According to a report obtained by THISDAY yesterday, between December 2014 and June 2018, the immediate past management of Diamond Bank under the leadership of Mr. Uzoma Dozie as Chief Executive Officer, inherited a distressed oil and gas portfolio of $1.8 billion (N302.6 billion). Of this amount, the sum under Watch list and non-performing loans (NPLs) stood at $406 million (N68.9 billion) and $73 million (or N12.3 billion), respectively.
In addition, the bank had foreign currency balance sheet mismatch in excess of $883 million as at October 31, 2015, resulting from maturing trade obligations and customer transactional instructions. Similarly, Diamond Bank had unpaid billions of naira to the federal government’s Treasury Single Account (TSA), resulting to regulatory sanctions and negative public perception and waning customer confidence. The immediate past management of the defunct bank preserved Diamond Bank’s licence by paying down the inherited forex liquidity mismatch, it stated.
(This Day)
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