 OSHUNLEYE AINA 2377 OZILLY JOY 2230 ONYEBU FRANK IKECHUKWU, 2303 OSHUPORU FRANCIS OLUFEMI 2378 OZOEKWE OKEZIE SAMUEL 2231 ONYEBUCHI JOSIAH NDUBUISI 2304 OSIDIPE VICTOR SOLARIN 2379 OZOEMENA EMMANUEL AMOBI 2232 ONYEGBUCHULEM LILIAN ONYIYICHUKWU 2305 OSIKOYA OLUFUNMIKE ADEFOWOKE 2380 OZOEMENA GEORGINA I 2233 ONYEGBULE MARY ADAURE 2306 OSIMEN PHILIP 2381 OZO-ESON PETER 2234 ONYEJEOCHA, KINGSLEY 2307 OSINEME NGOZI BENEDETH 2382 OZOMALIE CHIJIOKE EMMANUEL 2235 ONYEJEOCHA, KINGSLEY 2308 OSINOWO JOHNSON OLUGBENGA SUNDAY 2383 OZOR CHIKA ANTHONY, 2236 ONYEKABA JULIE AMA 2309 OSIVWENU MERCY OGHENEKEVWE 2384 OZOR CHRISTIAN OLUCHUKWU 2237 ONYEKACHI GOODNESS 2310 OSOBAJO OLUSEGUN 2385 OZORDI, JOHN U. 2238 ONYEKAONWU VICTOR OBINNA 2311 OSOFISAN OLOLADE 2386 PACIFIC NEST COMPANY LIMITED, 2239 ONYEKWERE EZEKIEL ANOCHIRI 2312 OSOMO FOLORUNSO OMOTOLA 2387 PAM EUGENE DUNG MONYEANYA 2313 OSONAIKE JOHNSON OLUDARE 2388 PAM GWOTT, MICHEAL 2240 ONYEMA CHIJIOKE GILBERT 2314 OSONGBESAN OLUFUNMILOLA MORENIKE 2389 PAM PIUS DUNG 2241 ONYEMA CHRISTAIN 2315 OSOTIMEHIN BABATUNDE 2390 PAML/GUARDIAN TRUST INSUR CO. LTD, 2242 ONYEMENEM FELIX EGBULEM 2316 OSSAI BONN PAUL, 2391 PAUL & GRACE PROPERTY & INVST. COY LTD, 2243 ONYEMEREKWE OKECHUKWU 2317 OSSAI GEORGINA CHINYERE 2392 PAUL CHUKS ITF FAVOR OJUH 2244 ONYENANU TIMOTHY UGOCHUKWU 2318 OSSUETTA JANET OMANYOGHA 2393 PAVINA GLOBAL SERVICES LTD 2245 ONYENSO S.O C 2319 OSUAGWU MOSES IKECHUKWU 2394 PEACE CAPITAL MARKET LIMITED, 2246 ONYENUCHEYA LINDA NJIDEKA 2320 OSUAGWU, MAGDALENE 2395 PEACE CAPITAL MARKET LTD., 2247 ONYEONAGU BASIL 2321 OSUAGWU, MAGDALENE NKECHINYERE 2396 PENO ERA COMPANY NIG. LTD 2248 ONYEONAGU CHIKA 2322 OSUAGWU, NKECHI MAGDALENE 2397 PETER, GREGORY ONWUBUASI OBI 2249 ONYERERI JONES CHUDI 2323 OSUCHUKWU AZUBUIKE A 2398 PETERSIDE ATEDO NARI ATOWARI, 2250 ONYEUKWU JOVITA KELECHI 2324 OSUCHUKWU SAMUEL CHIDIEBERE OKEZUO 2399 PININEE, B. STANLEY 2251 ONYIA JOSEPH SUNDAY 2325 OSUIDE, ROSE 2400 PIUS PETER OMOLUWABI 2252 OPANA MARGARET 2326 OSUJI STELLA CHINYERE 2401 PLATAEU STATE POLYTECHNIC B/LADI, 2253 OPARA AUSTIN, 2327 OSUJI UZOMA HERBERT 2402 PLATEAU COOPERATIVE FEDER, ATION 2254 OPARA CHIWENDU MISHAEL 2328 OSUNKOYA LANRE DAYO LIMITED. 