The Board of Diamond Bank Plc, announced late yesterday the retirement of Emeka Onwuka the Group Managing Director of the bank effective April 30, 2011 after 19 years of service to the Bank and marking the end of his second term in office as the Group Managing Director/CEO. Alex Otti has been appointed to take over from him, subject to Central Bank of Nigeria (CBN)’s approval.

According to an internal memo by the Chairman of the Board, HRH Igwe Nnaemeka Alfred Achebe (the Obi of Onitsha), announcing the changes, the appointment is part of a robust succession plan which the Board of Diamond Bank Plc put in place to ensure that the long term strategic goals of the Bank remain sustainable, despite major financial and operational challenges facing the industry.

He highlighted the Bank’s achievements during Emeka’s tenure to include the successful handling of the industry consolidation and recapitalisation challenges in 2004/05 through private placement, listing on the Nigerian Stock Exchange (NSE) and Initial Public Offering in 2005, and the acquisition of Lion Bank Plc and its integration into the Bank in 2005.

Other achievements are the strategic equity partnership with Actis; Global Depository Receipts (GDR) offering in December 2007; and listing on the Professional Securities Market of the London Stock Exchange (LSE) in January 2008.

These achievements contributed immensely to the growth of the Bank’s business during Emeka’s tenure as the Bank’s branch network increased to 210 branches from 75 in 2005 while the balance sheet size rose to N710 billion from N170 billion.

Emeka also successfully led the diversification of the Bank’s business through the acquisition and establishment of subsidiaries in insurance, pensions fund custodian, mortgage finance, investment banking businesses and expansion of the bank’s foorprint in West Africa.