annual report - Diamond Bank

annual report - Diamond Bank

vision A strong financial services institution with effective presence in Nigeria, Africa and indeed all the key financial centres of the world. mis...

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vision A strong financial services institution with effective presence in Nigeria, Africa and indeed all the key financial centres of the world.

mission To create a unique international bank focused on providing creative solutions to customers' business problems, with an absolute commitment to quality.

contents 4

Mission and Vision

03

Results at a Glance

05

Notice of AGM

06

Chairman's Statement

08

GMD/CEO's Review

13

Report of External Consultant on the Board Appraisal

20

Report of Audit Committee

21

Board of Directors

22

Management Team

23

Financials Director's Report

26

Responsibility for Annual Financial Statement

30

Corporate Governance

31

Frequency of Board Meetings

45

Report of the Independent Auditors

46

Statement of Significant Accounting Policies

47

Consolidated Profit and Loss Account

57

Consolidated Balance Sheet

58

Consolidated Cash Flow Statement

59

Notes to the Consolidated Financial Statements

60

Statement of Value Added

88

Five Year Financial Summary Group

89

Five Year Financial Summary Bank

91

Financial Risk Analysis

92

Corporate Directory

109

Proxy Form

115

e-dividend form

117

Unclaimed Dividend

118

Result at a Glance

108,979,476

GROUP

Apr’ 2009 Dec’ 2009

2006

-12,374,154

5,901,951

16,213,791 2008

Apr’ 2009 Dec’ 2009

Apr’ 2009

Dec’ 2009

217,737,408

419,707,636

TOTAL DEPOSITS N(’000)

148,562,796 2008

2007

482,056,310

2007

7,640,882

1,379,451

67,735,694

60,437,641 625,669,618

2006

466,889,851

2006

Apr’ 2009 Dec’ 2009

320,950,167

223,651,484

TOTAL ASSETS N(’000)

2008

PROFIT BEFORE TAX N(’000)

650,757,117

2007

682,077,914

2006

39,873,714

22,713,742

GROSS EARNINGS N(’000)

2007

2008

2007

Apr’ 2009 Dec’ 2009

2006

-9,055,793

8,343,738 Apr’ 2009

Dec’ 2009

449,020,259

2008

444,815,118

15,059,114

8,792,775

TOTAL DEPOSITS N(’000)

144,569,685 2008

2007

403,710,120

2006

211,634,824

604,361,884

Apr’ 2009 Dec’ 2009

1,110,524

56,612,235

PROFIT BEFORE TAX N(’000)

312,249,722

218,866,192

TOTAL ASSETS N(’000)

2006

2008

650,891,836

2007

603,326,540

2006

38,524,708

21,730,220

GROSS EARNINGS N(’000)

64,667,401

101,659,260

BANK

2007

2008

Apr’ 2009

Dec’ 2009

5

Notice of Annual General Meeting

NOTICE IS HEREBY GIVEN that the 19th Annual General Meeting of DIAMOND BANK PLC will be held at Le Méridien Ibom Hotel & Golf Resort, Uyo, Akwa Ibom State of Nigeria on the 3rd day of June 2010 at 9:00 a.m. prompt, to transact the following business: AGENDA Ordinary Business 1.

To receive the Report of the Directors, the Audited Financial Statements for the period ended 31st December 2009, and the Reports of the Auditors and Audit Committee thereon.

2.

To elect/ re-elect Directors.

3.

To authorise the Directors to fix the remuneration of the Auditors.

4.

To elect the members of the Audit Committee.

Special Business 5.

To consider and if thought fit to pass the following as an ordinary resolution: “That the Directors' fees shall until reviewed by the Company in Annual General Meeting be and is hereby fixed at N100,000,000.00 for each financial year.”

6.

To consider and if thought fit to pass the following as a special resolution: “That the Board of Directors be and are hereby authorised to convert the outstanding International Finance Corporation (IFC) loan amount of $24,545,463.80 (Twenty Four Million, Five Hundred and Forty Five Thousand, Four Hundred and Sixty Three Dollars Eighty cents) into ordinary shares of the Company at a price to be determined, and to allot such shares to IFC.”

7.

To consider and if thought fit to pass the following as a special resolution: “That approval is hereby given for Diamond Bank Plc to enter into a business combination with or transfer, assign or otherwise dispose of its shareholding in any of its subsidiaries as may be determined necessary by the Board of Directors for the purpose of optimizing the business of the Diamond Bank Group; and the Directors be and are hereby authorised to execute all documents and do all such things as are necessary or incidental thereto.”

Notes 1.

Proxy A member of the Company entitled to attend and vote at any Annual General Meeting is entitled to appoint a proxy to attend and vote on his behalf. A proxy need not be a member of the Company. For the appointment to be valid, a completed and duly stamped proxy form must be deposited at the office of the Registrar of the Company, Diamond Registrars Limited, 59, Ogunlana Drive, Surulere, Lagos State not less than 48 hours before the time fixed for the meeting.

2.

Audit Committee In accordance with Section 359 (5) of the Companies and Allied Matters Act, 1990, any shareholder may nominate a shareholder for appointment to the Audit Committee. Such nomination should be in writing and should reach the Company Secretary at least twenty one (21) days before the Annual General Meeting.

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Notice of Annual General Meeting

The Central Bank of Nigeria in its Code of Corporate Governance for Banks stipulates that some members of the Audit Committee should be knowledgeable in internal control process, accounting and financial matters. Consequently, we will require a detailed curriculum vita be submitted with each nomination.

3.

Election/Re-election of Directors In line with the provisions of the Articles of Association the directors to retire by rotation are Mr. Chris Ogbechie and Chief John D. Edozien. Being eligible for re-election, Mr. Chris Ogbechie and Chief John D. Edozien offer themselves for re-election.

4.

Closure of Register of Members The Register of Members will be closed from 27th May 2010 till 28th May 2010 to enable the Registrar update the Register.

Dated this 5th day of May 2010 BY ORDER OF THE BOARD

Nkechi Nwosu Company Secretary

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Chairman's Statement

Distinguished Shareholders, Ladies and Gentlemen I welcome you all to the 19th Annual General Meeting (AGM) of our Bank. This AGM is special in many respects. It is the first following the adoption of December 31st common year-end in the banking industry, bringing the period under review to eight months from May to December 2009.

M

ore importantly, the AGM will review the Bank's performance during an extra-ordinarily challenging period of major reforms introduced by the new Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, since the second half of 2009. The reforms have significantly altered the industry structure and the regulatory/supervisory framework within a very short period. The impact of the global economic downturn hurt many of our customers, putting corporate profitability under pressure and in turn, led to deterioration in credit quality and diminution in the value of investments. The consequent high level of provision resulted in an overall loss position for the Diamond Bank Group. The financial results were very disappointing notwithstanding that they reflect the impact of a weak economy. However, steps are being taken by both the Board and Management to ensure that we do not find ourselves in this unfortunate position going forward, irrespective of the vagaries of the economy. With this resolve and the strategic actions we have taken so far, the Group has returned to the path of profitability in the first quarter of this year. I have no doubt that we will sustain satisfactory performance henceforth. To properly situate the Bank's performance, it is pertinent that I first review the key developments that shaped the operating environment during the period so that we all can appreciate the circumstances that our Bank faced.

Global Economy - Contraction in 2009 Despite Huge Stimulus Packages The world output was estimated to have declined by 0.6 percent in 2009, the lowest level since World War II, due to the effects of the financial and economic crisis, which started in the United States in 2006/7 and spread worldwide in 2008. Unrelenting financial turmoil caused asset values to fall sharply across advanced and emerging economies, decreasing household wealth and putting downward pressure on consumer demand. Production and trade were constrained as a consequence.

Governments and central banks around the world took wideranging policy actions to support their banking systems by providing liquidity, recapitalizing financial institutions, and addressing decisively the problem of impaired assets. Despite these actions, financial strains remained acute in 2009, pulling down the real economy, with the international operating environment remaining very challenging. Unemployment and its spillover effects remained major challenges in many advanced economies, and poverty a problem to many developing economies. The unprecedented stimulus packages adopted at different times by various governments of the world and the coordinated efforts by international bodies such as G-20, IMF and World Bank started to have impact from the third quarter of 2009, as most economies showed signs of improvement. This was largely driven by increasing demand as well as lowered uncertainty and systemic risk in financial markets supported by huge and wideranging public intervention, rising commodities prices, returning consumer confidence, and rebound in manufacturing sector and stabilizing retail sales. Indeed, the world economy is expected to sustain a recovery track from 2010. The IMF in April 2010 projected that the global economic growth will rise to 4.2 percent in 2010.

The Domestic Economy - Extreme Volatility Giving Way to Recovery The Nigerian economy had a mixed performance in 2009 as the country felt the second round effects of the global economic meltdown, especially in the later part of 2008 and 2009. As the global economy began recovery, Nigeria recorded significant growth in the second half of the year, although there were still challenges. Data from the National Bureau of Statistics (NBS) indicated that real Gross Domestic Product (GDP) grew by 6.9 percent which is significantly higher than the 6.0 percent recorded in 2008. The non-oil sector remained the major driver of growth although this was complemented by the sharp increase in oil revenue following relative peace in the Niger Delta region.

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Chairman's Statement

Statistics from NBS showed that inflation fluctuated during the year before settling at 12.0 percent at the end of 2009. The huge liquidity in the financial system coming from the quantitative easing measures of the CBN, fiscal expansion and rising global commodity prices made a single digit inflation rate target unattainable in 2009. In addition, the significant depreciation of the Naira during the year impaired the performance of the real sector and the ability of the operators to meet their credit obligations. The money market ended 2009 on a relatively liquid note in contrast to the tightness that dominated the first half of the year as well as 2008. This was due to quantitative easing strategies and other measures adopted by the CBN and the government to ensure stability in the Nigerian financial system. Average Prime Lending Rate to the economy stood at 18.7 percent in 2009, up from 17.4 percent in 2008. The average interest rate on savings account stood at 3.4 percent in 2009, marginally down from 3.5 percent in 2008. It is comforting to note that, on the strength of the last quarter growth in 2009, there is considerable optimism about the nation's economic growth in 2010 with projections hovering around 7-8 percent. There is an expectation that the absolute growth in oil production and prices in the third quarter of 2009 will continue in 2010. External reserves will likely improve further and help in stabilizing the value of the naira. Consumer confidence is returning as the capital market crash seems to have bottomed out. The growth expectation may however be moderated by persistent credit crunch, the likelihood of inflation escalating on account of 2011 election spending and accommodative monetary policies of the government, infrastructural rigidities, and shortage of human capital.

Banking Industry Review Following the conclusion of the 2004/2005 consolidation exercise and with billions of naira in banks' vault, Nigerian banks grew loan volumes across the board, particularly to the oil and gas sector, capital market and real estate businesses. As at the end of 2008 credit volumes to private borrowers was already more than two and half times the N3.1 trillion federal budget for 2009. Lacking in many instances the risk management expertise and corporate governance structures to effectively contain these new exposures, many banks were mid way confronted with the sudden change in macroeconomic conditions in second half of 2008 through 2009 caused by the global credit crisis.

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Prior to June 2009, the CBN tried to address the challenges by adopting various options like the Expanded Discount Windows (EDW) and the initial postponement of provisioning for bad margin loans. However, following the appointment of a new CBN governor, the apex bank conducted a special audit on all banks with focus on the quality of risk assets. By October 2009, eight banks that failed the stress test went into CBN administration under new executive managements and had additional capital injection by the CBN. In addition, the CBN gave two other banks up to June 2010 to recapitalize. It is pleasing to note that our Bank was among the first five banks to be cleared by the Central Bank of Nigeria. Analysts believed that the CBN intervention saved the banking industry from systemic distress and risk, considering the market share of loans and deposits of several of the distressed banks. The CBN action also helped to protect all depositors and creditors and removed the probable cause of financial instability from the banking system. This action possibly supported the implementation of common year-end by banks, without the unnecessary spike in interest rates that was responsible for the reversal of the policy the previous year. The CBN intervention has the potential of altering industry structure in terms of ownership, number of banks in the industry and market share. The directives from the apex bank on loan loss provisioning saw most banks' announcing huge losses, which eroded their capital bases. Six of the rescued banks that released their results as at the end of September 2009, reported a combined loss of over N1.5 trillion ($11 billion) and provisioning for impaired assets in excess of N2.2 trillion. In a bid to address the situation, banks became risk-averse thereby accentuating credit crunch in the system. However, it is expected that when the CBN's proposed Asset Management Company (AMC) comes on stream, it will absorb some of the toxic assets thereby stabilizing the banking industry and easing credit flow.

Financial Results Distinguished Shareholders, as I said at the beginning, the difficult macro-economic environment during the period under review adversely affected the performance of our Diamond Bank Group in the last financial year. The impact of the weak operating environment on the quality of our credit portfolio was severe. Notwithstanding the effect on profit, we were determined to ensure that the Banks' nonperforming loans are adequately provisioned. Accordingly, the Group made additional provisions of N24.7 billion during the

Chairman's Statement

period, resulting in a loss before taxation of N12.4 billion for the 8-month financial year ended December 31st 2009 compared to N5.9 billion profit made for full year ended April 30, 2009. We are aware of the responsibility this performance has imposed on us at both the Board and Management levels. Luckily, we have the opportunity to quickly return the Bank to profitability as our national economy is already in recovery mode, thanks to the recovery momentum in the global economy and the positive effect on international crude oil price. Consequently, it appears that the worst is over and we expect a turnaround in the fortunes of business organizations in a manner that will impact positively on our earnings and recoveries. It will also have a positive effect on the trend in our overall credit portfolio quality from this year. Although the Group's balance sheet remained very strong with capital adequacy and liquidity ratios at 19.5 percent and 37.6 percent respectively, we know the importance of profitability in sustaining the confidence and trust of our esteemed customers, employees, shareholders, regulators and other stakeholders. The Bank has since commenced the implementation of the appropriate structures and strategies to improve the Group's resilience to vagaries in the operating environment, particularly with regard to risk management, operating efficiency and organizational productivity. The effectiveness of our strategy in improving the Group's performance is borne out by a return to profitability in the first quarter of 2010. Our target is to move progressively to becoming one of the top 3 Nigerian banks within 5 years in terms of ROE, operational efficiency, and championship in customer experience. It is my sincere belief that we will achieve these objectives.

Share Price Performance Diamond Bank's Share performance, measured by the market capitalization, was N108.0 billion at the end of December 2009 signaling a rise almost to its 2008 level from N72.38 billion as at the end of May 2009. The share performance is gradually improving following investors' apathy since the stock market crash in late-2008/early 2009. Even with the improvement in share price in the period under review, I recognize and feel the pain of shareholders as their investment eroded in value over the last two years. Nevertheless, I am comforted by the fact that the strategic actions we have taken in recent times should restore sustainable shareholder value for all.

dropped by 57.1 percent and further 42.8 percent in 2008 and 2009 respectively compared to 45.8 percent and 33.8 percent dip in NSE All-Share Index. This was due to a number of factors, including concerns over the impact of global economic downturn, CBN reforms, and huge losses resulting from steep provisioning in 2009. Our Bank's share price lost 57.5 percent in 2008 and only 0.8 percent in 2009 to close the year at N7.40. Fortunately, we can see further recovery of the capital market in 2010 over the gains of the second half of 2009. The benign steps taken by the government and the CBN to reform the banking industry as well as stimulate the local economy, and the global economic turnaround will strengthen market confidence this year. In spite of the loss made during the last financial year, Diamond Bank's fundamentals remain strong and its capability for improved and sustainable earnings has been significantly enhanced. I am therefore optimistic that the share price will ride on the market tide as 2010 quarterly results are released.

Future Outlook Looking ahead in 2010, I expect that our nation's economic growth will be underpinned by the upturn in crude oil prices and production levels, growth of non oil sectors, growing level of investment in agriculture and infrastructure, strong private consumption, and returning confidence in the banking industry and capital market. Nigeria's future banking growth will be driven not only by growth in the national economy but also by the consequent growth of the middle class and boom in personal lending, mortgages, and credit cards. Diamond Bank is still in a position of strength to take advantage of the opportunities arising from the expected economic growth. With the support of international financial services consulting firms, the Bank is executing initiatives that will transform our business. In this direction, we have strengthened our credit risk policies to facilitate the identification of expansion areas to drive revenue growth and, at the same time, improve our loan portfolio quality. Besides, the Bank has made giant strides in the drive for cost efficiencies and improved productivity. The successful execution of these strategies in the short and medium terms will help position our Bank for improved and sustainable performance from 2010. We are committed to the effective implementation of the strategies towards elevating our Bank to the desired industry leadership position in the medium term.

Indeed, share prices in the banking sector as a whole were highly depressed during this period. The Banking Industry Index

11

Chairman's Statement

Board of Directors

Conclusion

During the year, two non-executive directors resigned from the Bank's Board. Dr. Nkosana Moyo, one of the two Board members nominated by Actis Capital, resigned with effect from 25th September 2009, following his resignation from Actis Capital. Also, Retired Air Vice Marshal (AVM) Ishaya A. Shekarri resigned from the Board effective 1st October 2009 for personal reasons.

We are mindful of the concerns of our shareholders over our performance in 2009. I want to assure you that we are committed to sustaining the quick return of Diamond Bank Group to profitability in 2010 and we will do everything within our control in this regard. Our moderate profit before tax of N2 billion for the first quarter of 2010 will serve as a springboard to much higher profitability as we progress through the remaining quarters of this year. We believe that our repositioning initiatives to ensure profitable and quality growth will see the Bank emerge an industry champion in the coming years.

On behalf of the entire Board of Directors and fellow shareholders of our Bank, I wish to extend my profound gratitude to the two directors for their invaluable contributions to the growth and development of our Bank throughout their tenure. I wish them all the best in their future endeavour. Furthermore, let me use this opportunity to thank all my colleagues on the Board for their contributions to building a strong Bank that will endure the test of time. I have no doubt, that with such a Board, our Bank is positioned for the next level of leadership in the industry.

Management and Staff On behalf of the Board members, I extend my appreciation to the Management team and staff of our Bank for their hard work, ingenuity and commitment to duty that enabled our Bank to survive the harsh operating environment during the period under review. Their efforts, resilience and continued determination to move the Bank forward against all odds have started paying off. Indeed, the operating environment in the last twelve months has continued to witness developments which have stretched the entire banking sector to its limits. Luckily, we are blessed with talented, experienced and determined management team and staff working with a clear strategic focus managing the business prudently. Without doubt, our management's ability to respond positively and flexibly to fast changing business landscape will ensure remarkable improvement in stakeholder value within a short period of time. Our strength remains our people. Having one of the strongest teams of professionals, driven by a collaborative work culture and accountability is an important feature that will continue to drive our Bank's success in the years ahead. Accordingly, the development of Management team and staff will continue to be a top priority for the Board towards ensuring continued improvement in our Bank's performance.

