You probably knew that the chairman of troubled lender, Diamond Bank resigned in October this year.

The resignation of the chairman, Oluseyi Bickersteth fueled speculation at the time that the bank was in distress.

The speculation eventually turned out true and Diamond Bank, as you may have heard, is being acquired by rival Access Bank.

Meanwhile, in the interim, the bank has appointed Dele Babade to serve as its acting chairman.

In a notice sent to the Nigerian Stock Exchange, the bank said Babade will replace Oluseyi Bickersteth, its erstwhile chairman.

Also Read: Diamond Bank: Is It A Merger Or An Acquisition?

“We write to formally notify the Exchange that following the resignation of Oluseyi Bickersteth as Director/ Chairman of the Board, the Board of Directors of Diamond Bank Plc, has appointed Mr Dele Babade as acting Chairman effective December 24, 2018,” the notice read.

According to the notice signed by Uzoma Uja, the bank’s company secretary, Babade was nominated as a non-executive director in April 2017.

He was appointed by First Carlyle Growth V, an investor in the bank.

The University of London trained lawyer started his career with Midland Montagu London (the predecessor of HSBC Investment Bank) on the Graduate Training Programme in 1988.

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