2255 OPARA COMFORT NNENNA 2329 OTAFU ADEKA ONYEMA 2403 PLATEAU INDUSTRIAL, DEVELOPMENT 2256 OPARA STEPHEN IKE 2330 OTARU ABILOYE AUTHORITY 2257 OPARA UGOCHUKWU 2331 OTEGHERI LUCKY (JP) 2404 PLATEAU STATE WATER BOARD, . 2258 OPARA, HERBERT C 2332 OTI K. C. 2405 PLATEAU, INVESTMENT-DEPOSIT 2259 OPARAH EMEKA MARKATHAN 2333 OTIEDE GODWIN O. DAVID 2406 PLUMMAGE MANAGEMENT LIMITED 2260 OPENE ANTHONY CLIFFORD UGBOMA 2334 OTOH DANIEL OCHOCHE 2407 POPOOLA, ADEDOTUN TAJUDEEN 2261 OPEODU OLANREWAJU IGE 2335 OTONO, GAVENTA AGBUBUIKE 2408 PORTFOLIO MANAGER ACCOUNT, 2262 OPIEGBE IJEOMA LILIAN 2336 OTUNBA AYOORA, DR. BOLA KUFORIJI- OLUBI 2409 PRINCE JO - BAM INTERNATIONAL LTD 2263 OPTIONS SECURITIES-DEPOSIT 2337 OTUNYO BRIDGET 2410 PRINCE NWOSU IFEANYI 2264 OPUOFNI STEPHEN 2338 OTUNYO VINCENT 2411 PRODOS LIMITED, 2265 ORABUEZE EUNICE 2339 OTUSANYA GABRIEL ADEIYE 2412 PROFS. STOCKBROKERS LTD TRADED-STOCK- 2266 ORAGWU JENNIFER OGECHUKWU 2340 OVAT VICTOR & SYLVIA JACOB A/C 2267 ORAGWU PAUL CHUKWUEMEKA 2341 OVBA ADEBIYI 2413 PUDENS, JONATHAN 2268 ORAH ELIZABETH NKIRUKA 2342 OVILI GODDEY 2414 PUDENS, JONATHAN D. 2269 ORANWUSI RAPHAEL OBIORA 2343 OWENS JANE NKEIRUKA 2415 PWAJOK, SIMON 2270 ORAUKWU MICRO FINANCE BANK LTD, 2344 OWO CHUKWUDI OKORO, 2416 Q-TREASURE INVESTMENT LTD 2271 OREAGBA, ABIOLA MUTIAT 2345 OWOADE GLADYS OLADUNI 2417 RABIU BAKARE ADEREMI 2272 OREDIA OMORUYI 2346 OWODUNNI & SONS MOTORS, LTD. 2418 RAHEEM TEMITOPE ESTHER 2273 OREDIA OMOZEEL LISA 2347 OWOEYE KAYODE MOSES 2419 RAJI BURAIMOL ABUDU 2274 OREDIA OSAGIE LAWSON 2348 OWOEYE OLADOYIN OMOLABAKE 2420 RAJI RAFIU AROWOLO 2275 OREKAN-OLAGUNJU OLAKUNLE AJADI ANU- 2349 OWOEYE OLAWANDE DANIEL 2421 RAJI-SHABI JEMINAT ABIOLA OLUWAPO 2350 OWOFADEJU OLABODE OLUBAMIJI 2422 RALPH , O. EKPEH 2276 OREKE MICHAEL EFE 2351 OWOH, OKEKE IKECHUKWU 2423 RASAK TAOFIK 2277 ORHORHORO EMUOBOR IDOWU 2352 OWORELU SAMUEL EMUYENMANO 2424 RATNANI MINAL ANIL, 2278 ORIADE CHARLES ADEKUNLE 2353 OWOTOKI ABRAHAM OLUWAFEMI 2425 RAVI MAHALINGAM, 2279 ORISHADIYA, BOSEDE FUNMILAYO 2354 OWUNNA DANIEL OBIOMA NNABUGWU 2426 RAYMOND AKOKO & CO 2280 ORJI CHINEDUM ENYINNAYA, 2355 OYAGBILE ALARAPE 2427 RAYMOND VINCENT JASPER 2281 ORJI CHUKWUEMEKA OGONNA 2356 OYAGBILE ALARAPE ADISA 2428 RCCG (ALL SAINT'S CHURCH) 2282 ORUKPE AUGUSTINE 2357 OYAWOYE OLUSOJI OLATEJU 2429 REGINA ADEFEKE ODIMAYO 2283 ORUKPE BLESSING 2358 OYEBODE OLUSESAN 2430 REHOBOTH ASSETS LTD, 2284 ORUKPE GRACE 2359 OYEFESO OLUKAYODE OYEBODE 2431 REMDIET KIEMALAK