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Indeed, I look forward to 2010 with reasonable optimism especially in view of the fast improving international business environment, favourable domestic economic climate, and expected positive outcome of the ongoing banking industry reforms. I am optimistic because I know that we have in place the right business strategy and the required human capacity to effectively exploit the emerging business opportunities and deliver commendable stakeholder value. As growth beckons, I enjoin all stakeholders to remain steadfast, supportive and committed. On behalf of the entire Board of Directors and fellow shareholders of our Bank, I thank our valued customers for their unwavering support and patronage especially in this difficult time. I sincerely hope that we can continue to count on your patronage in the interest of our mutually beneficial relationships. We will continue to support the attainment of your business aspirations through our ever improving customer value-added propositions. Let me also use this opportunity to express my sincere gratitude to all other stakeholders including the CBN, NDIC, NSE, SEC and EFCC for their continued support and guidance. Thank you all for your attention.

HRM, Nnaemeka Alfred Ugochukwu Achebe, Obi of Onitsha Chairman

Group Chief Executive Officer's Review

Positioning for strong performance - committed implementation of initiatives to improve organisational efficiency, productivity and profitability; as well as driving rapid penetration and market share growth in sectors with huge potentials.

D

istinguished Stakeholders, as you all know, 2009 was a very difficult and challenging year for businesses around the world. In Nigeria, the economy suffered significantly from the second round effect of the global economic crisis particularly from the third quarter of 2008 to the greater part of 2009. The resultant deterioration of the risk assets of banks led to increased provisioning for non-performing loans following the initiatives taken by the CBN to reform the industry. The huge provisions brought corporate profitability under severe pressure as banks shut down credit completely and focused on bad loan recovery. Indeed for the period of over a year to end-December 2009, I have the opportunity to manage Diamond Bank Group through the most difficult circumstances in its history. I must confess that the business environment under which we operated during the period under review was one of the most difficult in the history of banking in this country. The consequent loss we recorded during the period regrettably is an aberration in our Bank's history which we must put aside quickly. It is important to note that we have assessed the challenges that led to the Group's performance under review, identified the learning points and more importantly, set out the roadmap to recovery and profitable growth. We are mindful of the enormous investments made in the Bank by all stakeholders and the level of expectations in terms of shareholders value. As a result, we are positioning for strong performance in the aftermath of the economic crisis. We are committed to the implementation of initiatives that we have identified to be critical to our success. The business optimization initiatives will very soon lead to significant and sustainable improvement in organisational efficiency, productivity and profitability. In addition to defending our leading position in our core middle market business, we are also focusing more on the execution of strategies that will drive rapid penetration and market share growth in sectors that present huge business potentials. We are also open to mergers and acquisitions that offer opportunity for a good strategic fit with valuable synergic benefits as a means to leapfrogging our penetration of the growth market segments.

Already, we have put in place all the necessary building blocks required to quickly and decisively return the bank to profitability and they are already yielding fruits as reflected in the profit we recorded in the first quarter of 2010. We are very much committed to ensuring that the Bank remains safe, stable and profitable. Our customer centric credentials remain intact and we will build on all of these in the coming months to restore real growth to stakeholders' value. Our values, our brand identity and our people, which are our invaluable assets, are still very much intact to help us navigate and maximally take advantage of the improving business environment. In fact, we entered 2010 with a lot of confidence and renewed vigour to quickly move the Group on the path profitability.

Group Financial Performance The period under review has been challenging for the entire Nigerian banking sector. Diamond Bank's results before exceptional provisions have proved resilient in the face of these challenging conditions with the Group continuing to grow deposits at a sensible rate and with operating income holding up well. However, our profits have been impacted by large one-off provisions which we have provided for in accordance with the CBN's guidelines for the period. Our operations for the 8-month period resulted in a loss before tax of N12.4 billion due mainly to the high provisioning of N24.7 billion, which resulted from increase in one-off large provisions which have been taken care of. Really, six high value loan accounts were responsible for N15.7 billion of the provision figure while two accounts that recorded major operational losses contributed N3.7 billion to it. The capital market and downstream petroleum sectors have undergone turbulent phase in the past months and expectedly contributed significantly to the spike in loan loss provision. We are optimistic that the challenges of the macroeconomic environment have eased significantly and indeed, a substantial increase in economic activities has become apparent. Accordingly, we expect a turnaround in the fortunes of the companies that account for the loan loss provisions in a manner that will impact positively on earnings and recoveries.

13

Group Chief Executive Officer's Review

Group Chief Executive Officer's Review

Additionally, the strategic steps that we have taken to significantly improve the profitability of our operations over time will yield substantial results this year (highlights under “Optimisation and Growth” below).

always depended on cash management and collections to accumulate deposits required to fund assets. Lower disposable income however affected liability generation both at the retail and corporate business segments.

Our gross earnings of N67.7 billion and operating income of N42.5 billion compares favourably with N67.8 billion and N45.5 billion respectively for the corresponding period of 2008. The relative stability in gross earnings was due to the fact that Commercial Papers which were off-balance sheet in 2008 had been brought on-balance sheet by end-2009, implying that the drop in loans was actually higher than the 8.5 percent apparent from the financial statement. The drop in loans was one of our precautionary measures against the risk implications of the uncertainties about economic outlook during the period. Significant decline in non-interest income was responsible for the 6.6 percent decline in operating income.

In all, the Bank remained very strong as both Liquidity and Capital Adequacy ratios at 38.0 percent and 19.4 percent were well above regulatory minimum of 25 percent and 10 percent respectively. In the current year, we have projected stronger and more rewarding balance sheet and income targets for the Bank. We will intensify the implementation of a number of initiatives which is expected to help us in achieving our 2010 targets. These include: ! Focus on low-cost deposit mobilization and balance sheet management. ! Loan recovery, given the level of provision for nonperforming loans in 2009. ! Improve our credit monitoring activities with special emphasis on high risk areas as well as strengthen our enterprise-wide risk management framework. ! Boost cash management services to key clients with a view to deepening our share of their businesses and aligning resource deployment with opportunities/potentials. ! Improve our organizational efficiency and productivity through committed implementation of the initiatives currently on going in the Bank.

The Group's Total Assets closed at N650.8 billion, an increased by 9 percent from N594.5 billion as at December 31, 2008. This growth was supported by customer deposits which grew by 33 percent to N482.1 billion from N363.3 billion during the period, which is a reflection of customers' confidence in Diamond Bank. It also points to the success of our retail banking strategy, making the business segment the major driver of deposit growth during the period.

The Consolidated Entities The harsh operating environment and credit crunch in the country which was further aggravated by the outcomes of the CBN's stress tests of banks affected all the Bank's business sectors, including the downstream oil, manufacturing, trading, construction and services sectors. Growth was constrained principally by the global economic meltdown which negatively affected liquidity in the system and our appetite for increasing credit. Consequently, the Bank's risk assets declined by 6.0 percent to N323.8 billion from N344.3 billion as at December 31, 2008. However, our total deposits increased by 31.7 percent to N449.0 billion from N341.0 billion as at December 31, 2008 more as a result of flight to safety following the outcome of CBN special audit of banks in 2009 and the pull of our retail banking propositions than increased liquidity in the system. Money supply increased by only 15.8 percent during the year. The Bank's Corporate Bank SBU sought to de-risk in most part of 2009 as well as concentrate on protecting existing assets. This resulted in a conscious decision to manage existing assets, refrain from the creation of new risk assets until the economic outlook is clearer while making aggressive and proactive provision for losses. Traditionally, the corporate banking SBU had

A review of the performances of our subsidiaries shows that the overall economic climate and operating environment remained very challenging for them. The following subsidiaries recorded losses for their financial year ended December 31, 2009 Diamond Capital (N2.0 billion), ADIC Insurance (N0.78 billion) and Diamond Mortgages (N0.48 billion). The very high loss recorded by Diamond Capital was as a result of the mark-tomarket approach adopted in the valuation of its subsidiary's (Diamond Securities) share-related assets. Two of our subsidiaries made profit before tax namely, Diamond Bank Benin S.A N0.34 billion and Diamond Pension Fund Custodian - N0.72 billion. Management however remains upbeat in the quick turnaround in the fortunes of the subsidiaries especially in view of the positive economic outlook from 2010. Strategies have also been formulated to reposition the subsidiaries in the light of the lessons learnt from the recent challenges. The management of the subsidiaries are working assiduously on the implementation of the performance improvement and turnaround strategies that had earlier been approved by the Board.

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Group Chief Executive Officer's Review

Optimisation and Growth In order to realize optimal benefit of our growth strategy, we have focused on the development of competencies that will give us competitive advantage in the development of identified and promising business opportunities. Incidentally, the quick wins of our business transformation initiatives will contribute significantly to returning our Bank to rapid profit growth path this year. The initiatives which commenced in late-2008, is transforming the Bank's business fundamentally. They span the entire value chain covering risk management, financial planning, sales management, operations optimization, and Information Technology (IT) architecture and governance. In the first instance, we have actively reviewed our risk management strategy in line with changing market conditions and the Bank's strategy. We have introduced improved risk management methodology to facilitate the identification of expansion areas within the set risk appetite. We have also continued with the implementation of best practice enterprise risk management framework that is process driven and IT enabled. Policies are integral to the bank's risk management process, spanning risk identification, measurement, mitigation, monitoring and reporting in the various risk areas to ensure that inherent risks in the business are effectively managed. Overall levels of financial performance will, no doubt, be affected by our ability to improve operating efficiency and productivity against the background of a lesser growth environment, with significantly lower levels of growth in net interest and non-interest income. We have re-engineered our financial planning and expense management process to realize expense reduction and reliable planning data as well as redefined our strategic metric system to set a good foundation for effective sales performance system. This improved planning and expense management process has high cost reduction potential and will significantly increase efficiency in the allocation of capital to business units, thus supporting overall bank strategy. Our sales efficiency has been enhanced by freeing up time for sales and driving an industrialization approach. In addition, we are introducing a systematic sales approach (customer segmentation and sales process) thereby increasing sales effectiveness and customer satisfaction. It will also become a good springboard for future growth in high values business segments, especially in the retail sector. We are committed to strengthening and developing the capacity and competencies of our workforce, rewarding performance and creating a holistic employee-friendly work

16

environment. We strongly believe in our people as the engine of our growth. Thus in 2009, we continued with the transformation of our human capital management in order to position the bank as a performance-driven institution. We embarked on series of initiatives towards building a strong, resilient, agile and motivated workforce across the entire Diamond Group. We have also put in place a new performance management system that will strategically link corporate strategy, resources and processes with a view to achieving organizational goals and objectives. Communication and training of staff on the new performance management framework has been concluded in our determination to build a world class performance driven environment. Indeed, the resilient performance of the Bank especially in this turbulent times and our consistent superior customer value addition over the years is largely driven by the quality of our human resource. We will continue to invest in our people and adopt the best HR practices towards building a winning organization that will consistently deliver stakeholders value. The deployment of the state of the art IT infrastructure and Architecture will improve overall IT resilience and responsiveness to the business while reducing “run” risk and supporting automated processes, thereby contributing materially to cost reduction and sales optimization. The initiatives are helping us to set up efficient and scalable processes that will enable very profitable future growth, organically or inorganically. We are also working on some strategic opportunities that can create significant value and fast-track the achievement of our Bank's strategic intent of rapidly growing retail banking, remaining a major player in middle market, and positioning as a niche player in Corporate/Public Sector Banking. The strategic move will leap-frog the growth of our Bank's branch network and customer base, and the utilisation of our technological capabilities in the mobile and electronic banking market.

Increased Focus on Retail Banking The retail space remains largely untapped in Nigeria with about 74 percent of the population unbanked, which will require banking services as systematic framework and infrastructure improves. The retail sector is therefore unanimously viewed as the next big opportunity for Nigerian banks as it brings asset and deposit growth while diversifying risk and making balance sheet sustainable. We are implementing a clear retail banking strategy in order to claim a leading position in the very big space. 2009 saw us making a remarkable progress towards establishing Diamond Bank as the retail bank of choice in Nigeria. The retail

Group Chief Executive Officer's Review

segment of our business, comprising personal and Micro, Small and Medium enterprises (MSMEs) customers, is really becoming increasingly important to the Bank and Group. During last quarter of 2008, we revised and re-packaged our whole range of savings products, taking the best features from a large number of products and incorporating them into our very popular SavingsXtra account. It offers the opportunity for everyone to bank with us with a minimum balance of only N5,000 and quickly became customers' favorite banking product with over 1 million accounts in 2009. We also re-packaged our Diamond Kiddies account for youngsters and introduced a new higher interest deposit account called Diamond HIDA where balances have grown to N5 billion in only 6 months. Barely one year after its launch into the Nigerian consumer market, Diamond Visa Credit Card, the first naira denominated, real credit card in the country, recorded well over 250,000 successful transactions valued at over N6 billion. Remarkably, 30 percent of all the transactions have been outside Nigeria, while 70 percent were for payments within the country. Our credit card package remains unequalled in the country and we are planning further enhancements in 2010, including the addition of more partners for our rewards scheme. Feedback from customers remains very positive, based on convenience and reliability the same card can be used with confidence to facilitate payment across this country as well as in all countries around the world where Visa Card is accepted.

supporting the growth of their businesses, thereby contributing to GDP growth and higher employment. We are conscious of the fact that pivotal to winning in the retail space is the delivery of excellent customer experience to prospective and existing clients consistently. We know that ultimately, no matter how good our products and propositions, customers will only bank with us if we are able to satisfy their needs and deliver consistent total quality service. In 2009, through an independent external partner, we carried out a wide ranging customer satisfaction survey, involving mystery shopping at 150 branches, one-on-one discussions with corporate clients and telephone interviews of over 3,000 business and personal customers. The result was an average satisfaction level of 71 percent, which was reasonable and placed us easily in the top quartile of banks in Nigeria. However, we know that is not good enough and we must constantly strive for improvement. We will carry out similar surveys twice in 2010 and will share the results with our shareholders in our annual report. We are confident of delivering a higher satisfaction level in 2010 for it is only through the recognition of our shortcomings that we can improve. We seek to deliver marketbeating customer experience whilst creating superior value addition to our customers.

As we continued to look for creative solutions to help our customers solve the challenges of managing small businesses, we launched a new proposition for Micro, Small and Small Enterprises (MSMEs) in October 2009 which proved to be so popular and successful that the number of customers had doubled by the end of the year. The proposition comprises modification to our Diamond BusinessXpress Account (DBXA), recognizing that one size does not fit all. We therefore introduced 3 variants, all priced differently aimed at Starter, Growing and Established businesses. Through this proposition, we significantly reduced the cost of banking for MSMEs, thereby removing the barriers to their banking with us.

During the 8-month period, retail banking deposits increased by 22 percent. The Bank was able to continue to attract retail deposits due to our strong distribution network and deliberate focus on attracting a larger percentage of low cost deposits, rather than more expensive term deposits. This resulted in retail banking average weighted cost of funds falling from 6 percent to under 4 percent. With the launch of our new Business Express Account in December 2009, the really exciting part of retail deposit collections is still to come in 2010. By scrapping commissions on transactions for small business accounts and replacing them with a fixed fee structure, we expect to see SME customers concentrate their deposits with Diamond Bank in the year ahead. This, coupled with the recently launched consumer finance products in vehicle asset finance, personal loans and mortgages, bolsters our outlook for 2010.

We also incorporated many added value features to DBXA entrepreneurs guide, inexpensive ownership of their own website and most importantly, enterprise educational seminars which have been embraced enthusiastically by hundreds of our customers. Our partnership with IFC was further enhanced with the launch of an additional lending product for MSME customers and during a time when many banks stopped lending altogether, we lent in excess of N3 billion to this vitally important segment of the economy. We remain committed to delivering support and finance to deserving MSME customers,

Our increased focus on the retail sector does not translate into abandoning other business segments. We will continue to consolidate our position in these segments by investing in the development of propositions and services that will continue to endear the Bank to the clients. This way, we will continually sharpen our arsenal of weapons to retain our competitive edge in the affected sectors. In topmost corporate sector, there are high growth segments that offer opportunity to profitably expand the business notwithstanding that recent lending boom is now taking its toll as reflected in non-performing assets and

17

Group Chief Executive Officer's Review

provisions. Lending to the sector has become slow as corporate governance standard increases and margin pressure is increasing due to high competition. We will focus on proactively identifying the growth segments of the corporate sector and becoming a niche player in them. Corporate Social Responsibility Our Group is committed to building a sustainable business that is trusted for upholding high standards of corporate governance and social responsibility. Thus, as part of our strategy in encouraging healthy and quality living among Nigerians, we spent N15 million in sponsoring the 34th Annual Congress/Scientific Conference of the Ophthalmological Society of Nigeria (OSN) held in Lagos in September 2009. We seized the opportunity of sponsoring the conference to demonstrate our corporate responsibility drive in giving back to the society and to lend our weight on the fight to reduce the rate of blindness among Nigerians and in the Sub-Saharan African. In a survey carried out by the Nigerian Federal Ministry of Health, more than a million Nigerians are blind and more than three million others are visually impaired. Overall, two out of every three blind Nigerians are blind from causes which could be avoided. The Bank is determined to help alleviate this problem. It is a way of showing the public that their welfare is of paramount importance to the Bank. It will be recalled that Diamond Bank was the sole sponsor of the Third Edition of the International Council of Ophthalmology (ICO) hosted in Nigeria by the Eye Foundation Center in 2008. Between 1999 and 2005, Diamond Bank also sponsored the Annual Diamond Bank/Eye Expedition Hospital free eye expedition programme. We also identified with Lagos State government in hosting the Lagos Infrastructure forum on the need to improve sustainable infrastructure such as Intermodal passenger transport, Affordable housing, Waste management, Power Solutions, Lekki free trade zones, etc. As part of our youth development initiative, our Bank set up a resource centre within the Niger Delta University campus for the school community. The resource centre consist of cybercafe, computerized library, viewing center and server room spending over N9 million in the process with an additional sum of N11.6 million for furniture and additional work-stations. In the area of sports, the Bank partnered with Sande Sports & Entertainment Ltd to organize Best of Fans football tournament, which is a fusion of football and entertainment to help galvanize the youths into more fruitful endeavours. The Bank spent over N5 million on the National Conference on

18

the review of implementation of the Pension Reform by partnering with the National Pension Commission so as to alleviate the suffering of pensioners. To help combat poverty and support agriculture development, the Bank spent over N3 million supporting the workshop titled “Boosting Nigerian Agricultural Sector through Financing, Processing, Capacity Building, Capital Equipment and Market Access” hosted by the American Embassy in Nigeria and the Bank of Industry Ltd (BOI). Looking Ahead In its April 2010, the IMF revised 2010 global growth forecast upwards to 4.2 percent on account of the successes of the global “rescue operations” for the financial system and the economy. Nonetheless, there are still some challenges ahead, especially in respect of high unemployment in most economies; fears that some countries may tighten their economies too quickly; and the growth effect of dwindling external demand, foreign direct investment and weak credit on emerging economies. On the local scene, the upturn in the last two quarters of 2009 allows for considerable optimism about the nation's economic growth in 2010, with a convergence of projections centering on 5 -7 percent growth for the year. Increase in crude oil price and the Amnesty Program in the Niger Delta should continue to impact positively on oil sector performance. There are however concerns that could threaten this positive outlook and some of these are:

!

