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Diamond Bank Reaffirms Commitment To Quality Service Delivery

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Despite the harsh operating environment and strict regulatory framework which calls for caution in the financial industry, Diamond Bank has reaffirm its commitment to quality service delivery, sustenance of strong fundamentals  and stable profitability for its shareholders.

In a press release made available to the media, the Bank stated that keeping in view with the 2015 full year results as approved by the Central Bank of Nigeria, the Q1 2016 results submitted to the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) as well as the strategic roadmap for Q3 and Q4, its revenue yield and profitability will exceed analysts’ expectations and forecast.

In its operations in Q1, Q2 and extending into Q3 2016, the Bank has continued to deploy new technologies and digital applications to drive financial inclusion, convenient banking, enhanced customer friendly services and its overall retail banking strategy that will enable it focus on driving non-interest income and strengthen explored opportunities to grow its market share. These have positioned the Bank for a better future with strong expectation for improved financial performance in the rest of the business year.

In the Bank’s Q1 2016 result presented to the NSE and SEC, Diamond Bank resiliently buoyed itself above sundry industry turbulences and posted PBT of N6.7bn, averaging monthly PBT of N2.3bn, thus scaling industry expectations and meeting the minimum target for its shareholders for the period under review.

In the first quarter of the financial year, the Bank displayed a strong will to reduce its operating costs and interest expense, which shrunk by 2.8% and 10.3% respectively compared to Q1 2015.

Diamond Bank’s Capital Adequacy Ratio submitted to the the NSE and SEC for Q1, 2016 stood at 16.2%, which is 1.2% higher than the CBN minimum requirement of 15%, with the Bank’s liquidity position standing at 52.4%, higher than the 30% minimum requirement set by the CBN. The Bank also recorded an asset base of N1,821.6 billion at the end of Q1, 2016, making the Bank one of the 10 most solvent banks in Nigeria.

As a “systemically important bank” in Nigeria, Diamond Bank Plc has continued to maintain its global relevance as a financial service provider with a strong and focused management; and is rated one of the biggest banks in the world in the latest Top 1000 World Bank ranking by Financial Times. Diamond Bank Plc, standing as the 6th biggest bank in Nigeria, 20th biggest bank in Africa and 711th biggest Bank in the world, according to the latest ranking, is one of the most liquid and capitalised financial institutions in Nigeria.

According to the Bank’s chief spokesperson, Ayona Trimnell, “Diamond Bank in the last half decade, has continued to sustain strong fundamentals, expand its operational offices across the country, improve on its service delivery, increase its revenue yield and maintain stable profitability for its shareholders”.

Diamond Bank Plc is Nigeria’s fastest growing retail bank, leveraging innovation and technology to enhance customer experiences and drive financial inclusion in what it terms Beyond Banking.

Since incorporation in December 1990, Diamond Bank has challenged the market environment by introducing new products, innovative technology and setting new benchmarks through international standards. Today, Diamond Bank is best placed to respond to changing lifestyles and is leading the digital transformation in response to these societal shifts. Diamond Mobile app, for example, is Africa’s leading banking app and the first with the touch ID feature.

BIG STORY

JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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BIG STORY

Federal Government To Arraign Binance Executives Over ‘Tax Evasion’ On April 4

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On April 4, the federal authorities will file charges against senior executives of the cryptocurrency company Binance, Tigran Gambaryan, and Nadeem Anjarwalla, for allegedly engaging in “tax evasion.”

Anjarwalla is Binance’s regional manager for Africa, while Gambaryan oversees the company’s compliance with financial crimes.

The Federal Inland Revenue Service (FIRS) charged Binance with a crime on March 25th for “tax evasion.”

The service claims that the action is intended to maintain national economic integrity and fiscal discipline.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

However, on Thursday, NAN reported the federal government will charge the three defendants before Emeka Nwite, the presiding judge, at the federal high court (FHC) in Abuja on a four-count charge.

Despite not being a vacation judge, according to the report, the chief judge granted the fiat for the judge to oversee the case during vacation because it is a matter of critical national interest.

The lawsuit comes a month after Anjarwalla and Gambaryan were detained by the Nigerian authorities.

Anjarwalla and Gambaryan had flown into Nigeria but had their passports seized by ONSA.

On March 12, Anjarwalla was transferred to a local hospital after he fell ill while in detention in Nigeria.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Meanwhile, Gambaryan, on March 28, sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

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BIG STORY

NCC Orders Deactivation Of All Registered SIMs Without Proper NIN Linkage

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Telecommunications operators in the country are getting ready for another round of phone line disconnections for subscribers who have not linked their National Identification Numbers (NIN) with their SIM cards.

In accordance with a regulation from the Nigerian Communications Commission (NCC), which requires all registered SIMs without adequate NIN linking to be either repaired or entirely disconnected from networks, the disconnections are scheduled to occur on Friday, March 29.

In an effort to counter illegal acts including banditry and kidnapping and ultimately strengthen national security, the government launched the NIN-SIM Linkage process on February 28, 2024.

There are hints of a potential third phase in April 2024.

Operators have reportedly collaborated with the NCC in implementing the directive, demonstrating their dedication to national security objectives and ensuring full compliance by the specified deadlines.

The second phase will target subscribers with five or more SIMs from a single operator that lack verified NIN-SIM linkages.

The third phase, scheduled to start on April 15, will focus on subscribers with four SIMs or fewer and unverified NINs.

While telecom companies are advocating for a review and extension of the April deadline for the third phase, indications from the NCC suggest a firm commitment to the established timelines.

The first phase resulted in the barring of 40 million lines, including approximately 17 million active SIMs without NIN submissions and 23 million inactive SIMs lacking NINs over the past year.

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