The Central Bank of Nigeria (CBN) has approved the appointment of Uzoma Dozie as the new Group Managing Director and Chief Executive Officer of Diamond Bank following the voluntary resignation of Dr Alex Otti.
Otto resigned last week to pursue his gubernatorial ambition in the 2015 general election.
The bank said that the decision to step down would afford Otti the opportunity to fully engage in the 2015 governorship election in the state.
The board of Diamond bank announced the appointment of Dozie subject to the approval of Central Bank of Nigeria (CBN).
An official statement released by the bank’s Corporate Communications Department announced the changes in management stating that Dozie’s appointment was in recognition of his extensive managerial capabilities.
“We are pleased to announce the appointment of Mr. Uzoma Dozie as the new Group Managing Director/Chief Executive Officer of Diamond Bank Plc in consonance with the bank’s succession strategy and in recognition of Mr. Dozie’s wealth of banking knowledge.”
As GMD/CEO, Otti’s saw to Diamond Bank’s remarkable return to profitability and has continued to record impressive growth across all performance indicators year-on-year. After writing off toxic risk assets which resulted in the loss of N16 billion in 2011, the bank posted a profit before tax of N28.36 billion in 2012 and N32.5 billion in 2013. It also saw its total assets rise from N564.9 billion in February 2011 to N1.18 trillion by December 31, 2012 and N1.52 trillion on December 31, 2013.
Otti is credited with creating the office of the Chief Risk Officer and designating an Executive Director to head the department. He also spearheaded the expansion of the bank by doubling the full staff count from around 2,000 in 2010 to over 4,000 as at mid-2014 even as he vigorously grew the bank’s footprints from a network of 210 branches in 2011 to over 265 branches three years later. It was also under his watch that the bank established an international subsidiary in the United Kingdom, in addition to expansion in Francophone West Africa (Senegal, Togo and Ivory Coast).
It is to be noted that the central bank only recently classified the bank as one of the eight systematically important banks in Nigeria under Otti’s watch.
“Dr Alex Otti is a fine gentleman with an outstanding career in the Nigerian banking industry. We are pleased with the time he spent at the helm of affairs of Diamond Bank Plc and wish him every success in his future endeavours,” commented the bank’s Chairman.
Otti, is a 1988 graduate of the University of Port Harcourt where he finished with a first class honours degree in Economics.
He subsequently received an MBA from the University of Lagos in 1994 as well as honorary Doctorate degrees from Babcock University and the universities of Port Harcourt (UNIPORT) and Nigeria (UNN) in 2009, 2012 and 2013 respectively.
Prior to his appointment as the Group Managing Director/CEO of Diamond Bank Plc in March 2011, Otti worked in a number of financial institutions in various capacities.