!

The impact of credit squeeze heightened by the CBN's intervention in the banking sector in 2009, which may be mitigated by the establishment of the proposed Asset Management Company and the continuous loosening of monetary policies. Another major area of concern is the way and manner the CBN will address inflation concerns in the face of a loose monetary policy, expansionary budget 2010, and 2011 election-induced spending.

Nigeria's future banking growth is set to be driven not only by a growth in national oil revenue but also through the growth of the middle class and boom in personal lending, mortgages, and credit cards. While the short-term outlook remains challenging, we are confident of an improvement in the second half of 2010. In the longer term, government's public infrastructure investment programme will gain momentum and it should be a catalyst for growth throughout the economy. We are actively re-calibrating and refining our businesses to ensure that we are optimally positioned to benefit from the economic recovery. The management team is committed to

Group Chief Executive Officer's Review

optimizing the growth opportunities through the implementation of initiatives that drive revenue growth while minimizing cost and risks.

confident that we have the resilience and drive to thrive in the long term, notwithstanding that there will always be challenges.

Conclusion

Finally, on behalf of the Management and staff of the entire Diamond Bank Group, I wish to thank all our customers and shareholders for their understanding, patronage and commitment. Your unwavering support has helped us to negotiate the bend successfully and maintain our strategic momentum in 2010.

2009 was a tumultuous year for the Nigerian banking industry and consequently, the competitive landscape is changing fundamentally with the regulatory framework being radically altered. Our challenge is to ensure we remain focused on returning to acceptable level of profitability very quickly and continue to deliver on a consistent basis by leveraging on strategic opportunities in the medium term towards elevating the Bank to the desired industry leadership position. We are committed to achieving these goals. Our strategy is simple and its concepts are well tested in the banking and other industries. The successful execution of our strategies at both short and medium term horizons should position us for high and sustainable performance. We are also

Thank you for your attention.

Emeka Onwuka Group Managing Director/Chief Executive Officer

19

Report of External Consultant on the Board Appraisal

W

e conducted the appraisal of the Board of Directors (“the Board”) of Diamond Bank Plc (“the Bank”) for the period ended 31 December, 2009 in accordance with the standards set by the Central Bank of Nigeria (CBN) Code of Corporate Governance for Banks in Nigeria Post Consolidation (“the CBN Code”).

Corporate governance is the system by which business corporations are directed and controlled to enhance performance and long-term shareholder value. We reviewed the Bank’s corporate governance report included on pages 31 to 45 of the Annual Report for the period ended 31 December 2009, as prepared by the Board, and assessed the level of compliance of the Board with the CBN Code. The principal recommendations from our appraisal of the Board of the Bank, in accordance with the CBN Code, were in the following areas: Directors’ remuneration and the appointment of independent Directors. However, subsequent to 31 December 2009, the Board has appointed two (2) independent Non-executive Directors, subject to the approval of the CBN and the ratification of the shareholders.

Dimeji Salaudeen Partner, KPMG Professional Services Lagos, Nigeria 12 May 2010

20

Report of Audit Committee

I

n accordance with the provisions of Section 359 (6) of the companies and Allied Matters Act, Cap.C20 Laws of the Federation of Nigeria, 2004, we the Members of the Audit Committee of the Board of Directors of Diamond Bank Plc, having carried out our statutory functions under the Act with the co-operation of management and staff, hereby report that :

1.

The accounting and reporting policies of the Bank and Group are in accordance with legal requirements and agreed ethical practices;

2.

The scope and planning of both the external and internal audit programmes for the period ended 31 December, 2009 were satisfactory and reinforce the Group's internal control system;

3.

Having reviewed the external auditor's findings and recommendations on the management matters, we are satisfied with the management responses thereon.

In addition to the foregoing, we have complied with the provisions of the Central Bank of Nigeria Circular BSD/1/2006 dated 18 February, 2004 on “Disclosure of the insider- related credits in the financial statements of banks”, and thereby confirm that an aggregate amount of N2.3billion was outstanding as at 31 December, 2009.

Nnamdi Nwakwesi Chairman, Audit Committee 12 April, 2010 Members of the Audit Committee are: Mr Nnamdi Nwakwesi Chairman Lt.Gen J.T Useni (RTD) Member Dr. Olubola Hassan Member Mr Chris Ogbechie Member Sir Enoch Iwueze Member Mr Kabir Alkali Mohammed (mni) Member In attendance Nkechi Nwosu

Secretary

21

Board Of Directors 1

2

3

4

5

6

8

9

7

10

12

11

13

14

1. 2. 3. 4. 5. 6. 7.

22

HRM Igwe Nnaemeka Alfred Ugochukwu Achebe - Chairman Emeka Onwuka - Group Managing Director/CEO Ohis Ohiwerei - Executive Director - Chief Financial Officer U.K. Eke - Executive Director - Regional Businesses, Lagos/West Uzoma Dozie - Executive Director - Corporate Banking Oladele Akinyemi - Executive Director - Customer Services & Technology Mazi Clement I. Owunna - Director

8. 9. 10. 11. 12. 13. 14.

Dr. Olubola Adekunle Hassan - Director Lieutenant General Jeremaih Timbut Useni (RTD) - Director AVM Ishaya Aboi Shekarri (RTD) - Director (Resigned w.e.f. 1st Oct. 2009) Chris Ogbechie - Director Chief John Edozien - Director Dr Nkosana Moyo - Director - Director (Resigned w.e.f. 24th Sept. 2009) Mr Simon Harford - Director

Management Team

EMEKA ONWUKA

GROUP MANAGING DIRECTOR/CEO

UZOMA DOZIE

EXECUTIVE DIRECTOR - CORPORATE BANKING

UK EKE

EXECUTIVE DIRECTOR- REGIONAL BUSINESSES, LAGOS/WEST

OLADELE AKINYEMI

EXECUTIVE DIRECTOR - CUSTOMER SERVICES AND TECHNOLOGY

GARRY MARSH

SENIOR ADVISER, RETAIL BANKING

AKIN PEARCE

HEAD, RISK MANAGEMENT & CONTROL

NKECHI NWOSU

COMPANY SECRETARY/LEGAL ADVISER

VICTOR EZENWOKO

HEAD, REGIONAL BUSINESSES, UPCOUNTRY

JOHN AYUBA

REGIONAL MANAGER-ABUJA

EUNICE WILLIAMS

HEAD PUBLIC SECTOR

HUMPHREY AKACHUKWU

HEAD, COMPLIANCE AND AUDIT

MILLICENT NWAOGU

DIV. HEAD, INSTITUTIONAL BANKING

PREMIER OIWOH

HEAD, BANKWIDE CUSTOMER SERVICES

CHIOMA NWABUOKU

HEAD, GROUP-WIDE HUMAN CAPITAL MANAGEMENT

OBINNA URUAKPA

REGIONAL MANAGER-SOUTH SOUTH

CHRIS OFIKULU

REGIONAL MANAGER-VICTORIA ISLAND

REGINALD AKUJOBI-ROBERTS

HEAD, GENERAL INTERNAL SERVICES

CHARLES NKATA

REGIONAL MANAGER-SOUTH EAST

CHIZOMA OKOLI

REGIONAL MANAGER-APAPA

YOMI OLORUNGBEJA

HEAD, STRATEGIC PLANNING & RESEARCH GROUP

ANYA DUROHA

DIV. HEAD, SPECIALIZED INDUSTRIES

AGNES FASEHUN

REGIONAL MANAGER-WEST

BENSON ORAELOSI

DIVISIONAL HEAD, REMEDIAL ASSETS

ABIYE KOKO

HEAD, IT SERVICES

EMEKA OKERE

GROUP HEAD, REMEDIAL ASSETS, NORTH

CHIUGO NDUBUISI

HEAD, FINANCIAL MANAGEMENT DIVISION

DONALD NOSIRI

HEAD, HUMAN CAPITAL MANAGEMENT

CHIDINMA LAWANSON

HEAD, MSME PROPOSITION

BEN OBUEKWE

REGIONAL MANAGER-NORTH CENTRAL

CHINEDU OKORO

REGIONAL MANAGER-EAST CENTRAL

FOLORUNSHO ODOM

BUSINESS MANAGER, GARKI ABUJA, MOHAMMED BUHARI WAY

MAGNUS NNOKA

HEAD,CREDIT RISK MANAGEMENT

23

Management Team

JUDE ANELE

WORK STREAM LEADER,SALES OPTIMIZATION

ADEGBOYEGA ADEBAJO

INVESTMENT BANKING

CHINEDU EKEOCHA

OPERATIONS OPTIMIZATION -WORK STREAM LEADER 3

PAUL OKOROAFOR

HEAD,CREDIT ANALYSIS AND PROCESSING

LANRE SHOWUNMI

HEAD, BUSINESS TRANSFORMATION GROUP

ANGELA OKONMAH

GROUP HEAD - PRODUCT & RETAIL BRAND SERVICES

MAUREEN OFFOR

REGIONAL MANAGER-IKEJA

SAM ANEKE

HEAD, PUBLIC SECTOR (COLLECTIONS GROUP)

SUBSIDIARIES

24

BEN IHEKIRE

MANAGING DIRECTOR, DIAMOND BANK BENIN REPUBLIC

TONY ONWU

MANAGING DIRECTOR, DIAMOND CAPITAL & FINANCIAL MARKETS

EMEKA OSUJI

MANAGING DIRECTOR, DIAMOND PFC

CHIOMA SIDESO

MANAGING DIRECTOR, ADIC INSURANCE

Directors' report Compliance with Code of Corporate Governance Directors' responsibility and approval Auditors' report Statement of significant accounting policies Profit and loss accounts Balance sheets Cash flow statements Notes to the financial statements Statement of value added Five-year financial summary

25

Directors' Report For period ended 31 December 2009

The directors present their annual report on the affairs of Diamond Bank Plc (“the Bank”) and its subsidiaries ("the Group"), together with the financial statements and auditors' report for the eight months ended 31 December, 2009.

a.

Legal Form The Bank was incorporated in Nigeria under the Companies and Allied Matters Act 1990 as a private limited liability company on 20 December 1990. It was granted license on the 15 March 1991 to carry on the business of commercial banking and commenced business on 21 March 1991. The Bank converted into a Public Limited Liability Company on 28 February 2005.The Bank's shares were listed on 27 May 2005 on the floor of the Nigerian Stock Exchange by way of introduction.

b. Principal Activity and Business Review The principal activity of the Group continues to be the provision of banking and other financial services to corporate and individual customers. Such services include granting of loans and advances, corporate finance and money market activities. The Bank has seven operating subsidiaries including Diamond Bank Benin S.A (95.38%), Diamond Capital and Financial Markets Limited (DCL) (100%), Diamond Pension Fund Custodian Limited (100%), Diamond Mortgages Limited (100%) and ADIC Insurance Limited (95%).The Bank's consolidated financial statements include the results of all operating subsidiaries. The indirectly wholly owned subsidiaries (via DCL) are Diamond Securities Limited (DSL) and Diamond Registrars Limited (DRL). DSL has a wholly owned subsidiary - DBLS Insurance Brokers Limited.

c.

Operating Results

Gross earnings of the Group reduced by N41.2 billion and profit before tax reduced by N18.3 billion. Highlights of the Group's operating results for the period under review are as follows: 8months to Dec.' 2009 N'000

12months to Apr.' 2009 N'000

67,735,694

108,979,476

(12,374,154) 4,199,741

5,901,951 (730,195)

Profit after taxation Non-controlling interest

(8,174,413) 32,402

5,171,756 (27,637)

Profit attributable to group shareholders

(8,142,011)

5,144,119

70,365 (8,212,376) (8,142,011)

1,052,017 342,556 75,339 3,670,207 5,144,119

Gross earnings Profit before taxation Taxation

Appropriations: Transfer to statutory reserves Transfer to SME reserves Bonus issue Transfer to contingency reserve Transfer to retained earnings reserve

26

Directors' Report For period ended 31 December 2009

d.

Directors and their interests The direct and indirect interests of directors in the issued share capital of the Bank as recorded in the register of directors shareholding and/or as notified by the directors for the purposes of sections 275 and 276 of the Companies and Allied Matters Act and the listing requirements of the Nigerian Stock Exchange is noted: Direct Shareholding

HRM Igwe Nnaemeka Alfred Achebe (Chairman)

Indirect Shareholding

Number of 50k Ordinary Shares Held

Number of 50k Ordinary Shares Held

Number of 50k Ordinary Shares Held

Number of 50k Ordinary Shares Held

Dec 2009

April 2009

Dec 2009

April 2009

3,547,637

3,547,637

-

-

Mr. Emeka Onwuka (Managing)

20,000,000

30,484,873

-

-

Mr. Ohis Ohiwerei (Executive)

16,445,952

20,294,783

-

-

Mr. Urum Kalu Eke (Executive)

3,422,311

14,954,006

-

-

Mr. Uzoma Dozie (Executive)

20,630,610

21,719,491

735,627,169

735,627,169

8,503,293

3,439,426

33,000

33,000

267,412,498

269,212,498

10,163,959

12,933,959

6,672,306

6,672,306

176,720,019

176,865,355

AVM Ishaya Aboi Shekarri (Rtd), OON (Resigned - 01/10/09) 71,669,961

71,669,961

174,495,514

174,495,514

5,101,500

-

-

Mr. Oladele Akinyemi (Executive) Mazi Clement Owunna MFR Mr. Chris Ogbechie Lt. General Jeremiah Timbut Useni (Rtd) Dr. Olubola Adekunle Hassan

6,601,500

-

Mr. Simon Harford

-

-

-

1,975,935,789

Dr. Nkosana Moyo (Resigned - 25/9/09)

-

-

-

1,975,935,789

4,614,700

2,165,000

-

2,449,700

Chief John D. Edozien

In line with the provisions of the Articles of Association the directors to retire by rotation are Mazi Clement Owunna and Chief John D. Edozien who being eligible for re-election offer themselves for re-election.

e.

Directors interests in contracts For the purpose of section 277 of the Companies and Allied Matters Act 1990, except as stated herein none of the directors had direct or indirect interest in contracts or proposed contracts with the company during the year.

f.

Property, Plant and Equipment Information relating to changes in property, plant and equipment is given in Note 25 to the financial statements. In directors' opinion, the market value of the Group's properties is not less than the value shown in the financial statements.

27

Directors' Report For period ended 31 December 2009

g. Shareholding Analysis The shareholding pattern of the Bank as at 31 December 2009 is as stated below: Share Range 1 - 10,000 10,001 - 50,000 50,001 - 100,000 100,001 - 500,000 500,001 - 1,000,000 1,000,001- 5,000,000 5,000,001 - 10,000,000 10,000,001 - 50,000,000 50,000,001 - 100,000,000 100,000,001 - 500,000,000 500,000,001 - 1,000,000,000 1,000,000,001 - 10,000,000,000 TOTAL

No. Of Percentage of Shareholders Shareholders (%) 94,686 75.38 20,288 16.15 5,801 4.62 3,869 3.08 383 0.30 385 0.31 80 0.06 88 0.07 16 0.01 17 0.01 3 0.00 2 0.00 125,618

No. of Holdings 209,891,025 389,384,040 361,829,341 707,839,388 254,764,279 770,193,572 559,360,218 2,031,183,738 1,033,939,089 2,859,314,959 1,693,022,644 3,604,520,813 14,475,243,105

Percentage Holdings 1.45 2.69 2.50 4.89 1.79 5.32 3.86 14.03 7.14 19.75 11.70 24.90 100.00

Actis DB Holdings Limited holds 14.79% of the Bank's ordinary shares while the balance is held by other individual and institutional investors.

h. Substantial interest in shares According to the register of members as at 31 December 2009, no shareholder held more than 5% of the issued share capital of the Bank except the following: Percentage Of Shareholder Number of shares held Shareholding (%) Actis DB Holdings Limited i.

14.79%

AUTHORISED SHARE CAPITAL (?) 25,000,000 50,000,000 100,000,000 200,000,000 500,000,000 1,000,000,000 2,000,000,000 3,500,000,000 5,000,000,000 7,000,000,000 10,000,000,000

TOTAL NUMBER OF SHARES 25,000,000 50,000,000 100,000,000 200,000,000 500,000,000 1,000,000,000 2,000,000,000 7,000,000,000 10,000,000,000 14,000,000,000 20,000,000,000

Share Capital History YEAR 1991 1991 1992 1993 1996 1997 2002 2004 2005 2007 2008

J.

2,140,888,455

Charitable Contributions The Bank made contributions to charitable and non-political organizations amounting to N89 million (Apr. 2009: N325 million) during the period.

28

Directors' Report For period ended 31 December 2009

k.

Post Balance Sheet Events There were no significant events after the balance sheet date.

l.

Human Resources Employment of Disabled Persons The Bank operates a non-discriminatory policy on recruitment. Applications by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicants concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Bank continues and that appropriate training is provided. It is the policy of the Bank that the training, career development and promotion of disabled persons should as far as possible, be identical with those of other employees. Health, Safety and Welfare at Work The Bank enforces strict health and safety rules and practice at the work environment, which are reviewed and tested regularly. The Bank retains top-class private hospitals where medical facilities are provided for staff and their immediate families at the Bank's expense. Fire prevention and fire-fighting equipment are installed in strategic locations within the Bank's premises. The Bank operates both a Group Personal Accident and the Workmen's Compensation Insurance covers for the benefit of its employees. It also operates a contributory pension plan in line with the Pension Reform Act 2004, for its employees

m. Employee Involvement and Training The Bank places considerable value on the involvement of its employees and has continued its practice of keeping them informed on matters affecting them as employees and the various factors affecting the performance of the Bank. This is achieved through regular meetings between management and staff. In accordance with the Bank's policy of continuous development, training facilities are provided in the Bank's well-equipped Training School. In addition, employees of the Bank nominated to attend both locally and internationally organized courses. These are complemented by on-the-job training.

n. Auditors PricewaterhouseCoopers have indicated their willingness to continue in office in accordance with Section 357 (2) of the Companies and Allied Matters Act. A resolution will be proposed at the Annual General Meeting to authorize the directors to determine their remuneration.