128 DIAMOND BANK UNCLAIMED DIVIDEND 2009
2432 RFASEYIKU OLAUYI NELSON 2506 SHOFOLA KAMORUDIN O.O. 2581 THAANDA S R 2433 RICHMOND SECURITIES-DEPOSIT 2507 SHOGBESAN BABATUNDE ABIODUN TUNJIOLA 2582 THE INVESTOR GROUP 2434 RIMDAP ABDULKAR BIN 2508 SHOKANLU OLUWOLE 2583 THE PLAY PEN, 2435 RINTA, IBRAHIM 2509 SHONAIKE VICTOR ODUBAYO 2584 THE SHELL EAST STAFF INV.CO.SOCIETY LTD, 2436 RINTA, ZAMANI IBRAHIM 2510 SHUAIBU , HABIBU 2585 THOMAS FASETIRE KATE ADENIRAN 2437 ROHVEN, ZEMNA'AN ELISHA 2511 SHUAIBU MOHAMMED GULANI 2586 THORPE PHILOMINA FEYISARA 2438 ROHVEN, ZEMNA'AN ELISHA 2512 SHUAIBU TAHIRU GYATTE 2587 TIAMIYU RASHEED ADISA 2439 ROSTRUM INVESTMENT AND SECURITIES 2513 SHUAIBU USMAN MADABO 2588 TIDDO UNIVERSAL SEC.FIN.TRADED-STOCK- LIMITED 2514 SIC PROPERTY AND INVESTMENTS, A/C 2440 ROTIBI OLUREMI 2515 SIENE KASARACHI SAMUEL 2589 TIJJANI AHMED 2441 SAAD BIOLA SALAMAT 2516 SINGH SARITA 2590 TIKARI INTEGRATED INVESTMENT, 2442 SABO JEREMIAH 2517 SKY INDSTRIES NIG. LIMITED 2591 TIMINIMI GEORGE, 2443 SABO NJAM J 2518 SKYEBANK PLC/READINGS INV LTD -TRADING 2592 TIMKAT, VICTORIA NANRE 2444 SABO TIFATO J 2519 SKYEBANK PLC/TOWER SECURITIES - TRDG 2593 TIMLOH BUTVEN NKEM 2445 SABO, EMMANUEL BOYI 2520 SLIL SECURITY & TRUST LTD, 2594 TISSING, SAMUEL 2446 SABO, EMMANUEL BOYI 2521 SMITH OLANREWAJU 2595 TITUS, EMMANUEL TANMICIT 2447 SABO, EMMANUEL BOYI 2522 SOAGA RAUFU OLADIMEJI 2596 TOMORI LATEEF LAYIWOLA 2448 SADARE FOLASADE OMOLARA 2523 SOBUKOLA ANTHONY 2597 TOMORI LATEEF LAYIWOLA 2449 SADIK SULEIMAN AYINLA 2524 SOFIDIYA FUNMILAYO OLAJUMOKE 2598 TOMPANG(DECD) TOMPANG(MRS) 2450 SADIQ OMOLOLA MANSURAT 2525 SOFUNDE OSAKWE OGUNDIPE & BELGORE, RHODA(ADMOR), SUNDAY 2451 SADIQ RASHEED GBOYEGA, 2526 SOKEFUN ESTHER ALAKE 2599 TONY GANGER INVESTMENT CO. LTD., 2452 SADO MICHEAL 2527 SOLAJA IBILOLA, 2600 TONYIA, ROSELINE 2453 SAFELINE NIGERIA LIMITED, 2528 SOLE SURVIVER LTD, 2601 TOPMOST FIN.& INV. LTD.TRADED-STOCK-A/C 2454 SAHEED WAHAB OLAIWOLA 2529 SOTOYINBO SHYLLON ONATOLU 2602 TORO, LUKA DANLADI 2455 SAID AISHA 2530 SOUN NIMIBOFA ALFRED 2603 TORO, LUKE DANLADI 2456 SAKA AREMU 2531 SOVEREIGN TRUST INSURANCE PLC, 2604 TOWRY-COKER OLAOTAN 2457 SALAMI ABUDU GANIYU 2532 SOWHO UFOMA IGHO 2605 TRANSGLOBE INV.