News
Diamond Bank Denies Converting Bank Branch to Otti’s Campaign Office
Diamond Bank Plc has denied recent media report that Dr. Alex Otti, its former group managing director/CEO had converted one of the Bank’s properties located at Library Road, Umuahia, Abia State to his political campaign office.
The bank noted that after a careful study and investigation of the said report, it has found out that the allegation was not only ‘’spurious but baseless and malicious’’.
The bank also termed as complete false, the allegation that the former bank CEO had laid conduits through which he siphons depositors’ funds to finance his gubernatorial campaign in Abia State.
In a release by the bank, the bank stressed that it cannot deviate from its strategic value in the financial services sub-sector in the country, knowing very well the burden of responsibility reposed on its management.
Highlighting why it has and will remain neutral with regard to political happenings across the country, the bank says ‘’ to put the records straight we state the following:-
1. Diamond Bank Plc is not oblivious of its strategic value in the financial services sub-sector in the country and the burden of responsibility reposed on its management, and therefore, is focused on its core business of deposit mobilisation and credit creation; the Bank is focused on its set goals to meet shareholders expectations and create value for the millions of its customers across the six geopolitical zones; and is not involved in politics in anyway.
2. As at the close of business on the date the report was posted on the blog site, none of the Bank’s over 265 branches in the country or any of its properties in Abia State and the entire South East is under the control of its former GMD/CEO, Dr. Otti for his political campaign or is being used as a campaign office by any other politician.
3. Much as freedom of speech is a fundamental human right guaranteed by Law, good journalism entrusts the writer with the burden of responsibility to cross check and validate his information with verifiable facts.
Diamond Bank Plc upholds the integrity of journalistic truth and objectivity; and hope that this statement will serve to clear the air about this misleading and malicious report posted on the blog.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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