BY ORDER OF THE BOARD

Nkechi Nwosu Company Secretary Plot 1261, Adeola Hopewell Street Victoria Island Lagos 15 April 2010

29

Statement of Directors’ Responsibilities

Responsibility for Annual Financial Statements The Companies and Allied Matters Act and the Banks and Other Financial Institutions Act 1991, require the directors to prepare financial statements for each financial period that give a true and fair view of the state of financial affairs of the Bank at the end of the period and of its profit or loss. The responsibilities include ensuring that the Bank: i.

keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Bank and comply with the requirements of the Companies and Allied Matters Act and the Banks and Other Financial Institutions Act 1991;

ii.

establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and

iii.

prepares its financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates, that are consistently applied.

The directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with, -

Nigerian Accounting Standards;

-

Prudential Guidelines for Licensed Bank;

-

relevant circulars issued by the Central Bank of Nigeria;

-

the requirements of the Banks and Other Financial Institutions Act of 1991; and

-

the requirements of the Companies and Allied Matters Act.

The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Bank and its subsidiary operations and of their profit for the period. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control. Nothing has come to the attention of the directors to indicate that the Bank will not remain a going concern for at least twelve months from the date of approval of the financial statements.

__________________________________________ Emeka Onwuka Managing Director

30

__________________________________ Uzoma Dozie Executive Director

Compliance with Code of Corporate Governance For period ended 31 December 2009

D

iamond Bank Plc was conceived with the vision of creating a “strong financial services institution with effective presence in Nigeria, Africa and indeed all the key financial centres of the world.” We are pleased to state that over the years, as our vision has been fulfilled we have not lost sight of our core values of integrity, excellence, customer and stakeholder satisfaction.

Diamond Bank is managed in compliance with the Code of Corporate Governance for Banks in Nigeria Post Consolidation (“the CBN Code”) and the Code of Corporate Governance in Nigeria. In addition, the Bank also endeavours to as closely as possible adhere to International Best Practices. Further to this, the Bank and the Diamond Bank Group have adopted a Corporate Governance Framework established on the following principles: (1) Discipline; (2) Transparency: (3) Independence; (4) Accountability; (5) Responsibility; (6) Fairness; and (7) Social Responsibility. In accordance with the requirements of the relevant Corporate Governance Codes, the position of Chairman and Managing Director/Chief Executive Officer are held by different persons, the number of non-executive directors exceeds that of the executive directors, and the Chairman of the Board does not serve on any other Committees.

THE BOARD The Board has the key responsibility for corporate governance and is responsible for the review and update of the Corporate Governance Framework. Members of the Board are required to uphold good corporate governance practices when performing their fiduciary duties and responsibilities. The primary mission of the Board is to effectively represent and promote interest of shareholders and relevant stakeholders by adding value to the Company's performance.The Board of Directors of Diamond Bank Plc is constituted by the under-listed persons:

HRM Igwe Nnaemeka Alfred Ugochukwu Achebe, CFR, MNI,The Obi of Onitsha - Chairman HRM Nnaemeka Achebe is a Chemistry graduate of the Stanford University, California USA. He holds Masters in Business Administration (MBA) from Columbia University, New York amongst others. He is presently the traditional ruler (Obi) of Onitsha, Anambra State. During the extensive period of his career in the Shell companies (both local and international), he held several top level managerial positions before he was appointed Executive Director at Shell Petroleum Development Company in 1988, a position he held till 1996 when he was appointed Senior Corporate Adviser, Shell International Co. Limited, London. He has held directorship positions in many multinationals and reputable organizations and is a patron of the MTN Foundation. In 2004, Igwe Achebe was honoured by the Federal Government of Nigeria with a national merit award, Commander of the order of the Federal Republic (CFR). He belongs to a number of international professional bodies such as the Nigeria Economic Society and the Academy of Management, USA.

Mazi Clement I. Owunna MFR - Non-Executive Director An accomplished pharmacist and businessman, Mazi Owunna is a graduate of the Drake College of Pharmacy, Iowa, United States. He is a pioneer director of Diamond Bank. Mazi Owunna is the Chairman of several successful companies spanning pharmaceuticals, manufacturing, commerce, real estate, food and chemicals. He is also a Fellow of the Nigerian Institute of Management. Mazi Owunna has been a Director of the Bank since 2000.

Dr. Olubola Adekunle Hassan, M.B, B.S, D.O, FRCS, FRCOPH, FWACS - Non-Executive Director Dr. Hassan holds a Bachelor of Medicine, Bachelor of Surgery, M.BB.S and Diploma in Ophthalmology among other qualifications. He is the Chief Consultant Ophthalmic Surgeon and Medical Director, Eye Foundation Hospital, Lagos and also acts as a consultant ophthalmologist to a number of local and foreign hospitals. He has sixteen academic distinctions and awards and belongs to a host of professional and academic bodies locally and internationally. Dr. Hassan joined the Board of Diamond Bank Plc in 2005.

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Compliance with Code of Corporate Governance For period ended 31 December 2009

Lieutenant General Jeremiah Timbut Useni (Rtd) DSS, PSC, MNI - Non-Executive Director Lt. General Useni (Rtd) is a graduate of the Indian Military Academy and holds a Diploma in Advance Military Transportation from the US Army. He passed through notable institutions including the British Army Apprentices College, Chepstow and Command and Staff College, Jaji. He is a fellow of the following institutions: the Nigerian Institute of Management (FNIM), the Chartered Institute of Transport (UK and Nigeria) and the National War College (FNWC). During his many years of meritorious service in the Nigerian Army, Lt. Gen Useni held various top military and political appointments including Director of Supply and Transport, Director of Ordinance Services and Quartermaster General of the Nigerian Army. He was Chairman of the National Railway Corporation, Military Governor of the former Bendel State, and Minister of the Federal Capital Territory. He received many Military decorations including Forces Service Star, Long Service Medal, Defence Medal, and Independence Medal. As a nationalist Lt Gen Useni is bestowed with twelve (12) chieftaincy/traditional titles from various states of federation most notably the Sardauna of Plateau and Nasarawa States. He is currently the Chairman of the Arewa Consultative Forum. Lt. Gen. Useni was appointed as a director of Diamond Bank in 2005

Chris Ike Ogbechie - Non-Executive Director Chris Ogbechie has a First Class Honours degree in Mechanical Engineering from Manchester University and MBA from Manchester Business School. He has wide experience in marketing and strategy derived from his work as head of marketing/sales at Nestle Nigeria., Xerox and from his consulting work with Nigerian firms over the years. While in Nestle he had wide international exposure in Malaysia, Singapore and Switzerland. He has been involved with several start-ups and is on the board of several companies. Mr. Ogbechie is a faculty staff of the Lagos Business School, where he teaches Strategy and Corporate Governance. Mr. Ogbechie has been a director of Diamond Bank since 2005.

Simon Harford - Non-Executive Director Simon Harford holds an MBA from INSEAD, Fountainebleau, France and a BA (Hons) in Philosophy, Politics and Economics from Oxford University, UK. Prior to joining Actis as Head of Actis, West Africa, Simon was with the Virgin Group and was the Chief Executive Officer of Virgin Nigeria, after having held a number of senior management positions in various organizations. Mr. Harford is currently the Head of Actis Africa and South America. He has been a director of Diamond Bank since 2007.

Chief John D. Edozien - Non-Executive Director Chief Edozien holds a B.Sc. (Hons) (Econs.) from the University of Ibadan and an M.A. Economics from the University of Wisconsin. As a Civil Servant, he rose to the position of Permanent Secretary of the Cabinet Office in 1987 and National Planning, Office of Planning and Budget both in The Presidency. Chief Edozien served as Deputy Governor of Bendel state and later Delta State. He was the Group Managing Director/CEO of Afribank Nigeria Plc as well as Chairman of Afribank International Limited (Merchant Bankers) from 1993 to 1999. He is the chairman of a number of Nigerian companies such as Jenkyns Consult Nigeria Limited and Mercedes Benz Automobile Services Limited. He also holds other directorate positions in several companies. Chief John D. Edozien became a director of Diamond Bank in 2008.

Emeka Onwuka - Managing Director/Chief Executive Officer Prior to joining Diamond Bank, Emeka worked with Arthur Andersen and Co., where he was exposed to both local and offshore training in accounting and management consulting for the finance as well as oil and gas industries. Emeka joined the Bank in 1992, and has worked in the key areas of corporate and investment banking, branch banking, treasury and commercial banking, among others. He was Head of the Bank's Commercial Banking Division before his appointment as the Managing Director in 2005.

U. K. Eke - Executive Director, Business Banking, Lagos & West Mr. Eke started his working career with Deloitte Haskins Sells International in 1985, and majored as an accounting professional with specialisation in audit, taxation and management consulting. In 1992, he joined Diamond Bank after a year's stint at Abacus Merchant Bank Ltd. He has attended various business, leadership and professional courses both in Nigeria and overseas. He was the Bank's Head of Commercial Banking Division (Lagos/West) prior to his appointment as Executive Director (Commercial Banking) in 2005.

Ohis Ohiwerei - Executive Director/Chief Financial Officer Mr. Ohiwerei began his banking career in Guaranty Trust Bank Plc where he worked in Credit, Marketing and Treasury units. He moved to

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Compliance with Code of Corporate Governance For period ended 31 December 2009

Ecobank in 1998 as Treasurer and in February 2000, joined Diamond Bank as Head of the Treasury Unit. His experience spans over 15 years in all the key areas of banking, much of this dominated by his stint in the area of treasury management. He was the Bank's Chief Financial Officer (CFO) before he was appointed Executive Director of the Bank/CFO. Mr. Ohiwerei has recently proceeded on terminal leave prior to his resignation from the Board of the Bank.

Uzoma Dozie - Executive Director, Corporate Banking Mr. Dozie's banking career started in the Commercial Banking unit of Guaranty Trust Bank Plc. He later moved to Citizens International Bank Limited where he was a part of the Oil and Gas Division. 1n 1998, he joined the Bank as Head of the Oil & Gas Unit. He was appointed as Executive Director in 2005.

Oladele Akinyemi - Executive Director, Customer Services and Technology Mr. Akinyemi first joined Diamond Bank from erstwhile Lead Merchant Bank in 1991 as head of Systems Unit. He later headed the Commercial & Consumer Banking and the Retail Banking units of the Bank before leaving for UBA in 1997. He left UBA to become an Executive Director of One-to-One Nigeria Limited and whilst there, he built the first database marketing service company in Nigeria and pioneered List Rental business in Nigeria. He then joined Citibank Nigeria in 1999 as Head of Cards, Cash Management and e-Solutions Group. He rejoined Diamond Bank in 2002 as Head of the Information Technology Group. He was appointed to the Board in 2006.

TRAINING AND EVALUATION: Diamond Bank has always placed emphasis on the performance of the Board as a whole as well as on the performance of individual members in relation to their contributions to the Board and the Bank. Evaluation of the Executive Directors is carried out by the Governance and Personnel Committee which is comprised entirely of Non-Executive Directors while the evaluation of the Non Executive Directors is done by external consultants. In order to further develop the skill levels of the Board, members attend courses and training programmes suited to enhancing their functions. If the situation necessitates it, the directors are entitled to seek independent professional advice on matters for which they require clarification.

FUNCTIONS OF THE BOARD: The Board meets regularly (at least once every quarter) to perform its stewardship and oversight functions, primary among which are: o o o o o o o o o o o o

Determination of the Diamond Bank Group's purpose and values, the strategy to achieve its purpose and to ensure that its values and strategy are implemented. Evaluation of present and future strengths, weaknesses and opportunities of the Bank. Comparisons with competitors, locally and internationally, and best practice are Important elements of this process. Review and approval of the Bank's financial objectives, plans and actions and significant allocation and expenditure. Approval of the annual budget; Approval of the annual and half-yearly financial statements, annual report and reports to shareholders; Consideration and where appropriate, declaration or recommendation of the payment of dividends. Reviewing the Bank's audit requirements. Reviewing the performance of, necessity for, and composition of Board Committees. Approval of the remuneration of the Chairman, Non-Executive Directors and Management Reviewing risk management policies and controls, including compliance with legal and regulatory requirements. Reviewing the Bank's code of conduct and ethical standards. Reviewing shareholder and client relationships.

The Board also performs certain of its functions through Board Committees and Management Committees. The delegation of these functions does not in any way mitigate or dissipate the discharge by members of their duties and responsibilities.

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Compliance with Code of Corporate Governance For period ended 31 December 2009

BOARD COMMITTEES The Board Governance and Personnel Committee: The Governance and Personnel Committee is made up entirely of non executive directors. As the name suggests, this Committee is responsible for the overall governance and personnel function of the Board. Some functions of the Committee are as follows: To consider and make recommendations to the Board on its composition and that of the Committees and Subsidiaries; Review and recommend nomination of directors to the Board based on a proper selection process; Ensure adequate succession planning for Board of Directors and Chief Executive Officer; Ensure the orientation and continuous education of Directors; Monitor the procedures established for compliance with regulatory requirements for related party transactions; Monitor staff compliance with the Code of Ethics and Business Conduct of the Bank; Ensure compliance with regulatory standards of Corporate Governance and regularly identify international Best Practices of Corporate Governance and close any identified gaps; Recruitment or promotion staff to Assistant General Manager level and above and to approval of the remuneration, benefits and other terms and conditions of the service contracts of such officers; Recommend to the Board the terms and conditions of the service contract, including remuneration packages of the Executive Directors with a view to ensuring that these officers are fairly rewarded for their effort; Review cases of infractions of the Bank's policies committed by staff of Assistant General Manager level and above and apply appropriate sanctions where necessary; Review and approval of policies on staff welfare and fringe benefits; Annual review of the Board Charter; and Ensuring the annual review of the Board and Board Committees' performance. Members of the Board Governance and Personnel Committee are: Chief John D. Edozien (Chairman), Mazi Clement Owunna, Mr. Chris Ogbechie and Mr. Simon Harford

The Board Audit and Risk Management Committee: The Board Audit and Risk Management Committee comprises non-executive directors and executive directors. The functions of this Committee include: Understanding the principal risks to achieving the Group's strategy; Establishing the Bank's risk appetite and ensuring that the business profile and plans are consistent with the risk appetite; Establish and communicate the risk management framework including responsibilities, authorities and key controls; Establishing key control processes and practices, including limit structures, impairment, allowance criteria and reporting requirements; Monitoring the operation of the controls and adherence to risk direction and limits; Interpret and report on risk exposures, concentrations and risk- taking outcomes as well as on sensitivities and key risk indicators; Reviewing and challenging all aspects of the Group's risk profile; Review the financial reporting process with a view to ensuring the company's compliance with accounting and reporting standards, other financial matters and the applicable laws and regulations; and Reviewing and challenging risk management processes. Members of the Board Audit and Risk Management Committee are: Mr. Simon Harford (Chairman), Chief John D. Edozien, Lt. Gen. Jeremiah T. Useni (rtd), Dr. Olubola Hassan, Mr. Emeka Onwuka, Mr. U. K. Eke and Mr. Uzoma Dozie.

The Board Credit Committee: The Credit Committee is made up of non-executive and executive directors. The primary function of this Committee is to consider all matters pertaining to the granting of credits by the Bank in accordance with approved policies and approval of credits in excess of the limits delegated to the Management Credit Committee, significant revisions to credit policies, and establish portfolio distribution guidelines in conformity with government regulations. In achieving this objective, the Committee ensures that the overall credit policies are aligned with the Bank's Risk Tolerance level. In addition, the Committee performs the following functions: Reviewing the policies and methodologies for assessing the Bank's credit risks and recommending appropriate exposure limits; and Reviewing large exposures and impaired assets. Members of the Board Credit Committee are: Mazi Clement Owunna (Chairman), Mr. Chris Ogbechie, Mr. Simon Harford, Mr. Emeka Onwuka, Mr. Uzoma Dozie and Mr. Oladele Akinyemi.

Audit Committee: This Committee is established in accordance with the provisions of section 359(3) to (6) of the Companies and Allied Matters Act and in compliance with the provisions of the CBN Code of Corporate Governance for Banks Post Consolidation. The Committee consists of three shareholder representatives and three non-executive directors. The Chairman of the Committee is a shareholder and a Chartered Accountant. All members of the Committee are independent of the Bank's management. The Committee's primary functions are, to review and ensure the effectiveness of accounting systems and internal controls; review the scope and planning of audit requirements; make recommendations to the Board regarding the appointment, removal and remuneration of the external auditors; and to ensure that the accounting policies of the Bank are in accordance with legal requirements and agreed ethical principles. Members of the statutory Audit Committee are Mr. Nnamdi Nwakwesi (Chairman) - Shareholder, Mr. Kabir Alkali Mohammed mni Shareholder, Sir Enoch Iwueze - Shareholder, Lt. Gen. Jeremiah T. Useni (rtd), Dr. Olubola Hassan and Mr. Chris Ogbechie.