-DEPOSIT 2458 SALAMI IBRAHIM 2533 SOYANNWO, MODUPE OYINLOLA 2606 TREETES LIMITED, 2459 SALAMI QASIM OLAYINKA 2534 SPARKLE PROPERTY & TRUST CO. - OCCAM, 2607 TRENDS VENTURE LIMITED 2460 SALAUDEEN DAUDA OLADENI 2535 SPRG/SOBODU OLATUNJI OLUGBENGA 2608 TRENDS VENTURES LIMITED 2461 SALAUDEEN S. ADEYEMI 2536 SSCM-OKE ENIOLA 2609 TRUSTFUND PENSIONS PLC, 2462 SALIFU BLESSING E. 2537 ST NOMINEES 2, 2610 TURAKI ANTHONY SANI 2463 SALIHU ADAMA 2538 STANLEY MBANU 2611 TUTEJA VINAY, 2464 SALIHU BELLO 2539 STB FINANCE LIMITED. 2612 UBA CHIDI UBA 2465 SALIHU, YAHAYA OGAH 2540 STEPHENS, EL-SHADDAI ESQ 2613 UBA CHISOM UBA 2466 SALISU, YUSUF OKUBA 2541 STERLING ASSET MGT & TRUSTEES LTD, 2614 UBA GLOBAL MARKETS LTD, 2467 SALIU ABDULFATAI BAMIDELE 2542 STERLING CAPITAL MARKET LIMITED, 2615 UBA NOMINEES LTD - MAIN A/C, 2468 SALIU OLAIDE TEMITOPE 2543 STERLING CAPITAL MARKETS LTD, 2616 UBA PLC/DE-LORDS SECURITIES LTD- TRDNG, 2469 SALIU, LAWAL KEMI 2544 STERLINGBANK/MUTUAL BENEFITS/TFS-TRDG, 2617 UBA PLC/EURO COMM/UC NETWORK - 2470 SAMBO TIMAI SULEIMAN 2545 STI/ECOBANK-TRADING A/C, TRADNG, 2471 SAMUEL ANNA JONAH 2546 STIIF A/C, 2618 UBA STOCKBROKERS{REC}., 2472 SAMUEL OKE 2547 SUBAIR NURENI ADEDEJI 2619 UBAKA KENNETH EMENIKE 2473 SAMUEL, EZEH 2548 SULAIMAN ADEDOTUN, 2620 UBAPT UBA PLC/PARTNERSHIP INV CO- 2474 SANI AHMED/ RAMCE, 2549 SULAIMAN KEHINDE FOLAKE TRADING, 2475 SANI, IBRAHIM 2550 SULE SURAJUDEEN ADISA 2621 UBOH SAMUEL S, 2476 SANI, IBRAHIM 2551 SULE, BWANDI YUSUF 2622 UCHE KAOSISOCHUKWU BRYAN 2477 SANI, IBRAHIM 2552 SULEIMAN, MUSA 2623 UCHE OTUTU UDE 2478 SANKEY, CHARLES SAMSON 2553 SUMMIT INVESTMENT & PROP LTD, 2624 UCHE STANISLAUS IKECHUKWU 2479 SANNI OLUWAFEMI WAHEED TIMOTHY 2554 SUNDAY VITALIS 2625 UDEAGULU CELESTINE 2480 SARO UMAR A. 2555 SUNDAY, SALEH STEPHEN 2626 UDEBU VICTOR OMONIYI 2481 SCENIC REALTY VENTURES 2556 SUNMONU ABRAHAM OLABODE DADA 2627 UDEGBUNAM, EMMANUEL E 2482 SCM INVESTMENT LTD, 2557 SUNMONU SHAKIRAT OLARINRE 2628 UDEH CHRISTIAN OGBONNA 2483 SCOTT-EMUAKPOR ISAAC AFONS 2558 SUNNY ASEMOTA MOTORS & CO, 2629 UDEH IFEANYICHUKWU 2484 SDS/ODEBO YEMI, 2559 SUNNY EZECHINYERE 2630 UDEMBA CHARLES NMADUKA 2485 SEASONS TRUST AND INV LTD A/C KAS BELLO 2560 SUOWARI