Mr Dele Babade has been appointed as the acting chairman of Diamond Bank.
This was disclosed in a notice signed by Uzoma Uja, the bank’s company secretary, and sent to the Nigerian Stock Exchange.
The notice said Babade will replace Oluseyi Bickersteth, its former chairman who resigned in October.
“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.
Babade was nominated as a non-executive director in April 2017.
He was appointed by First Carlyle Growth V, an investor in the bank.
Babale started his career with Midland Montagu London (the predecessor of HSBC Investment Bank) on the Graduate Training Programme in 1988.
He worked at various times 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.
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 & Regional Head Sub-Sahara Africa Corporate Finance & Investment Banking based in South Africa from 2002 to 2006.
The disclosure said Mr Babade 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 specialised agency of the African Union (AU), an initiative designed to improve current responses to climate-related food security emergencies.