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Compliance with Code of Corporate Governance For period ended 31 December 2009

MANAGEMENT COMMITTEES Assets and Liabilities Committee (ALCO): The primary functions of this Committee are the creation of a balance sheet structure to allocate sources and utilization of funds in a manner that it improves the Bank's financial performance; maximizing the value of capital overtime whilst controlling risk exposures; and managing the Bank's liquidity with respect to the composition of portfolio of liquid assets, control of cash flow, control of short-term borrowing capacity, monitoring of undrawn commitments, and contingency funding plans. Management Credit Committee (MCC): Primarily, the Management Credit Committee approves credits in line with the Bank's credit policy. All credits exceeding the approval limit of the MCC are recommended to the Board Credit Committee for approval. The MCC also regularly assesses the Bank's risk asset portfolio to determine the optimum mix; the amount of exposures per customer and related group of customers; and approves the limits of inter bank placements. The MCC meets regularly to review watch-listed/non-performing accounts and approve specific provisions to be made on non-performing accounts. Personnel Management Committee(PMC): The Personnel Management Committee reviews and makes recommendations on policies regarding Manpower Planning and Career Development; recruitment, selection and training of staff; performance management and staff appraisal; compensation, staff welfare and benefits schemes; Staff Movement and Audit; moderation of staff appraisal exercises and the implementation of the existing staff personnel policies and guidelines. The PMC reviews cases of infraction on the Bank's policies and procedures and applies adequate sanctions where necessary. Risk Management Committee (RMC): Diamond Bank's Group Risk Management Committee shall have oversight and responsibilities for all risk except credit, market and liquidity risks. Risk within the purview of the committee will include, but not be limited to, the following: Operational Risk; Strategic Risk; Accounting and Taxation Risk; Legal Risk; Compliance Risk; Reputational Risk; Human Capital Risk; Insurance Underwriting Risk; and Information Security Risk. IT Steering Committee: The Committee serves as a Think Tank for all Information Technology (IT) matters and determines IT strategy and policies and coordinates the implementation of these policies. Budget and Revenue Sharing Committee: This Committee prepares budget outlines for all the units of the Bank; carries out a half yearly review of the budget in order to prepare an updated budget for the remaining months of the year; and evaluates and approves extra budgetary expenditure. New Product Committee: Serves as a clearing house for new product proposals and in the process, determines and makes appropriate recommendations to Executive Management concerning product name and features; co-ordinates activities for the introduction of new products; and reviews existing products where necessary Cost Management Committee: The Committee periodically reviews the costs/expenses of the Bank and recommends appropriate cost reduction/control measures; reviews and streamlines the acquisition of capital expenditure and bulk purchases of consumables with a view to reducing cost without comprising quality; and generally reviews the procurement procedures of the Bank. Business Continuity and Security Committee: This Committee implements contingency response plans and strategies; and formulates and reviews strategies and plans geared towards safeguarding the Bank's properties and personnel.

SHAREHOLDER RELATIONS In a constant effort to improve stakeholder relations Diamond Bank has dedicated Company Secretariat and Investor Relations Units on hand to resolve shareholders' issues. In addition to this, the entire staff of the Bank are available to resolve any issues which they can or appropriately escalate to the relevant units for resolution. Stakeholders can readily obtain information on the Bank from our website and are also encouraged to express their opinions at General Meetings and stakeholders' forums which are organised by the Bank from time to time.

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Compliance with Code of Corporate Governance For period ended 31 December 2009

FINANCIAL REPORTING AND ACCOUNTING The audit for the period under review was conducted by the firm of PriceWaterhouseCoopers which is independent of the Bank, has no mutual business interest with the Bank and does not render non-audit services to the Bank. In keeping with the provisions of section 359 subsections (3) & (4) of the Companies and Allied Matters Act, the report of the Auditors is submitted to the Audit Committee which examines the report and makes recommendations to the shareholders at each Annual General Meeting.

INTERNAL CONTROL AND COMPLIANCE The entire staff and Management of the Bank are responsible for protecting the Bank against fraudulent transactions. However, the Compliance & Audit Division is vested with internal control functions. This division is divided into three units, namely: Compliance, Corporate Audit, and Security. The Compliance unit is responsible for promoting compliance with statutory and regulatory requirements and the anti- money laundering program of the Bank among other things. The primary function of the Corporate Audit Unit is to review all operational transactions entered into by the Bank to ensure accuracy and avoid the processing of erroneous or fraudulent entries. The Security unit of the Bank is responsible for developing, implementing and monitoring the Bank's Security and Loss Prevention policies. In keeping with the Bank's strategy of strengthening its Corporate Governance structure and risk management capabilities through the implementation of its Enterprise-wide Risk Management framework, some strategies were adopted to effectively manage the risk of noncompliance with laid down rules, regulations and laws.These include the following.

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Continuous identification and assessment of compliance risks presented by customers, products and services in the Bank, through a properly implemented compliance risk management assessment exercise and monitoring information system that provides management with timely, informative reports on compliance with laws and regulations at both the business unit and transaction levels.

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Continuous training of the entire staff of the Bank on Anti-Money Laundering, Compliance and Corporate Governance issues in line with the Bank's policy on professional development geared towards improving competence across board. Training has been a veritable tool that inculcates and synchronises the requisite compliance knowledge in staff on rules, laws and regulations across all levels and the knowledge is expressed as a guide in doing the Bank's business, thereby eradicating the problem of non-compliance. This clearly manifests the compliance culture of the bank which states that Compliance is everybody's business.

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Disclosing and disseminating information required for regulatory compliance through monthly Newsletters that are broadcast on SharePoint (The Bank's intranet portal).

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Harmonising the compliance culture in all the subsidiaries of the Bank with a view to identifying deficiencies in standards and formulating proposals for amendment where necessary to safeguard against losses arising from financial, operational, reputational, legal and regulatory risks in processing of transactions and relationship management.

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Consistent implementation of the provisions of the Code of Corporate Governance for Banks which have been embedded in the Bank's decision making processes.

The Bank has upgraded the Internal Control structures of the Bank in conformity with international best practices. The focus of the Bank in the new dispensation is on preventive control rather than detective control, emphasis is placed on processors owning the controls associated with their processes, with this we aim to build quality and effective control from inception to conclusion of transactions and thus reduce associated losses and costs. The Internal Control unit has unhindered access to all operations, records, property and personnel of the Bank. Our strength is in our people, trained and motivated to meet the emerging challenges in the global economy and Information Technology to ensure the integrity of our reports and safety of information generated. RELATED COMPANIES/PERSONS ENGAGED AS SERVICE PROVIDERS/SUPPLIERS TO THE BANK AS AT 31ST DECEMBER 2009 S/N 1. 2.

36

Name of Service Provider Elpina Associates Limited Mr. Pascal G. Dozie

Nature of service/supplies Relationship Director Office Equipment Uzoma Dozie Consultancy Uzoma Dozie

Nature of Relationship Son Son

Compliance with Code of Corporate Governance For period ended 31 December 2009

RISK MANAGEMENT The effective management of risk is indispensable to the business of the Diamond Bank Group (the Group). We consider risk as the quantifiable probability that the outcome of an action or event (internal or external) may result in adverse impacts that could severely hamper the achievement of our strategic objectives. The Group remains committed to the objective of increasing shareholder value by developing, continuously improving and fostering a sustainable business model that is consistent with its risk appetite and that will ensure long-term sustainable profitability.

Enterprise Risk Management (ERM) Vision Diamond Bank's ERM Vision is: “To build a world-class risk management culture”

Risk Management Philosophy & Culture Diamond Bank undertakes all profitable transactions that it considers prudent and which meets its risk appetite and risk profile. The Bank continuously evaluates the risk and rewards inherent in its business endeavours, from strategy development and implementation, to its dayto-day activities. Thus, its risk culture is guided by the following key elements:

! ! ! ! ! ! ! !

Diamond Bank Group considers sound risk management as the bedrock for building a strong financial institution; Risk officers are empowered to perform their duties professionally and independently within clearly defined authority; Business units formally involve and view the Risk Management function as a thought partner; The Group strives to maintain a balance between risk/opportunities & revenue considerations with the Group's risk appetite. Thus, risk-related issues are considered in all business decisions; The Board and Management promote a strong culture of adherence to limits and managing risk exposures; The Group avoids products, markets and businesses for which it cannot objectively measure and manage their associated risks; There is open and full reporting of risks to the appropriate levels once they are identified; and The Group has zero tolerance for breach of regulations and laws.

Risk Management Objectives The following are the key elements of Diamond Bank's risk management objectives: i) ii)

To identify the Group's material risks and ensure that risk management plans are consistent with risk appetite; To optimise risk/return decisions by ensuring business units act as primary risk managers while establishing strong and independent review/challenge structures; iii) To protect against unforeseen losses and ensure stability of earnings; iv) To maximise opportunities, earnings potential and ultimately stakeholder value; and v) To contribute to building a risk-smart workforce and environment that allows for innovation and responsible risk-taking by staff, while ensuring cost effective and legitimate precautions are taken to protect shareholders' interests.

Risk Management Strategy Our strategy for managing risks is to sustain a robust Enterprise-wide Risk Management framework (which is process driven and IT enabled), with emphasis on protecting the Group from the adverse effects of risks while maintaining sustainable profitability and shareholder-value.

Scope of Risks The scope of risks we manage includes the following: i) Credit risk; ii) Operational risk; iii) Market risk; iv) Liquidity risk; v) Accounting and Taxation risk; vi) Legal risk a. Litigation risk; b. Contract risk;

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Compliance with Code of Corporate Governance For period ended 31 December 2009

c. Regulatory Compliance risk; and d. Collateral Default risk; vii) Strategic risk viii) Human Capital risk; ix) Compliance risk; x) Insurance underwriting risk; xi) Information risk; and xii) Reputational risk The Risk Management & Control function provides central oversight of risk management across the Group to ensure that the full spectrum of risks facing the Group are properly identified, measured, monitored and controlled to minimize adverse outcomes. Risk Management & Control is however complemented by other departments in the management of certain important risks as illustrated below:

RISK APPETITE The Group's Risk Appetite is the level of risk the Group is prepared to accept to achieve its business strategy and objectives. The Board sets and monitors the Group's Risk Appetite and ensures that the Risk Appetite is fully integrated into strategy and business plans. Thus, our risk appetite is defined by the extent to which we tolerate risks as described by our performance indicators, operational parameters and process controls. Our risk appetite is guided by the following broad considerations:

! ! ! !

Capital Adequacy:The level of excess capital that we maintain to protect against insolvency in extreme adverse scenarios; Stable Profitability and Growth:The extent of variability in earnings that we are willing to accept on behalf of our investors; Liquidity: The buffers that we maintain to protect the Group from short term funding problems; and Strategic Focus: The level of various types of businesses that we are willing to pursue in executing our business model;

RISK MANAGEMENT GOVERNANCE FRAMEWORK Diamond Bank's risk management framework is based on the “three lines of defence” model for risk management. Under this model, responsibilities and accountabilities for risk management reside with all levels within the Group, from the Board of Directors down to the lowest levels. Board of Directors The Board sets the Group's overall risk appetite, approves risk management strategy and is ultimately responsible for the effectiveness of the risk management process and system of internal controls. The Board oversees the risk management of the Group through its committees namely the Board Credit Committee, the Board Audit & Risk Committee and the Board Governance Committee.

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Compliance with Code of Corporate Governance For period ended 31 December 2009

Risk Management & Ownership - First Line of Defence This line consists of all groups and business line functions with primary responsibility for risk management. The processes for assessing, evaluating and measuring risks are embedded in their day-to-day activities. The primary responsibilities and objectives of the first line of defence are listed below: a. Identify, analyse, report and prioritize ongoing and emerging risks; b. Implement the Group's policies and manage day-to-day risk exposures by using appropriate procedures and internal controls; c. Ensure the effectiveness of risk management and risk outcomes and allocate resources to execute risk management activities; d. Monitor risk events and losses, identify issues and implement remedial action to address these issues; and e. Report and escalate material risks and issues to the Risk Management & Control function and Executive Management as appropriate. The following are involved in Risk Management & Ownership - the 1st Line of Defence: Executive Management The Executive Management of Diamond Bank under the leadership of the Group Managing Director/Chief Executive Officer is responsible for managing risk inherent in the Group's business transactions. In addition to the aforementioned, the Executive Management is also responsible for the following: a. b. c. d. e.

Designing and implementing the risk management framework approved by the board; Implementing strategies, processes and procedures set by the Board of Directors; Implementing the internal control systems; Setting risk management priorities; and Acting as the final enforcer on such matters as aligning objectives, strategies, risk appetite, eliminating gaps and overlaps in risk management responsibilities and authorities and resolving significant internal conflicts

The following management committees comprising of Senior Management staff support the Executive Committee in performing its risk management roles:

! ! !

Assets & Liabilities Committee Management Credit Committee, and Group Risk Management Committee

Business Units Business Units include all core business units in the Bank and subsidiary companies. They are responsible for the day-to-day identification, mitigation, management and monitoring of risks within their business units.The business units are also responsible for the following: a. b. c. d.

Implementing the Group's risk management strategies; Managing day-to-day risk exposures by using appropriate procedures and controls in line with the Group's risk management framework; Identifying risk issues and implementing remedial action to address these issues; and Reporting and escalating material risks and issues to appropriate authorities.

Risk Oversight - Second Line of Defence The second line of defence consists of all functions with primary responsibility for independent risk oversight and monitoring. They provide support to the business and report key risks to the risk committees.The primary responsibilities of this line of defence are as follows: a. b. c. d. e. f.

Establish risk policies, standards, limits and monitor adherence; Provide oversight and independent reports to Executive Management and the Board; Assist the first line of defence in implementing the Group's risk management framework and policies; Establish measurable and systematic processes for risk evaluation and governance reporting; Provide analytics, guidance and coordination among diverse business units; and Provide independent review and reports on the effectiveness of risk management implemented by the first line of defence.

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Compliance with Code of Corporate Governance For period ended 31 December 2009

This line of defence provides independent oversight of the effectiveness of the Group's risk management processes, assists business unit managers by providing training courses and counselling in relation to risk management and report on risk management activities to the various risk committees. The following are involved in Risk Oversight - the 2nd Line of Defence: Group Risk Management Committee The Group Risk Management Committee under the leadership of the Head, Risk Management & Control provides central oversight of risk management across the Group to ensure that the full spectrum of risks facing the Group are properly identified, measured, monitored and controlled in order to minimize adverse outcomes. The Committee supported by the Risk Management & Control function performs research, quality assurance and provides analytical support to the business units. Risk management in the business units is the responsibility of the risk champions and their unit heads. Risk Management & Control Risk Management & Control provides technical assistance and counsel to assist other relevant functions identify, evaluate, mitigate, manage, track and report all the risks within the Group. The function recommends the Group's risk policies for Board approval, provides objective oversight and coordinates Enterprise Risk Management (ERM) activities Group-wide. The following functions: Corporate Communications, Financial Control, Strategic Planning & Research Units and Legal Group, complement the Risk Management & Control function in the management of reputational, accounting & taxation, strategic and legal risks respectively. The following are important elements of the Risk Management and Control function's responsibilities: a. Champion the implementation of the Enterprise-wide Risk Management framework across the Group; b. Develop risk policies, principles, processes and reporting standards that define the Group's risk strategy and appetite in line with the Group's overall business objectives; c. Ensure that controls, skills and systems are in place to enable compliance with the Group's policies and standards; d. Facilitate the identification, measurement, assessment, monitoring and control of the level of risks in the Group; e. Collect, process, verify, monitor and distribute risk information across the Group and other material risk issues to Senior Management, the Board of directors and Regulators; f. Monitor compliance with the Group's risk policies and limits; g. Provide Senior Management with practical and cost effective recommendations for mitigating risks; h. Carry out ad hoc reviews/investigations as requested by Senior Management; i. Ensure that laws, regulations and supervisory requirements are complied with; j. Champion the implementation of Basel II and other related initiatives as directed by the regulatory bodies; k. Promote risk awareness and provide education on risk management; and l. Provide assurance on compliance with internal and external policies with respect to risk management. The Group's Risk Management and Control function is made up of the following: Credit Risk Management Credit Risk is the risk that a borrower (or counterparty) will not meet the contractual (repayment) obligations in accordance with the agreed (borrowing) terms. Diamond Bank has a Credit Risk Management framework approved by its Board. The Credit Risk Management Objectives are: 1) To provide a clear and consistent direction for the Bank for creating and managing credit exposures; 2) To maintain a high quality risk assets portfolio and minimize credit losses arising from errors of judgment and inefficient risk management practices; 3) To achieve the lowest level of non-performing loans in the industry while maximizing returns on assets created; 4) To maximize stakeholder value; 5) To develop a strong credit risk culture where all staff actively participate in the Bank's risk management process and respond to them with cost effective actions.

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Compliance with Code of Corporate Governance For period ended 31 December 2009

The Bank's Credit Risk Management Strategy is driven by its objectives and includes the adoption of the following strategies for the management of credit risk; a) A selective and disciplined approach to credit origination and focus on customers that will create attractive value for the Bank; b) Adherence by all lending and approval individuals to the Bank's credit risk policies, developed to enable staff identify, measure and manage credit risk exposures; c) The Board and Senior Management set the tone for the right risk culture in the Bank; d) Adequate pricing for the risks taken by the Bank; e) Maintenance of a diversified and balanced loan portfolio; e) Establishment and enforcement of the Bank's exposure and provisioning policies in accordance with the Prudential Guidelines and other regulatory requirements; and f) Broadening of the knowledge and skills of all credit personnel through training and capacity building programmes. The Group also sets internal credit approval limits for various levels in the credit process. Approval limits are set by the Board of Directors and reviewed from time to time as the circumstances of the Group demand. Exposure to credit risk is also managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations and by changing these lending limits where appropriate. The key features of the Credit Risk Management structure & framework include:

! ! ! !

An independent credit analysis function clearly separated from the risk generating units A Credit Analysis function separated from Credit Risk Management function to achieve desired efficiency & effectiveness in the credit process. The Credit Analysis function performs the independent appraisal and identification of risks associated with credit exposures and ensures such decisions are taken in line with the Bank's policies & procedures; Credit Risk Management undertakes independent reviews of specific and portfolio credit exposures, and monitors, controls & reports on credit exposures; Remedial Assets Division (separated from the Credit Risk Management structure), which handles problem loans, credit recovery and collections.

Operational Risk Management Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Operational risk is the risk that occurs as a result of doing business and includes: technology failures, breaches in internal controls, frauds, unforeseen catastrophes, or other operational problems which may result in unexpected losses. Operational Risk events are neither new nor unique to banks; Operational Risk events generally result from the failure of processes & procedures. Operational risks exist in all products and business activities. Operational Risk events are classified according to how often the events occur (frequency) and the amount of resultant losses (impact) worldwide (in different industries/sectors, not just banks), the most significant losses are from high impact, low frequency events caused by (the growing prevalence) of the following:

! ! ! ! !

Automation/technology; Outsourcing; Aggressive growth; Incentives & trading (rogue trading); Larger transaction volumes & values

Operational Risk Management (ORM) is the identification, assessment, measurement, mitigation, monitoring, control & reporting of Operational Risks. Active ORM, by all staff of the Bank (and staff of the Group), within their strategic business units, leads to the reduction in frequency and amount of Operational Risk losses and better understanding of the Bank's Operational Risk Profile.