BALA 2631 UDENSI NGOZI BENITA 2486 SEBABS NIG LTD 2561 SUSPENCE, 2632 UDENWA, ACHIKE 2487 SEBASTINE NSE ABASI .O 2562 TACHIO, ILIYA 2633 UDEOGU AMAECHI PAULINUS 2488 SEED MEDIA LIMITED, 2563 TADE ADEDOLAPO OLAJUMOKE 2634 UDEZE CHINYERE 2489 SEEM TRUST LIMITED, 2564 TAIWO BAMIDELE ADESINA 2635 UDO CHRISTOPHER CHUKWUDI, 2490 SELCHANG, IBRAHIM 2565 TAIWO ELIJAH ADETAYO 2636 UDO EFIONG OKON 2491 SELESI OLUSOJI OYEBOLA 2566 TAKON, PHILOMENA ANYA ONWANYI 2637 UDO MOSES JAMES 2492 SERIKI HAKEEM ABIOLA 2567 TALI, LAMAK LANGNAP 2638 UDOFIA HENSHAW EKANEM 2493 SERIKI MUBIN IBIKUNLE 2568 TAMAL IND. LTD, 2639 UDOH MFON PETER 2494 SERIKI OLUTOYIN ABOLANLE 2569 TANIMU ABDULLAHI IDRISS 2640 UDOH UDO AKPAN 2495 SHAGAYA, JOHN NANZIP (RTD.) 2570 TAPGUN, DONGJAP 2641 UDOH VICTOR FRIDAY 2496 SHAREEF AMIR MUSTAPHA 2571 TAPGUN, IRENE 2642 UDOH, SAMUEL HENRY 2497 SHEHU SULE 2572 TAPGUN, JANE YENHEN 2643 UFFONDU, BARTHOLOMEW EBEDIKE 2498 SHEHU, IDRIS MUHAMMED 2573 TAPGUN, JANE YENHEW 2644 UFFONDU, JOY ADANNA 2499 SHEICK KEFAS 2574 TAPGUN, PATRICIA 2645 UFOEZE, EUNICE UNAKU 2500 SHEIKH HUSSAIN E 2575 TAVERTEX NIGERIA LIMITED, 2646 UFONDU ANSLEM 2501 SHEKAROU, SULAIMAN M. 2576 TEBIRA EMMANUEL 2647 UGBAJA IKECHUKWU PETER 2502 SHENDAM LOCAL GOVERNMENT, COUNCIL. 2577 TEDDIZ ELECTRICAL COMPANY 2648 UGBEBOR NDIDI VIVIAN 2503 SHESHI DANIEL TSADO 2578 TEETEEJAY ENTERPRISES 2649 UGBEHE UJIRO FORTUNE 2504 SHEYIN, CHECHET 2579 TEMLONG, IBRAHIM WANGFA 2650 UGBOMA CATHERINE OBIAGELI 2505 SHITTU OLASHILE N KARIMOT 2580 TETMUT TAHIRU GAMBO 2651 UGBOMA IJOMA
129 2009 DIAMOND BANK UNCLAIMED DIVIDEND
2652 UGBOMA KATE WILHEMINA 2727 USMAN BABAN SARA 2801 YAKUBU YUNUSA, 2653 UGBOMA PATRICK CHIKE 2728 USMAN BUKAR 2802 YAKUBU YUSUF BARRY 2654 UGHERAKPOTENI ARHO VERA 2729 USMAN GARBA 2803 YAKUBU, ALANS ABDULKARIM 2655 UGOCHUKWU, CHIGOZIE D. 2730 USMAN TAHIRU 2804 YAKUBU, SAMUEL BATURE 2656 UGOCHUKWU-OBI IFUNANYA 2731 UTO ESTHER 2805 YAKUBU, SARAH AYO 2657 UGOKWE PATRICK UCHECHUKWU 2732 UTUKPE OGHENEKOME GODWIN 2806 YAKUBU, SOLOMON EBUGA 2658 UGONOH ALHASSAN 2733 UWAGBOE SAMSON OMORUYI 2807 YAMBA, EZEKIEL C. 2659 UGORJI, CHUKWUMA CHUKWUEMEKA 2734 UWAKWE FRANCA CHIDINDU 2808 YARO YUSUF 2660 UGORJI, SCHOLARSTICA CHINYERE 2735 UWAKWE NNADOZ IE ETHELBERT 2809 YAROSON, GARBA A., 2661 