Uche Obike
29 May 2005
Lagos — The Director General of Nigerian Stock Exchange (NSE), Dr. (Mrs.) Ndi Okereke-Onyiuke has commended the board and Management of Diamond Bank Plc for listing the shares of the bank on the Exchange.
Okereke-Onyiuke was particularly commended the Executive Chairman of the bank, Dr. Pascal G. Dozie for fulfilling the promise he made when he was the President of the NSE.
She said that Dozie had promised to bring the bank to the market after his tenure as the President of the Exchange.
She assured that the market operators were eager to support the bank to achieve its target as a quoted bank.
She further confirmed that the directors of the bank were fully informed about the post-listing requirements with the general undertaking and compliance of the Exchange.
"We have monitored Diamond Bank since inception 14 years ago, and we are very proud of its performance and achievements," said Okereke-Onyiuke.
The NSE boss personally performed the listing of the bank's 6,075,213,022 ordinary shares of 50 kobo each at N6.62 per unit by introduction.
At end trading on Friday, the newly listed stock appreciated by 33 per cent or 5 per cent to close at N6.95 per share, having been initially listed at N6.62 per share. It traded in 59 deals, a total of 11.422 million ordinary shares valued at N78.778 million.
Earlier, Mr. Ifeanyi Ohazurume, General Manager/Chief Executive Officer, Lynac Securities Limited on behalf of the sponsoring stockbrokers, ICON Stockbrokers Limited, Unex Securities & Investment Limited, Futureview Securities Limited, solicited for the listing by introduction of the entire paid-up share capital of Diamond Bank Plc made up of 6,075,213,022 ordinary shares of 50 kobo each at N6.62 per share.
The listing on Friday of Diamond Bank's shares brought to 37, the number of quoted banks, and to 207 the number of equities listed on the Exchange.
In his remarks, the Executive Chairman, Dr. Pascal G. Dozie said those at Diamond Bank were determined to put the bank on a solid footing before bringing it to the general public.
He listed some of the facts about the bank which included branch network of 53 nationwide, total assets of over N126 billion, shareholders' funds of over N20 billion, and clientele base of over 150,000.
To enhance Diamond Bank's contribution to the Nigerian economy, the Executive Chairman said the bank has struck enduring partnerships with international financial institutions like the International Finance Corporation (IFC), the Netherlands Development Company (FMO), the US EXIM Bank, the Commodity Credit Corporation (CCC) of the United States of America and Sinosure-the China Export-Credit Insurance Corporation.
He added that since Diamond Bank has been able to stamp its feet very boldly on Nigeria's economic landscape, it was the wish of the board and management to consolidate further as they continue to invest in building a dependable bank that will contribute to the well being of all stakeholders- customers, staff, shareholders, and the Nigerian society at large.
In pursuit of their new vision, Dozie announced that the bank has a new management of tested, youthful, aggressive, purposeful, highly focused and dynamic team.
"I am delighted to inform you that the appointment of a Managing Director, among this team, marks the beginning of the succession plan for the Chairman/Chief Executive Officer position," he said.
He expressed confidence that the new team of professionals, painstaking trained and groomed, will enable the bank to appropriately combine the speed of a youthful institution with the strength and experience of a tested board of directors to unleash a robust bank.
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