41

Compliance with Code of Corporate Governance For period ended 31 December 2009

All employees of Diamond Bank are Operational Risk Managers i.e. they manage the operational risks inherent in their day-to-day activities. Also, Operational Risk Champions exist in branches, Head Office Units, Groups & Divisions; these Risk Champions are supported by the ORM function and they act as 'ORM experts' within their respective functions. Business units and support functions in the Bank have primary responsibility and accountability for the management of operational risks in their units. The various units and functions are supported by an Operational Risk Management Unit which reports to the Group Risk Management Committee through the Head of Risk Management and Control, while Corporate Audit Group performs an independent assessment of the implementation of the bank's operational risk management framework.

Market Risk Management Market Risk is the risk of loss from adverse changes in foreign exchange rates, interest rates, equity prices and commodity prices; Market Risk is also the risk of loss from on-balance sheet and/or off-balance sheet positions arising from movements in market prices. Market Risk generally represents the risk that the values of assets and liabilities or revenues will be adversely affected by market conditions. The Bank is exposed to potential market risk losses from its Trading Book and from its Banking Book. Market Risk Management (MRM) is the process of identifying, assessing or measuring, mitigating, monitoring, controlling & reporting Market Risks. Market risk encompasses price risk and liquidity risk, both of which arise in the normal course of business of the bank. Liquidity risk is the risk that an entity may be unable to meet its financial commitment to a customer, creditor, or investor when due. Price risk is the earnings risk from changes in interest rates, foreign exchange rates, equity and commodity prices, and their implied volatilities. Price risk arises in nontrading portfolios, as well as in trading portfolios. The objective of Diamond bank's market risk management is to manage and control market risk exposures in order to optimize return on risk. The management of market risk is principally undertaken using the board approved risk management framework. Limits are set for portfolios, products and risk types with market liquidity as a principal determining factor. The market risk management group is responsible for measuring and monitoring market risk exposures in accordance with the defined policies and against prescribed limits and reporting these exposures within the parameters of the bank's overall risk appetite. Diamond bank uses a range of tools to quantify, monitor and limit market risk exposures in the trading and non-trading portfolios.

Independent Assurance - Third Line of Defence The third line of defence consists of all functions with primary responsibility for evaluating and providing independent assurance on the adequacy, appropriateness and effectiveness of the Group's overall risk management framework, risk governance structure, risk management processes and controls. The third line of defence also maintains an independent reporting line with the Board Audit & Risk Committee. The following are involved in Independent Assurance the 3rd Line of Defence: Corporate Audit Corporate Audit provides independent and objective evaluation of the effectiveness of the Group's risk management and internal control systems. Corporate Audit performs the following responsibilities: a. b. c. d. e.

Provides independent assessment and evaluation on the adequacy and effectiveness of the Group's Risk Management Framework; Monitors Business Units and support function's compliance with the Group's risk policies; Assesses the adequacy of the Group's risk assessment and measurement methodology; Assesses the effectiveness of the Group's Risk Management and Control function process; and Conducts independent assessments and evaluation of the risks in Business Units' activities

External Audit The external audit function is statutorily responsible to shareholders and provides an independent opinion on the Group's financial

42

Compliance with Code of Corporate Governance For period ended 31 December 2009

statements. The function also reports on the adequacy of the Group's risk management and internal control framework. The figure below is an overview of the Group's Risk Management framework.

The figure below depicts the Diamond Bank Risk Management Governance Structure

43

Compliance with Code of Corporate Governance For period ended 31 December 2009

The figure below depicts the Group's Enterprise Risk Management Organisational Structure

Enterprise-wide Risk Management Organizational Structure

Diamond Bank continuously seeks to achieve an appropriate balance between risk and reward in its business strategy and continues to build and enhance the risk management capabilities that will assist the Bank in delivering its growth plans in a controlled environment. To this end, the Bank has passed major milestones in its roadmap for implementing its Enterprise Risk Management framework. During the financial year, Diamond Bank worked with an international firm of management consultants to enhance and implement its Enterprise Risk Management (ERM) framework and other frameworks for specific risk areas such as credit, market, liquidity, operational, strategic and reputational risks. The main benefits and objectives of the ERM implementation include the following: Ø It provides a platform for the Board and Management to make informed decisions regarding the trade off between risk and reward; Ø It helps to align business decisions at the operating level to the Group's appetite for risk; Ø It helps in balancing operational control with the achievement of strategic objectives; Ø It enables Executives to systematically identify and manage significant risks on an aggregate basis; Ø It enables the evaluation of new and existing investments on both a standalone and portfolio basis; and Ø It minimises operational surprises and related costs or losses As we progress with the implementation of our Enterprise Risk Management Framework, we endeavour always to keep sight of our goal: which is to actualise our vision of building a world-class risk management culture. Diamond Bank has expended considerable resources, including human, technological and financial, in improving our measurement, monitoring and reporting of risks and we believe that our efforts will go a long way to ensuring that our conservative approach to banking leads to an enviable reputation and long-term sustainable profitability.

44

ATTENDANCE AT MEETINGS

Directors

Full Board

Board Governance and Personnel Committee

Board Audit and Risk Management Committee

Board Credit Committee

Audit Committee

Joint Meeting of the Credit and the Board Audit & Risk Committees

Total Number of Meetings

5

4

2

2

3

1

HRM Igwe Nnaemeka Alfred Ugochukwu Achebe (The Obi of Onitsha)

5

N/A

N/A

N/A

N/A

N/A

Mr. Emeka Onwuka

5

N/A

2

2

N/A

1

Mr. Ohis Ohiwerei

5

N/A

2

N/A

N/A

1

Mr. U.K. Eke

5

N/A

2

N/A

N/A

1

Mr. Uzoma Dozie

5

N/A

N/A

2

N/A

1

Mr. Dele Akinyemi

5

N/A

N/A

2

N/A

1

Mazi Clement Owunna

5

4

2

2

N/A

1

Dr. Olubola Adekunle Hassan

5

N/A

2

N/A

2

1

Lt. Gen. Jeremiah Useni (rtd)

5

N/A

2

N/A

2

1

Air Vice Marshal Ishaya Aboi Shekarri (rtd)*

2

1

N/A

1

N/A

N/A

Mr. Chris Ogbechie

4

4

N/A

2

2

1

1***

N/A

0

N/A

N/A

N/A

Mr. Simon Harford

4

3

1

2

N/A

1

Chief John D. Edozien

4

4

1

N/A

N/A

1

Dr. Nkosana Moyo**

* AVM Shekarri resigned from the Board with effect from 1st October 2009 ** Dr. Moyo resigned from the Board with effect from 25th September 2009 *** Dr. Moyo was represented at the meeting by Mr. Mark Richards

45

Report of the Independent Auditors To the members of Diamond Bank Plc.

Report on the Financial Statements

Opinion

We have audited the accompanying separate and consolidated financial statements of Diamond Bank Plc (“the Bank”) and its subsidiaries (together “the Group”) which comprise the balance sheets as of 31 December 2009 and the profit and loss accounts and cash flow statements for the period then ended and a statement of significant accounting policies and other explanatory notes.

In our opinion, the financial statements give a true and fair view of the state of the financial affairs of the Bank and the Group as of 31 December 2009 and of their losses and cash flows for the period then ended in accordance with Nigerian Statements of Accounting Standards and with the requirements of the Companies and Allied Matters Act and the Banks and Other Financial Institutions Act 1991.

Directors' Responsibility for the Financial Statements Report on other Legal and Regulatory Requirements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with Nigerian Statements of Accounting Standards and with the requirements of the Companies and Allied Matters Act and the Banks and Other Financial Institutions Act 1991. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

The Companies and Allied Matters Act and the Banks and Other Financial Institutions Act 1991 require that in carrying out our audit we consider and report to you on the following matters. We confirm that: i)

we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

ii)

in our opinion, the Bank has kept proper books of account, so far as appears from our examination of those books;

iii)

the Bank's balance sheet and profit and loss account are in agreement with the books of account;

iv)

our examination of loans and advances was carried out in accordance with the Prudential Guidelines for licensed banks issued by the Central Bank of Nigeria;

v)

loans and advances to insiders are disclosed in Note 38 to the financial statements in accordance with the Central Bank of Nigeria Circular BSD/1/2004;

vi)

to the best of our information, the Bank has not contravened any regulation of the Banks and Other Financial Institutions Act 1991 during the period;

Auditor's Responsibility Our responsibility is to express an independent opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

46

Chartered Accountants Lagos, Nigeria

April 2010

Statement of Significant Accounting Policies

The principal accounting policies adopted in the preparation of these financial statements are set out below:

a.

Basis of Preparation These financial statements are the stand alone and consolidated financial statements of Diamond Bank Plc (“the Bank), and its subsidiaries (together, "the Group"). The financial statements are prepared under the historical cost convention modified by the revaluation of certain investment securities, property, plant and equipment, and comply with the Statements of Accounting Standards (SAS) issued by the Nigerian Accounting Standards Board. The preparation of financial statements in conformity with general accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the directors' best knowledge of current events and actions, actual results ultimately may differ from those estimates.

b.

Consolidation Subsidiary undertakings, which are those companies in which the Bank, directly or indirectly, has an interest of more than half the voting rights or otherwise has power to control have been consolidated. However, subsidiaries in which the bank has temporary control and intention to dispose are not consolidated. Subsidiaries are consolidated from the date effective control is transferred to the Group and are no longer consolidated from the date of disposal. The accounting policies of the subsidiaries are consistent with those of the Bank. Separate disclosure is made for non -controlling interest. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired, the difference is recognized directly in profit and loss account. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred. Associates are all entities over which the Group has significant influence but not control, general accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are initially recognized at cost. The Group's investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. The Group's share of its associates' post-acquisition profits or losses is recognized in the income statement; its share of post-acquisition movements in reserves is recognized in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize any further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions between Group and its associates are eliminated to the extent of the Group's interest in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.

c.

Segment Reporting A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns different from those of segments operating in other economic environments.

47

Statement of Significant Accounting Policies

d.

Foreign Currency Conversion and Translation

i.

Transactions and Balances Foreign currency transactions are converted into the reporting currency using the exchange rates prevailing at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the profit and loss account.

ii.

Group Companies The results and financial position of all Group entities that have a reporting currency different from that of the Bank are translated into the Bank's reporting currency as follows:

6

assets and liabilities for are translated at the exchange rate ruling at the balance sheet dates;

6

income and expenses for are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing in the operating period, in which case income and expenses are translated at the dates of the transactions); and

6

all resulting exchange differences are recognized in a separate component of reserves.

On consolidation, exchange differences arising from the translation of the investment in foreign entities are taken to shareholders' funds. When a foreign operation is sold, such exchange differences are recognized in the profit and loss account as part of the gain or loss on sale. Goodwill and other adjustments (e.g. previously unrecognized deferred tax asset) arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

e.

Recognition of Income Interest income is recognized on an accrual basis for all interest bearing instruments, except for interest overdue by more than 90 days, which is suspended and recognized only to the extent of cash received. Fees and commissions, where material, are amortized over the life of the related service. Otherwise fees, commissions and other income are recognized as earned upon completion of the related service. Income from advances under finance lease is recognized on a basis that provides a constant yield on the outstanding principal over the lease term. Interest earned on investment securities is reported as interest income. Dividends are recognized in the income statement when the entity's right to receive dividend is established. Income arising on investments held by the life business is recognized in the life fund whilst income derived from investments held by the general business is credited to the profit and loss account. Income arising from bond or guarantee and letters of credit (clean line) are recognized as earned on issuance of the bond or guarantee, or at the time the service or transaction is effected, while income from guaranteed commercial papers is recognized and reported net in the financial statements. Trading income is the net gains or losses on valuation or sale of proprietary investments (treasury bills, bonds, equity instruments, etc) held by the group.

48

Statement of Significant Accounting Policies

f.

Provision Against Credit Risk Provision is made in accordance with the Prudential Guidelines for Licensed Banks issued by the Central Bank of Nigeria for each account that is not performing in accordance with the terms of the related facility as follows: Interest and/or Principal outstanding for over: 90 days but less than 180 days 180 days but less than 360 days 360 days and over

Classification: Substandard Doubtful Lost

Provision: 10% 50% 100%

In addition, the bank normally makes provision of at least 1% for performing risk assets to recognize risk inherent in any credit portfolio (currently not mandatory). When a loan is deemed not collectible, it is written off against the related provision for impairments and subsequent recoveries are credited to the profit and loss account. Risk assets in respect of which a previous provision was not made are written directly to the profit and loss account when they are deemed to be not collectible

g.

Underwriting Results The Group conducts life assurance and non-life insurance business through its subsidiary operations. The Group offers full range of insurance underwriting services. The Group accounts for its underwriting activities as follows:

i.

ii.

Underwriting Results for Non-life Insurance Business The underwriting results for non-life insurance business are determined on an annual basis whereby the incurred costs of claims, commission and related expenses are charged against the earned proportion of premiums, net of reinsurance, as follows: 1.

Premiums written relate to risks assumed during the period, and include estimates of premium due but not yet received, less an allowance for cancellations.

2.

Unearned premiums represent the proportion of the premiums written in periods up to the accounting date which relate to the unexpired terms of policies in force at the balance sheet date, and are calculated on time apportionment basis.

3.

Claims paid represent all payments made during the period, whether arising from events during that or earlier periods. Outstanding claims represent the estimated ultimate cost of settling all claims arising from incidents occurring prior to the balance sheet date, but not settled at that date. Outstanding claims are computed on the basis of the best information available at the time the records for the period are closed, and include provisions for claims incurred but not reported (“IBNR”).

4.

Provisions for unexpired risks are the estimated amounts required over and above provisions for unearned premiums to meet future claims and related expenses on businesses in force at the end of the accounting period.

5.

Expenses are allocated to the relevant revenue accounts as incurred in the management of each class of business.

Underwriting Results for Life Insurance Business The underwriting results for life assurance business are determined on a fund accounting basis in accordance with SAS 16 Accounting for Insurance Business. The incurred costs of claims, commission and related expenses are charged against the earned proportion of premiums as follows: 1.

Premiums written relate to risks assumed during the period, and include estimates of premiums due but not yet received, less an allowance for estimated lapses.

2.

Claims arising on maturity are recognized when the claim becomes due for payment. Death claims are accounted for on notification. Surrenders are accounted for on payment.

49

Statement of Significant Accounting Policies

3.

Expenses and commissions are allocated to the life fund as incurred in the management of the life business.

The life assurance contracts (accounted for in the life fund) are assessed every three years by qualified consulting actuaries in accordance with Section 29 of the Insurance Act. Any resulting actuarial loss is made up by the additional provisions from the Group's profit and loss account. Actuarial surpluses are allocated between the shareholders and the policy holders. The Group allocates a maximum of 40% of surpluses arising on actuarial valuation to the shareholders by transfer to the profit and loss account. Any balance remaining is retained in the life fund and attributable to “with profit” policyholders as of the date of actuarial valuation. In accordance with Section 22(1) of the Insurance Act 2003, an additional provision of not less than 25% of net written premium is maintained between valuation dates.This provision is transferred to the life fund from the profit and loss account.

h.

Deferred Acquisition and Maintenance Expenses Prepaid expenses include deferred acquisition expenses and deferred maintenance expenses. These expenses are incurred as a result of direct business earned from brokers.The deferred portion is calculated based on the percentage of unexpired risk to premium income.

i.

Outstanding Claims and Provisions Full provision is made for the estimated cost of all claims notified but not settled at the date of the balance sheet, less reinsurance recoveries, using the best information available at that time. In non-life insurance business, a provision is also made for the cost of claims incurred but not reported (IBNR) until after the balance sheet date on the basis of 10% of claims notified but not settled in compliance with Section 20(1)(b) of the Insurance Act, 2003. Similarly provisions are made for "unallocated claims expenses" being the estimated administrative expenses that will be incurred after the balance sheet date in settling all claims outstanding as at that date, including IBNR. Differences between the provisions for outstanding claims at a balance sheet date and the subsequent settlement are included in the Revenue Account of the following period.

j.

Offsetting Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

k.

Investment Securities The Bank categorizes its investment securities into short term investments and long term investments. Investment securities are initially recognized at cost and management determines the classification at initial investment.

i.

Short Term Investments Short-term investments are investments held temporarily in place of cash and which can be converted into cash when current financing needs make such conversion desirable. In addition, management intends to hold for not more than one year. Short-term investments are subsequently re-measured at the lower of cost and market value (quoted bid prices). The amount by which cost exceeds market value (unrealized loss) is charged to the profit and loss account.

ii.

Long Term Investments Long-term investments are investments held by management over a long period of time to earn income. Long-term investments may include debt and equity securities. Long-term investments are carried at cost or at a revalued amount. When there has been a permanent decline in value of a long term investment, the carrying amount of the investment is written down to recognize the loss. Such a reduction is charged to the profit and loss account. Reductions in carrying amount are reversed when there is an increase, other than temporary, in the value of the

50

Statement of Significant Accounting Policies

investment, or if the reasons for the reduction no longer exist. An increase in carrying amount arising from the revaluation of long-term investments is credited to equity as revaluation surplus. To the extent that a decrease in carrying amount offsets a previous increase for the same investment, that has been credited to revaluation surplus and not subsequently reversed or utilized, it is charged against that revaluation surplus rather than income. Decreases that offset previous increases of the same asset are charged against the revaluation reserve; all other decreases are charged to the profit and loss account. An increase on revaluation which is directly related to a previous decrease in carrying amount for the same investment that was charged to the profit and loss account is credited to the profit and loss account to the extent that it offsets the previously recorded decrease. Interest earned whilst holding investment securities is reported as interest income. Dividend receivables are included separately in dividend income when a dividend is declared. Gains or losses on sale of long term investments are recognized as gains or losses on sale of investment securities. A change in market value of investment securities is not taken into account unless it is considered to be permanent. A decline in value of quoted long term investments is considered permanent when market value remains below carrying value for at least 3 years consistently.

l.

Investments in Subsidiaries Investments in subsidiaries are carried in the company's balance sheet at cost less provisions for impairment losses. Where, in the opinion of the Directors, there has been impairment in the value of an investment, the loss is recognized as an expense in the period in which the impairment is identified. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to the profit and loss account.

m. Investment Property An investment property is an investment in land or buildings held primarily for generating income or capital appreciation and not occupied substantially for use in the operations of the Group. A piece of property is treated as an investment property if it is not occupied substantially for use in the operations of the Group; an occupation of more than 15% of the property is considered substantial. Investment properties are carried in the balance sheet at their market values and revalued periodically on a systematic basis at least once in every three years. Investment properties are not subject to periodic charge for depreciation. When there has been a decline in the value of an investment property, the carrying amount of the property is written down to recognize the loss. Such a reduction is charged to the profit and loss account. Reductions in carrying amount are reversed when there is an increase, following a revaluation in accordance with the Group's policy, in the value of the investment property, or if the reasons for the reduction no longer exist. An increase in carrying amount arising from the revaluation of investment property is credited to owner's equity as revaluation surplus. To the extent that a decrease in carrying amount offsets a previous increase for the same property, that has been credited to revaluation surplus and not subsequently reversed or utilized, it is charged against that revaluation surplus rather than the profit and loss account. An increase on revaluation which is directly related to a previous decrease in carrying amount for the same property that was charged to the profit and loss account is credited to the profit and loss account to the extent that it offsets the previously recorded decrease. Investment properties are disclosed separately from the property, plant and equipment used for the purposes of the business.

n.

