Diamond Bank Set To Acquire Enterprise Bank … Real Reason Behind Enterprise Bank Chairman, Emeka Onwuka Resignation Unveiled

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Emeka Onwuka
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Emeka Onwuka
Emeka Onwuka

It no longer news that the Chairman of Enterprise Bank Ltd, Mr. Emeka Onwuka has stepped down from the Board but information filtering alleged that he is set to buy the ailing bank from Asset Management Corporation Of Nigeria (AMCON).

It is said that Emeka Onwuka in a letter of resignation addressed to the Managing Director AMCON had referred to his earlier declaration of interest, intimated the management of his interest with a group of investors who intends to acquire AMCON’s shares in Enterprise bank ltd.

Reliable sources alleged that Emeka who was Group Managing Director/CEO of Diamond Bank Plc from May 2005 to February 2011 approached the board of Diamond bank to release fund to secure the purchase of the bank. It was gathered that Diamond bank doesn’t want to come out to bid for the purchase but prefer to use Emeka to penetrate the deal.

Insider of the bank who craved anonymity alleged that the resignation notice was less than normal period expected on an executive like Emeka.

Those in know alleged that some of the ‘dirty things’ going on in Diamond Bank include bribing of top executives of both Asset Management Corporation of Nigeria (AMCON) and chartered Institute of Bankers (CIBN) who will facilitate the speedy acquisition by Diamond bank as other organizations are jostling for the same bank, Enterprise. It was gathered that a top executive of AMCON was given close to N200million to cede the bid in favour of Diamond bank.

An insider of Diamond bank alleged that the bank has given over N1billion to their connections in both Central Bank of Nigeria and Federal House of Representatives who are behind acquisitions of such transactions.

Finding revealed that the board of directors of Diamond bank has spent whooping amount of customer’s money to facilitate the purchase and this is affecting smooth operation in the bank. A customer who prefer anonymity divulged to www.societyreelnews that she visited atleast two branches of Diamond bank within one week on different day to collect her money saved in the bank but met excuses that the network is down only for a her friend, a staff of Diamond bank to revealed that there is no cash on ground to pay anyone who wanted to collect huge amount of money.

To confirm the allegation, www.societyreelnews.com visited two branches of Diamond bank in Lagos on Tuesday and Wednesday (9/07/13 and 10/07/2013), newly opened branch at Pedro B/stop in Gbagada and Abeaokuta expressway, Iyana Ipaja. The situation met confirmed what was reported as angry customers reacted to the inability of the bank to pay cash and mammoth crowd waiting to get there transactions done.

Though there were more than 20 bidders that have indicated interests in the purchase of Enterprise Bank, which not only underscored the attractiveness of the bank but vindicated the decision of the corporation to start with the bank, Diamond bank’s strategy to make the acquisition a reality is making the management to sack staffs to reduce overhead on staffs.

Findings revealed that Daimond bank has lay off over 500 staffs since inception of the idea to acquire Enterprise bank. According to investigations, Diamond bank is also involved in extortion scam, deduction money from customer’s account without approval.

When contacted, the Tokunbo Modupe owned TPT; the public relations agency handling Diamond Bank reluctantly replied ‘Diamond Bank does not have any plan to acquire another bank at this time’

It could be recalled that Onwuka has had a successful career in the banking industry. He has contributed immensely in the development of the banking industry in the last 20 years and Diamond bank in particular. It was his pedigree that earned him his appointment as the Chairman of Enterprise Bank Ltd, one of the nationalised banks. This singular appointment is in recognition of his sterling banking qualities and his ability to turn around and reposition the bank for greater heights.

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