UGORJI, UZOMA KELECHI 2736 UWANOGHO FELIX OGHENEVWERO 2810 YEKO BENJAMIN CHARLES O. 2662 UGURU PAUL UCHENNA 2737 UWAZIE MICHAEL NDUBISI 2811 YIBIS, KAMWOK GOTAR 2663 UGWU FESTUS SUNDAY 2738 UWUORUYA KOLOFF 2812 YILSHUUT, CECILIA 2664 UGWU FRANCIS I 2739 UYIGUE MOSES 2813 YIOLOKUN CHRISTIANAH OLUWAYEMISI 2665 UGWUANYI GODWIN CHUKWUEMEKA 2740 UZOAGWA CHUKS SUNSHINE 2814 YOBE INVESTMENT CO. LTD, 2666 UGWULALI NGOZI ANN 2741 UZOECHI NNAEMEKA OBI 2815 YOHANNA, EZEKIEL BOTSON 2667 UKAEGBU CHINALU WISDOM 2742 UZOH OLIVER 2816 YUGUDA (RSM RTD) MOHAMMED 2668 UKAIBE REGINALD CHIMA 2743 UZOIGWE CHIOMA 2817 YUGUDA MOHAMMED (RSM RTD) 2669 UKAIGWE KENNETH ASSUMPTA 2744 UZOIGWE PRINCESS 2818 YUNUSA ABDU 2670 UKAIGWE, ASSUMPTA ADAKU 2745 UZOIGWE STELLA 2819 YUSOOF MODINAT MOJI 2671 UKANDU OBINWANNE NWABUKO 2746 UZOKA EDITH OYIBOKA 2820 YUSUF M. LAMIDI 2672 UKASANYA NNAMDI DARLINGTON 2747 UZOKA, JOSEPHINE 2821 YUSUF MUSIBAU OLUSEGUN 2673 UKAWUBA CHARLES A.C. & JULIE U. 2748 UZONWUNE EPHRAIM EJIKE 2822 YUSUF NURUDEEN 2674 UKEJE EMMANUEL CHUKWUDI 2749 UZOR CLIFFORD UCHENNA 2823 YUSUF SALIF HASSAN 2675 UKOBASI MADUKA PETER 2750 UZOR, IJEOMA PATRICIA 2824 YUSUF SULAT OMOTAYO 2676 UKOH GREGORY EDET 2751 UZORKA MICHAEL CHUKWUMA 2825 YUSUF, FELICIA YIJIMWA 2677 UKONU CHINASAPKERE 2752 UZORKA OBIA BENEDICT 2826 YUSUF, IBRAHIM 2678 UKOR OMOHEFE E. 2753 UZOWURU UGOCHUKWU JOHN 2827 YUSUF, SALISU OKWBA 2679 UKPABIO ADIAHA 2754 UZU MERCY CHIKA 2828 ZAN COSMETICS INDUSTRIES LTD, 2680 UKPAI ANIETIE JOHNSON 2755 UZUNMA CHIGBU S 2829 ZANG, ANNE JIKIRIT 2681 UKPANA NENE PHILLIP 2756 VALUE MATRIX LTD 2830 ZANG, CHRISTIANA C 2682 UKPE CHIOMA DEBORAH 2757 VALUEMART LIMITED, 2831 ZANG, DALO D. B. 2683 UKPE EMMANUEL NWABUEZE 2758 VENTURES AND TRUST LIMITED, 2832 ZANG, PAM DARLINGTON 2684 UKPE ONOME GLORY 2759 VENUS CONSTRUCTION COMPANY LTD, 2833 ZANG, PAM GEOFFREY 2685 UKPEBOR GODWIN OTAIGBE 2760 VENUS CONSTRUCTION LIMITED, 2834 ZARIA, MUSA 2686 UKPONG PAULINA SUNDAY 2761 VETIVA CAPITAL MANAGEMENT LTD, 2835 ZEEKFORD SERVICES LIMITED, 2687 UKWUNNA SYNCLAIN MARTINS 2762 VETIVA CAPITAL MANAGEMNET LTD 4, FIRST 2836 ZENITH BANK/PIVOT TRUST & INV.