Property, Plant and Equipment All property, plant and equipment are initially recorded at cost. They are subsequently stated at historical cost less accumulated

51

Statement of Significant Accounting Policies

depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset's carrying amount or are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the cost will flow to the Group and the cost can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account for the financial period in which they are incurred. Land and buildings comprise mainly branches and offices. Construction cost in respect of offices is carried at cost as work in progress. On completion of construction, the related amounts are transferred to the appropriate category of property and equipment. Payments in advance for items of property and equipment are included as Prepayments in “Other Assets” and upon delivery are reclassified as additions in the appropriate category of property and equipment. No depreciation is charged until the assets are put into use. Capital work in progress represents construction costs in respect of new offices. On completion of construction, the related amounts are transferred to other categories of property, plant and equipment. Depreciation is calculated on a straight line basis to write down the cost of property, plant and equipment to their residual values over their estimated useful lives as follows: Motor vehicles Furniture and fittings Computer equipment Leasehold land & buildings Leasehold improvement

-

4 years 4 years 3 years Over the lease period Over the unexpired lease term

Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use. Gains and losses on disposal are determined by comparing proceeds with carrying amount and are included in the profit and loss account.

o.

Leases The Group classifies a lease as a finance lease if the following conditions are met: (a) Lease is non-cancelable, and (b) Any of the following is applicable: (i) The lease term covers substantially (80% or more) the estimated useful life of the asset or, (ii) The net present value of the lease at its inception using the minimum lease payments and the implicit interest rate is equal to or greater than the fair value of the leased asset or, (iii) The lease has a purchase option which is likely to be exercised. A lease that does not qualify as a finance lease as specified above should be treated as an operating lease. A Group company can be a lessor or a lessee in either a finance lease or an operating lease.

i.

A Group Company is the Lessor When assets are subject to a finance lease, the transactions are recognized in the books of the Group at the net investment in the lease. Net investment in the lease is the gross investment in the lease discounted at the interest rate implicit in the lease. The gross investment is the sum of the minimum lease payments plus any residual value payable on the lease. The discount on lease is defined as the difference between the gross investment and the present value of the asset under the lease. This discount is recognized as unearned and amortized to income as it is earned over the life of the lease at a basis that reflects a constant rate of return on the Group's net investment in the lease. Finance leases are treated as risk assets and the net investment in the lease is subject to the provisioning policy listed in (f).

52

Statement of Significant Accounting Policies

When assets are held subject to an operating lease, the assets are recognized as property and equipment based on the nature of the asset and the Group's normal depreciation policy for that class of asset applies. Lease income is recognized on a straight line basis over the lease term. All initial direct costs associated with the operating lease are charged as incurred to the profit and loss account. ii.

A Group Company is the Lessee When the assets leased are subject to an operating lease, the total lease payments due are charged to profit and loss on a systematic basis in line with the time pattern of the user's benefit. When the assets are subject to a finance lease, the Group accounts for it by recording the lease as an acquisition of an asset and the incurrence of a liability. To capitalize the lease right, the Group determines the following: (a) The initial value of the leased asset and the corresponding liability. (b) The amortization rate or amount; and (c) The amount by which the lease liability is to be reduced. At the beginning of the lease term, the Group records the initial asset and liability at amounts equal to the fair value of the leased asset less the present value of unguaranteed or partially guaranteed residual value which would accrue to the lessor at the end of the term of the lease. The discount factor to apply in calculating the present value of the unguaranteed residual value accruing to the lessor is the interest rate implicit in the lease. Where the Group cannot determine the fair value of the leased asset, at the inception of the lease or is unable to make a reasonable estimate of the residual value of the lease without which the interest rate implicit in the lease could not be computed, the initial asset and liability are recorded at amounts equal to the present value of the minimum lease payments using the Group's incremental borrowing rate as the discount factor. The leased assets should be depreciated or the rights under the leased asset should be amortized in a manner consistent with the depreciation policy on the Group's own assets. The minimum lease payment in respect of each accounting period is allocated between finance charge and the reduction of the outstanding lease liability. The finance charge is determined by applying the rate implicit in the lease to the outstanding liability at the beginning of each period.

p.

Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the net identifiable assets of the acquired subsidiary/associate at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisitions of associates is included in investments in associates. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each of those cash-generating units is represented by each primary reporting segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

q.

Cash and Cash Equivalents Cash comprises cash on hand and demand deposits denominated in Naira and to foreign currencies. Cash equivalents are short-term highly liquid instruments which are: (i)

Readily convertible into cash, whether in local or foreign currency; and

53

Statement of Significant Accounting Policies

(ii) So near to their maturity dates as to present insignificant risk of changes in value as a result of changes in interest rate. For the purposes of the cash flow statement, cash and cash equivalents include cash and non-restricted balances with central banks, treasury bills and other eligible bills, operating account balances with other banks, amounts due from other banks and short-term government securities.

r.

Provisions, contingent liabilities and contingent assets Provisions are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are normally made for restructuring costs and legal claims. In addition, general provisions are made on performing risk assets balances in accordance with the Prudential Guidelines for Licensed Banks. Risk assets comprise of loans and advances, advances under finance lease, other facilities, etc. A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group or the Group has a present obligation as a result of past events but is not recognized because it is not likely that an outflow of resources will be required to settle the obligation; or the amount cannot be reliably estimated. Contingent liabilities normally comprise of legal claims under arbitration or court process in respect of which a liability is not likely to eventuate. A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Group. A contingent asset is never recognized rather they are disclosed in the financial statements when they arise.

s.

Retirement Benefits The Group has a non-defined contribution plan. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the Group makes contributions on behalf of qualifying employee to a mandatory scheme under the provisions of the Pension Reform Act of 2004. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.

t.

Deferred Taxation Deferred income tax is provided using the liability method for all timing differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Currently enacted tax rates are used to determine deferred income tax. The principal timing differences arise from depreciation of property, plant and equipment, provisions for pension and other postretirement benefits, provisions for loan losses and tax losses carried forward. The rates enacted or substantively enacted at the balance sheet date are used to determine deferred income tax. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognized where it is probable that future taxable profit will be available against which the timing differences can be utilized.

54

Statement of Significant Accounting Policies

Income tax payable on profits or losses, based on the applicable tax law in each jurisdiction, is recognized as an expense in the period in which the profits or losses arise. The tax effects of income tax losses available for carry forward are recognized as an asset when it is probable that taxable profits will be available against which such losses can be utilized.

u.

Borrowed Funds Borrowed funds (or borrowings) are recognized initially at their issue proceeds and subsequently stated at costs less any repayments. Transaction costs were immaterial, are recognized immediately in the profit and loss account. Where transaction costs are material, they are capitalized and amortized over the life of the loan. Interest paid on borrowings is recognized in the profit and loss account for the period.

v.

Share Capital i.

Share issue costs Incremental costs directly attributable to the issue of new shares at a premium or to the acquisition of a business are shown in equity as a deduction, net of tax, from the proceeds.

ii.

Dividends on ordinary shares Dividends on ordinary shares are appropriated from revenue reserve in the period they are approved by the Bank's shareholders. Dividends for the period that are approved by the shareholders after the balance sheet date are dealt with in the subsequent events note Dividends proposed by the Directors' but not yet approved by members are disclosed in the financial statements in accordance with the requirements of the Company and Allied Matters Act.

w. Off-Balance Sheet Transactions Contingent liabilities arising from guaranteed commercial papers, letters of credit (clean line), performance bonds and guarantees issued on behalf of customers in the ordinary course of business are reported off-balance sheet in recognition of the risk inherent in those transactions. Income on these transactions is recognized as earned issuance of the bond or guarantee.

x.

Sale of Loans or Securities A sale of loans or securities without recourse to the seller is recognized by the seller is accounted for as a disposal and the asset excluded from the balance sheet. Profits or losses on sale of loans or securities without recourse to the seller is recognized by the seller when the transaction is completed. The Group regards a sale of loans or securities as without recourse, if it satisfies all the following conditions. Any sale not satisfying these conditions will be regarded as with recourse.

! ! !

control over the economic benefits of the asset must be passed on to the buyer; the seller can reasonably estimate any outstanding cost; and there must not be any repurchase obligations

A sale or transfer of loans or securities with recourse where there is an obligation to, or an assumption of, repurchase is not treated as a sale, and the asset remains in the Group's balance sheet, with any related cash received recognized as a liability. Profit arising from sale or transfer of loan or securities with recourse to the seller is amortized over the remaining life. However, losses

55

Statement of Significant Accounting Policies

are recognized as soon as they can be reasonably estimated. Where there is no obligation to or assumption of repurchase, the sale should be treated as a disposal and the asset excluded from the balance sheet, and any contingent liability disclosed.

y.

Fiduciary Activities The Group acts as trustees and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Group.

56

Profit and Loss Accounts For the 8 months period ended 31 December 2009

Note

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

Interest income Interest expense Net interest income

3 4

50,745,637 (24,895,914) 25,849,723

77,824,840 (35,831,451) 41,993,389

48,858,078 (24,126,283) 24,731,795

74,626,741 (33,952,264) 40,674,477

Fee and commission income Fee and commission expense Net fee and commission income

5

11,796,307 (381,931) 11,414,376

24,457,889 (1,273,788) 23,184,101

11,653,129 (349,462) 11,303,667

23,041,893 (1,108,596) 21,933,297

1,946,669 1,801,839 108,412 988,481 348,350

3,033,325 237,714 1,318,934 1,683,512 423,262

1,851,749 1,787,970 448,180 68,296

2,946,467 222,248 568,733 253,178

42,457,850

71,874,237

40,191,657

66,598,400

7 14

(30,087,301) (24,744,703)

(41,349,177) (24,623,109)

(27,356,396) (21,891,054)

(36,504,408) (21,750,254)

8

(12,374,154) 4,199,741

5,901,951 (730,195)

(9,055,793) 4,172,347

8,343,738 (1,412,611)

(8,174,413) 32,402 (8,142,011)

5,171,756 (27,637) 5,144,119

(4,883,446) (4,883,446)

6,931,127 6,931,127

70,365 (8,212,376) (8,142,011)

1,052,017 346,556 75,339 3,670,207 5,144,119

(4,883,446) (4,883,446)

1,039,669 346,556 5,544,902 6,931,127

(56k) (56k)

36K 36K

(34k) (34k)

48K 48K

Foreign exchange income Trading income Underwriting profit Investment income Other operating income

6

Operating income Operating expenses Provision for losses Profit before taxation Taxation Profit after taxation Non-controlling interest Profit attributable to the group

33

The profit for the period is appropriated as follows: Transfer to statutory reserve 35 Transfer to small scale industries reserve 35 Transfer to contingency reserve 35 Transfer to retained earnings reserve 35

Earnings per share (basic) Earnings per share (diluted)

41 41

The accompanying statement of significant accounting policies and explanatory notes form an integral part of these financial statements.

57

Balance Sheets As at 31 December 2009

Group Dec. 2009 N'000

Group Apr. 2009 N'000

Bank Dec. 2009 N'000

Bank Apr. 2009 N'000

9 10 11 12 15 16 17 18 19 22 23 24 25

70,428,505 9,090,252 101,663,746 302,486,935 6,962,870 20,333,580 265,730 68,776,995 7,858,279 21,848,223 3,474,612 37,567,390 650,757,117

54,766,850 11,502,437 137,638,292 285,344,944 6,150,488 23,471,028 819,142 66,457,805 4,415,531 54,704,932 2,650,587 34,155,878 682,077,914

62,470,986 6,414,452 96,202,493 296,537,785 6,962,870 20,333,580 42,180,226 16,442,980 6,573,106 15,294,128 34,949,278 604,361,884

50,223,343 9,087,437 130,568,284 289,265,955 6,150,488 23,471,028 40,302,632 16,442,980 3,340,135 50,012,610 32,026,944 650,891,836

26 27 28 29 8

482,056,310 14,659,352 39,085 19,050,996 3,653,521 177,635 21,632,919 1,238,238 1,962,128 193,862 544,664,046

466,889,851 8,557,718 87,809 23,708,109 3,826,585 163,563 59,150,902 902,947 3,525,424 827,473 567,640,381

449,020,259 3,970,670 19,050,996 3,360,544 177,635 16,276,577 1,959,203 187,296 494,003,180

444,815,118 3,446,876 23,708,109 3,331,891 163,563 54,558,873 3,507,300 815,186 534,346,916

Share capital 34a Share premium 34b Retained earnings 35 Other reserves 35 Attributable to equity holders of the parent Non-controlling interest 33

7,237,622 89,629,324 (4,949,700) 13,729,737 105,646,983 446,088 106,093,071

7,237,622 89,629,324 4,565,446 12,571,126 114,003,518 434,015 114,437,533

7,237,622 89,629,324 793,791 12,697,967 110,358,704 110,358,704

7,237,622 89,629,324 6,980,007 12,697,967 116,544,920 116,544,920

Total equity and liabilities Acceptances and guarantees

650,757,117 123,992,746

682,077,914 157,194,139

604,361,884 55,251,224

650,891,836 97,928,053

Note

Assets Cash and balances with central banks Treasury bills Due from other banks Loans and advances Advances under finance lease Other facilities Insurance receivables Investments Investment in subsidiaries Deferred tax assets Other assets Investment property Property, plant and equipment

Liabilities Customer deposits Due to other banks Liability on investment contracts Borrowings Current income tax payable Dividend payable Other liabilities Provisions on insurance contracts Deferred tax liabilities Retirement benefit obligations

30 31 22 32

Equity

36

The accounting policies on pages 47 to 56 and financial statements and notes on pages 57 to 91 were approved by the Board of Directors on 15 April 2010 and signed on its behalf by:

________________________________________

_________________________________

Emeka Onwuka Group Managing Director

Uzoma Dozie Executive Director

58

Cash Flow Statements For the period ended 31 December 2009

Group

Group

Bank

Bank

8 Months to Dec.' 2009

12 Months to Apr.' 2009

8 Months to Dec.' 2009

12 Months to Apr.' 2009

Note

N'000

N'000

N'000

N'000

39

(12,243,874)

13,067,528

(14,776,402)

(3,150,545)

Operating Activities Cash generated from operations

8

Tax paid Net cash from operating activities

(979,612)

(2,039,171)

(580,069)

(2,083,509)

(13,223,486)

11,028,357

(15,356,471)

(5,234,054)

(1,288,699)

(7,205,650)

(1,288,699)

(7,205,652)

Financing Activities Dividend paid to shareholders Dividend paid to minority shareholders in subsidiaries Repayment of borrowings

-

(15,000)

-

-

(12,077,613)

(12,042,674)

(12,077,613)

(12,042,674)

7,420,500

17,163,536

7,420,500

17,163,536

(5,945,812)

(2,099,792)

(5,945,812)

(2,084,790)

(1,543,923)

(41,289,337)

(293,500)

(20,432,816)

1,315,906

8,578,494

1,315,906

6,209,625

Additional investment in subsidiaries

-

(183,000)

-

(5,000,000)

Disposal of investment in subsidiaries

-

-

-

240,000

(1,629,287)

(1,256,420)

-

-

Proceeds of new borrowings Net cash from financing activities

Investing Activities Purchase of long term investment securities Sale of long term investments

Addition to investment property Proceeds from sale of investment property

805,262

705,263

-

-

Purchase of property, plant and equipment

(6,524,834)

(12,402,859)

(5,973,661)

(9,544,250)

Proceeds from sale of property, plant and equipment Net cash from investing activities

245,097

1,992,611

145,487

140,900

(7,331,779)

(43,855,248)

(4,805,768)

(28,386,541)

588,983

(632,807)

-

-

(25,912,094)

(35,559,492)

(26,108,051)

(35,705,385)

Effect of exchange rate changes on cash and cash equivalents Increase/(decrease) in cash and cash equivalents Analysis of changes in cash and cash equivalents Balance, beginning of period Balance, end of period Increase in cash and cash equivalents

42

195,928,122

231,487,614

186,326,858

222,032,243

170,016,028

195,928,122

160,218,807

186,326,858

(25,912,094)

(35,559,492)

(26,108,051)

(35,705,385)

The accompanying statement of significant accounting policies and explanatory notes form an integral part of these financial statements.

59

Notes to the Financial Statements For the period ended 31 December 2009

1.

The Bank Diamond Bank Plc (the Bank) was incorporated in Nigeria as a private limited liability company on 20 December 1990. The Bank is licensed and supervised by the Central Bank of Nigeria. Together with its subsidiary operations, Diamond Bank provides a full range of financial services including investment, commercial and retail banking, securities dealing, custodian and insurance services. The Bank converted to a public company in February 2005 and its shares are listed on the Nigerian Stock Exchange. Actis DB (UK) Holdings Limited, a financial investor, holds 14.79% of the Bank's equity while the balance is held by other other individual and institutional investors.

2.

Segment Analysis

(a) By Business Segment The Group's business is organized along the following business segments: Retail Banking (Regional Businesses) - incorporating all banking activities relating to individuals (Personal Banking); Non-profit organizations and Focused Groups (Clubs, Associations, NGOs, Churches, Travel Agencies, Educational Institutions); and all companies with an annual turnover of less than N1.2 billion. Corporate Banking - incorporating all banking activities relating to Multinationals; other large/well-structured companies in Oil & Gas, Power & Infrastructures, Maritime & Transportation, Telecomm./General Services, Manufacturing/Trade and Construction, having annual business turnover of greater than N1.2 billion; Financial Institutions; Federal Government ministries and agencies; Embassies and Foreign Missions; and Subsidiary activities in Mortgage and Pension Custody. Insurance business - incorporating all services rendered by ADIC Insurance company Limited. These include life and non-life business activities. Investment Banking - incorporating all services rendered by Diamond Capital Group. These include Asset Management; Corporate Finance & Advisory; Principal Investments; and Debt Capital Markets. Funds are ordinarily allocated between segments, resulting in funding cost transfers disclosed in operating income. Interest charged for these funds is based on the Group's cost of capital.There are no other material items of income or expense between the business segments. Internal charges and transfer pricing adjustments have been reflected in the performance of each business segment. Revenue sharing agreements are used to allocate external customer revenues to business segments on a reasonable basis. At 31 December 2009

External revenues Revenues from other segments Total Operating profit / profit before tax

Retail Banking N'000

Corporate Banking N'000

Insurance business N'000

Investment banking N'000

Group

15,330,631

51,181,654

254,627

968,782

67,735,694

2,651,553

(2,651,553)

-

-

-

17,982,184

48,530,101

254,627

968,782

67,735,694

4,875,162

(14,321,745)

(832,062)

(2,095,509)

(12,374,154)

N'000

4,199,741 Loss for the period

60

(8,174,413)

Notes to the Financial Statements For the period ended 31 December 2009

2.

Segment Analysis (continued)

At 31 December 2009

Retail Banking N'000

Corporate Banking N'000

Insurance business N'000

Investment banking N'000

Group

Segment assets Unallocated assets Total assets

142,508,984 142,508,984

476,607,391 476,607,391

6,822,726 6,822,726

24,818,016 24,818,016

650,757,117 650,757,117

Segment liabilities Unallocated liabilities Total liabilities

275,356,601 275,356,601

243,649,913 243,649,913

2,222,080 2,222,080

23,435,452 23,435,452

544,664,046 544,664,046

1,894,900

1,187,843

50,496

54,572

3,187,811

Retail Banking N'000

Corporate Banking N'000

Insurance business N'000

Investment banking N'000

Group

70,006,245 5,538,826 75,545,071

37,230,442 (5,538,826) 31,691,616

493,465 493,465

1,249,324 1,249,324

108,979,476 108,979,476

4,459,891

4,839,993

(375,458)

(3,022,475)

5,901,951 (730,195) 5,171,756

Segment assets Unallocated assets Total assets

389,955,735 389,955,735

260,330,065 260,330,065

7,127,267 7,127,267

24,664,847 24,664,847

682,077,914 682,077,914

Segment liabilities Unallocated liabilities Total liabilities

331,948,603 331,948,603

212,165,268 212,165,268

1,565,087 1,565,087

21,961,423 21,961,423

567,640,381 567,640,381

2,305,007

1,363,963

174,525

61,120

3,904,615

Other segment information Depreciation

At 30 April 2009

External revenues Revenues from other segments Total Operating profit / profit before tax Income tax expense Profit for the period

Other segment information Depreciation

N'000

N'000

61

Notes to the Financial Statements For the period ended 31 December 2009

(b) By geographical Segment The Group's four business segments operate in two main geographical areas Nigeria and West Africa. Transactions between the business segments are on normal commercial terms and conditions. Nigeria is the home country of the parent bank, which is also the main operating company. The areas of operation include all the primary business segments. Revenue from external customers is based on the country in which the customer is located. Assets are shown by the geographical location of the assets.

Nigeria N'000

West Africa N'000

Total N'000

64,213,557

3,522,137

67,735,694

(12,748,786)

374,632

(12,374,154)

4,235,088 (8,513,698)

(35,347) 339,285

4,199,741 (8,174,413)

Segment assets Unallocated assets Total assets

643,934,391 643,934,391

6,822,726 6,822,726

650,757,117 650,757,117

Segment liabilities Unallocated liabilities Total liabilities

542,453,944 542,453,944

2,210,102 2,210,102

544,664,046 544,664,046

3,137,315

50,496

3,187,811

105,866,446

3,113,030

108,979,476

Segment result

5,442,107

459,844

5,901,951

Income tax expense Profit for the period

(592,242) 4,849,865

(137,953) 321,891

(730,195) 5,171,756

Segment assets Unallocated assets Total assets

648,133,817 648,133,817

33,944,097 33,944,097

682,077,914 682,077,914

Segment liabilities Unallocated liabilities Total liabilities

537,070,869 537,070,869

30,569,512 30,569,512

567,640,381 567,640,381

3,763,911

140,704

3,904,615

At 31 December 2009 External revenues Segment result Income tax expense Profit for the period

Other segment items Depreciation At 30 April 2009 External revenues

Other segment items Depreciation

62

Notes to the Financial Statements For the period ended 31 December 2009

3.

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

12,797,923 3,500,992 33,477,108 969,614 50,745,637

21,400,699 10,185,249 44,524,648 1,714,244 77,824,840

12,170,741 3,500,992 32,216,731 969,614 48,858,078

20,645,994 9,214,800 43,051,703 1,714,244 74,626,741

269,708 687,104 19,912,606 2,360,031 896,834 24,126,283

1,871,951 1,000,256 27,242,673 2,029,073 1,808,311 33,952,264

Interest Income Placements and short-term funds Treasury bills and investment securities Loans and advances Advances under finance leases

Interest income earned outside Nigeria amounted to Group N2.5 billion (Apr. 2009: N2.4 billion) and Bank N108 million (Apr. 2009: N298 million).

4.

Interest Expense Inter-bank takings Current accounts Time deposits Savings deposits Credit related borrowings

1,231,365 743,686 20,061,227 2,443,880 415,756 24,895,914

2,097,247 1,109,077 27,610,870 2,086,247 2,928,010 35,831,451

Interest expense paid outside Nigeria amounted to Group N1.8 billion (Apr. 2009: N2.6 billion) and Bank N897 million (Apr. 2009:N1.8 billion).

5.

Fee and Commission Income Credit related fees Commission on turnover Letters of credit commission Other fees and commissions

6.

11,904,391 5,344,683 2,751,302 4,457,513 24,457,889

4,652,417 2,968,835 1,314,528 2,717,349 11,653,129

11,811,525 5,372,181 2,560,160 3,298,027 23,041,893

502,908 485,573 988,481

356,194 1,327,318 1,683,512

448,180 448,180

21,419 547,314 568,733

11,387,714 3,187,811 126,933 226,474 42,335 15,116,034 30,087,301

16,459,444 93,230 3,904,615 132,277 218,394 (10,262) 20,551,479 41,349,177

10,055,050 2,862,915 100,000 226,474 42,923 14,069,034 27,356,396

14,872,647 3,546,742 100,000 218,394 (8,661) 17,775,286 36,504,408

Investment Income Dividend income Profit on sale of investments

7.

4,692,968 2,976,067 1,499,990 2,627,282 11,796,307

Operating Expenses Staff costs (note 39) Impairment of goodwill (note 21) Depreciation (note 25) Auditors' remuneration Directors' emoluments (note 39) (Profit)/loss on disposal of fixed assets Other operating expenses

63

Notes to the Financial Statements For the period ended 31 December 2009

8.

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

803,479 2,359 710 806,548 (5,006,289) (4,199,741)

2,649,648 310,442 92,190 3,052,280 (2,322,085) 730,195

608,722 608,722 (4,781,069) (4,172,347)

2,355,582 284,478 83,437 2,723,497 (1,310,886) 1,412,611

3,826,585 (979,612) 806,548 3,653,521

2,813,476 (2,039,171) 3,052,280 3,826,585

3,331,891 (580,069) 608,722 3,360,544

2,691,903 (2,083,509) 2,723,497 3,331,891

7,552,099 51,709,931 59,262,030 7,697,247 3,469,228 70,428,505

6,210,087 40,577,306 46,787,393 6,336,063 1,643,394 54,766,850

5,891,931 51,709,931 57,601,862 3,725,730 1,143,394 62,470,986

5,520,307 41,150,829 46,671,136 2,408,813 1,143,394 50,223,343

9,090,252

11,502,437

6,414,452

9,087,437

158,672 50,206,728 87,277,166 137,642,566 (4,274) 137,638,292

27,458,723 68,743,770 96,202,493 96,202,493

47,764,534 82,803,750 130,568,284 130,568,284

Taxation Charge Current tax Education tax Information technology levy Current tax Deferred tax charge (note 22) Charge for the period Payable At 1 May Tax paid Income tax charge At 31 December

9.

Group 8 Months to Dec.' 2009 N'000

Cash and Balances with Central banks Cash Operating accounts with central banks Included in cash and cash equivalents (Note 44) Mandatory reserve deposits with central banks Escrow balances with central banks

10. Treasury Bills Treasury bills

Treasury bills amounting to N6.4 billion (Apr. 2009: N8.7 billion) are held by third parties as collateral for various transactions.

11. Due from Other Banks Current balances with banks within Nigeria Current balances with banks outside Nigeria Placements with banks and discount houses Provision for doubtful bank balances

67,264 30,911,057 70,685,425 101,663,746 101,663,746

Balances with banks outside Nigeria include N6.2 billion (Apr. 2009: N15.7 billion) which represents the naira value of foreign currency bank balances held on behalf of customers in respect of letters of credit transactions. The corresponding liability is included in other liabilities (See Note 30). Included in placements with banks and discount houses are placements with banks in Nigeria of N70.7billion (April 2009 :N63.8billion)

64

Notes to the Financial Statements For the period ended 31 December 2009

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

4,274 (4,274) -

19,216 (14,942) 4,274

-

-

87,465,617 200,105,269 58,892,110 346,462,996 (34,241,058) (9,735,003) 302,486,935

52,221,606 169,248,384 91,387,600 312,857,590 (24,473,151) (3,039,495) 285,344,944

85,998,630 191,143,971 58,231,595 335,374,196 (30,295,434) (8,540,977) 296,537,785

64,224,831 158,551,655 91,331,056 314,107,542 (22,484,590) (2,356,997) 289,265,955

65,963,210 278,498,820 2,000,966 346,462,996

46,425,945 255,154,850 11,276,795 312,857,590

63,553,599 271,802,175 18,422 335,374,196

40,873,311 273,205,087 29,144 314,107,542

278,321,608

287,888,988

273,273,055

290,729,417

28,580,712 16,350,810 23,209,866 346,462,996

6,110,507 5,253,858 13,604,237 312,857,590

27,422,482 14,250,946 20,427,713 335,374,196

5,255,324 4,518,564 13,604,237 314,107,542

132,139,694 106,684,093 8,743,354 20,380,659 78,515,196 346,462,996

129,143,047 83,147,968 29,628,458 33,057,657 37,880,460 312,857,590

130,164,072 105,342,579 7,962,629 17,417,288 74,487,628 335,374,196

125,184,223 80,256,492 24,728,866 29,672,793 54,265,168 314,107,542

11. Due from Other Banks (cont’d) Movement in provision for doubtful bank balances At start of period Provision no longer required Amounts written off At end of period

12. Loans and Advances Overdrafts Term loans Commercial papers Loan loss provision (note 13a) Interest in suspense (note 13b)

Analysis by security Secured against real estate Otherwise secured Unsecured

Analysis by performance Performing Non-performing : Substandard Doubtful Lost

Analysis by maturity 0 - 30 days 1-3 months 3-6 months 6-12 months Over 12 months

65

Notes to the Financial Statements For the period ended 31 December 2009

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

15,419,657 9,053,494 24,473,151

4,340,799 2,324,435 6,665,234

13,451,300 9,033,290 22,484,590

3,711,014 2,301,991 6,013,005

27,338,603 (9,053,494) (73,494) (8,443,708) 9,767,907

14,206,978 6,729,060 (174,416) (2,953,705) 17,807,917

25,361,337 (9,033,291) (73,494) (8,443,708) 7,810,844

12,868,407 6,731,299 (174,416) (2,953,705) 16,471,585

34,241,058 34,241,058

15,419,657 9,053,494 24,473,151

30,295,434 30,295,434

13,451,300 9,033,290 22,484,590

3,039,495 11,001,294 (246,622) (4,059,164) 9,735,003

3,212,074 5,494,076 (2,631) (5,664,024) 3,039,495

2,356,997 10,489,765 (246,621) (4,059,164) 8,540,977

3,021,119 5,002,533 (2,631) (5,664,024) 2,356,997

18,211,615 (82,644) (237,081) 617,446 (97,073) 473,671 5,858,769 24,744,703

20,761,622 (10,370) 12,075 204,151 (537,915) 112,506 (14,943) 4,095,983 24,623,109

16,254,552 (82,644) (237,081) 616,855 (96,678) 5,436,050 21,891,054

19,425,290 (10,370) 12,075 204,151 (517,275) 2,636,383 21,750,254

13. Loan Loss Provision and Interest in Suspense a.

Movement in loan loss provision At start of period - Non-performing - Performing Additional provision: - Non-performing - Performing Provision no longer required Amounts written off At end of period - Non-performing - Performing

B.

Movement in Interest-In-Suspense At start of period Suspended during the period Recognised during the period Amounts written off At end of period

14. Provision for Losses The charge for the year is analysed as follows: Loans and advances Advances under finance lease Other facilities Direct write-offs Recovery on previously written-off accounts Insurance receivables Due from other banks Other assets

66

Notes to the Financial Statements For the period ended 31 December 2009

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

7,729,059 (743,035) 6,986,024 (23,154) 6,962,870

7,210,148 (953,862) 6,256,286 (45,559) (60,239) 6,150,488

7,729,059 (743,035) 6,986,024 (23,154) 6,962,870

7,210,148 (953,862) 6,256,286 (45,559) (60,239) 6,150,488

6,893,169

6,023,948

6,893,169

6,023,948

62,703 30,152 6,986,024

176,525 55,813 6,256,286

62,703 30,152 6,986,024

176,525 55,813 6,256,286

316,762 355,103 221,243 1,056,467 5,036,449 6,986,024

227,785 537,855 707,997 1,008,228 3,774,421 6,256,286

316,762 355,103 221,243 1,056,467 5,036,449 6,986,024

227,785 537,855 707,997 1,008,228 3,774,421 6,256,286

45,559 60,239 105,798

116,168 116,168

45,559 60,239 105,798

116,168 116,168

(22,405) (60,239) (82,644)

45,559 (55,929) (10,370)

(22,405) (60,239) (82,644)

45,559 (55,929) (10,370)

23,154 23,154

45,559 60,239 105,798

23,154 23,154

45,559 60,239 105,798

15. Advances Under Finance Lease Gross investment Less: Unearned income Net investment Less: Specific provision Less: General provision

Analysis by performance Performing Non-performing: Substandard Doubtful Lost Total Analysis by maturity 0 30 days 1-3 months 3-6 months 6-12 months Over 12 months Movement in provision At start of period - Non-performing - Performing Additional provision: - Non-performing - Performing At end of period - Non-performing - Performing

67

Notes to the Financial Statements For the period ended 31 December 2009

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

20,333,580

23,708,109

20,333,580

23,708,109

20,333,580

(237,081) 23,471,028

20,333,580

(237,081) 23,471,028

20,333,580 20,333,580

23,708,109 23,708,109

20,333,580 20,333,580

23,708,109 23,708,109

8,240,316 1,356,687 1,908,965 365,266 8,462,346 20,333,580

4,514,614 4,614,912 565,091 2,840,280 11,173,212 23,708,109

8,240,316 1,356,687 1,908,965 365,266 8,462,346 20,333,580

4,514,614 4,614,912 565,091 2,840,280 11,173,212 23,708,109

237,081 237,081

40,391 184,615 225,006

237,081 237,081

40,391 184,615 225,006

(237,081) (237,081)

52,466 (40,391) 12,075

(237,081) (237,081)

52,466 (40,391) 12,075

-

237,081 237,081

-

237,081 237,081

16. Other Facilities Otherwise secured Less: General provision Analysis by performance Performing Non-performing Analysis by maturity 0 30 days 1-3 months 3-6 months 6-12 months Over 12 months Movement in provisions At start of period - Non-performing - Performing Additional provision: - Non-performing - Performing Provision no longer required At end of period - Non-performing - Performing

Other facilities are loans funded via medium to long-term on-lending facilities from development and international finance institutions.

17. Insurance Receivables Due from contract holders Due from agents and brokers Due from reinsurers Less provision for doubtful receivables

68

119,874 752,980 872,854 (607,124) 265,730

132,913 834,207 2,768 969,888 (150,746) 819,142

-

-

Notes to the Financial Statements For the period ended 31 December 2009

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

150,746 473,671 (17,293) 607,124

454,673 112,506 (416,433) 150,746

-

-

2,811,647 1,403,097 2,900,000 7,114,744 (906,937) 6,207,807

3,993,709 866,141 626,238 5,486,088 (1,369,454) 4,116,634

2,900,000 2,900,000 2,900,000

-

34,857,118 8,110,600

36,152,573 5,809,000

34,857,118 -

36,152,573 -

4,270,548 15,330,922 62,569,188 62,569,188

5,574,798 14,815,133 62,351,504 (10,333) 62,341,171

4,423,108 39,280,226 39,280,226

4,150,059 40,302,632 40,302,632

68,776,995

66,457,805

42,180,226

40,302,632

62,341,171 1,543,923 (1,295,455) (20,451) 62,569,188

29,082,516 41,289,335 (8,030,680) 62,341,171

40,302,632 293,500 (1,295,455) (20,451) 39,280,226

26,079,441 20,432,816 (6,209,625) 40,302,632

17. Insurance Receivables (cont’d) Movement in provision for insurance receivables At start of period Additional provision Amounts written off At end of period

18. Investments Short term investments Securities - at lower of cost and market value Listed equity securities Unlisted equity securities Listed debt instruments Provision for diminution in value Long term investments Debt securities - at cost Quoted Unquoted Equity securities - at cost Listed Unlisted Provision for diminution in value

The movement in long term investments is summarised as follows: At start of period Additions Redemption of long term bonds Sale of long term investments Provision At end of period

i.

Short term listed equity securities are disclosed at market value.

ii.

Provision for diminution in value represents reduction in market value of listed securities within the period.

iii.

Short term unlisted equity securities are carried at cost as there is no observable market price

69

Notes to the Financial Statements For the period ended 31 December 2009

Iv.

Included in listed debt securities is N37.6 billion (Apr.2009: N34.1 billion) in various Federal Government of Nigeria Bonds. The maturity dates of these bonds range from July 2010 to November 2029 with interest rates ranging from 8% to 15%.

v.

The market value of long term listed equity securities are Group N560 million (Apr. 2009: N1.7 billion) and Bank nil.

vi.

The Bank makes investments under the Small and Medium Enterprises Equity Investment Scheme (SMEEIS) per the Policy Guidelines for 2001 Fiscal Period (Monetary Policy Circular No. 35). These investments are made directly in qualifying entities and through two vehicles the SME Partnership Fund and Grofin Aspire Fund. Grofin Aspire Fund is a joint venture between the Bank, Shell Petroleum Development Company Limited and Grofin of South Africa aimed at funding Nigerian small and medium enterprises. As at the balance sheet date, the Bank had invested N1.3 billion in the Grofin Aspire Fund and N433 million (Apr. 2009: N453 million) in the SME Partnership Fund.

vii. