Diamond Bank Plc on Thursday notified the Nigerian Stock Exchange (NSE) that following the recent resignation of Mr. Oluseyi Bickersteth as director/chairman of the board, the board of directors of the bank has appointed Mr. Dele Babade as acting Chairman effective December 24, 2018.
Diamond Bank is merging with Access Bank and the deal is expected to be completed in the first half of 2019.
“Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law. The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depository receipts on the London Stock Exchange will be cancelled, upon the merger becoming effective.
“The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger,” said the bank’s secretary/legal adviser, Mr. Uzoma Uja,
Who is Babade?
Babade was first nominated by First Carlyle Growth V (“Carlyle”) and his appointment as a non-executive director was approved by the Central Bank of Nigeria effective April 20, 2017.
Carlyle is one of the strong shareholders in the Nigerian lender.
Babade holds Bachelor’s and Master’s degrees in Laws from University of London and was called to both the Nigerian and English Bar.
He started his career with Midland Montagu London (the predecessor of HSBC Investment Bank) on the Graduate Training Programme in 1988 and at various times worked in the UK and Greece mainly in Corporate and Merchant Banking.
He joined Citibank in 1993 and garnered experience from Citibank’s Emerging Markets business focusing on businesses beyond Africa and became Vice President in charge of all cross border/international deals for Africa in 1996, statement on the NSE website explained.
In 1998, he joined Nomura International in London as a director for investment banking for Africa. After re-joining Citibank in 2000, he was moved to Nigeria and Ivory Coast in 2001 as executive director covering Nigeria and West Africa and was a board member of Citibank Nigeria from 2001 to 2006. He also served as Citibank’s director and regional head Sub-Sahara Africa Corporate Finance and Investment Banking based in South Africa from 2002 to 2006.
He started his own investment advisory firm in 2007 but left briefly to join Ecobank Transnational Inc as Head of Ecobank Capital from 2010 to 2012 and was also a member of the Group Executive Committee, the top executive body for overall direction of the Ecobank Group. Since 2012, he has been running his firm focusing on inward cross border transactions across the African continent.
He currently serves as chairman of the Africa Risk Capacity Pan African Insurance Company (ARC Ltd) and is also the chairman of its Finance and Investment Committee. ARC Ltd is a financial affiliate of the African Risk Capacity, a specialized agency of the African Union (AU), an initiative designed to improve current responses to climate-related food security emergencies.
With ThisDay report