-TRDG, 2688 ULU OGBONNAYA K., BANK OF NIG PLC 2837 ZITTA HOLDINGS LTD,, 2689 UMANA, UMANA OKON 2763 VETIVA GRIFFIN FUND, 2838 ZITTA HOLDINGS NIG LTD., 2690 UMAR ALTINE MOHAMMED 2764 VETIVA LIMITED, 2839 ZPC/IPML/UNILEVER RETIREES FUND -MAIN, 2691 UMAR SALAMA 2765 VETIVA NOMINEE "AFDEV TRUST A/C", 2840 ZPC/TRUST FUND/NNPC PENSION FUND- 2692 UMAR YAHAYA (ALHAJI), 2766 VETIVA NOMINEE HAJIYA HAJARA, TRDNG, 2693 UMAR, ABDULLAHI BASHAR 2767 VETIVA SECURITIES LIMITED, 2841 ZSL FMC ACCOUNT, 2694 UMAR, FARUQ ANATE 2768 VICTOR UKANA EDEM O 2842 ZTC LTD A/C ZAM-OPUS SECURITAS FUND, 2695 UMAR, ISA WAKASO 2769 VIRGIN FOREST INVESTMENT LTD, 2843 ZTC/1ST TRUSTEES/CRS RES FUND NO.2- 2696 UMAR, MARYAM HAMID 2770 VITAL DEVELOPMENT LIMITED, TRADG, 2697 UMARU SHAGALINKU, 2771 VIVA SECURITIES-DEPOSIT 2844 ZTC/1ST TRUSTEES/CRS RES FUND NO.3- 2698 UMARU, LYDIA AMINA 2772 W.G. CDR OYERINDE KET TRADG, 2699 UMBUR VIASHIMA 2773 WAHAB BELLO, 2845 ZUBAIRU, ATTAHIRU BAMAT 2700 UME NGOZI CHRISTIANA 2774 WAHEED AYINDE 2701 UMEH CHINEDU VINCENT 2775 WALAMA ABUBAKAR IBRAHIM 2702 UMEH FELIX ALFRED 2776 WALTON MACKAY INTERNATIO- NAL LIMITED 2703 UMEH GERADINE CHINASA 2777 WANG, DUNG MARKUS 2704 UMEH SUNDAY OKEKE 2778 WAYA, ILIYA KANZE 2705 UMEH, BONIFACE OZO 2779 WAZIRI ZAINAB ROH 2706 UMEJI BARTHOLOMEW IZUCHUKWU, 2780 WEAFRI WELL SERVICES CO LTD, 2707 UMEMBA IYKE 2781 WILKIE ARUNREYE DORA 2708 UMENNADI JOHN 2782 WILLIAMS EMMANUEL OLADAPO 2709 UMENSOFOR GABRIEL E 2783 WILLIAMS MARTIN LUTHER 2710 UMENWALIRI NGOZI BETTY (MRS), 2784 WILLIAMS WILLIAMS 2711 UMEOKOLI GODWIN CHIGOZIEM 2785 WILLIAMS, BABATUNDE OLATUNJI 2712 UMEUGOJI EBERE CHUKWU 2786 WILLIAMS, EUNICE M 2713 UMEWENI, TIMOTHY 2787 WILLIAMS, STEPHEN TANZE 2714 UMOH SATURDAY 2788 WONOSIKOU ABIMBOLA BOLAJOKO 2715 UNAEGBU AMOS IZUAZU 2789 WSTC NOMINEE LIMITED CLIENTS' ACCOUNT, 2716 UNEX SECURITIES & INVEST.LTD, 2790 WUYA, HENRIETTA ANASTASIA 2717 UNITY BANK/CENTRE POINT INV LTD-TRDG, 2791 XIRANT LIMITED 2718 UNOBUNJO OGBUGU DONALD 2792 XTOGET NIG ENT 2719 UNOGWU ALEYI GABRIEL 2793 YADUA JOY CHINAKA 2720 UNUIGBE, SAMUEL 2794 YAHAYA, MOHAMMED 2721 UNUKEVWERE DIAKPAROMRE CYRIL 2795 YAKI, AUDU ABASHE 2722 UPUU JULIET 2796 YAKUBU AYUBA ABOZEH 2723 URBAN-BASE REALTORS LIMITED, 2797 YAKUBU BITRUS ALLU 2724 URUBUSI JANET 2798 YAKUBU IBRAHIM KAULA (CAPTAIN), 2725 USIKALU KOLA 2799 YAKUBU IBRAHIM YUDUWADA 2726 USMAN ALIYU YALWA 2800 YAKUBU TIRMIDHI MUHAMMAD
130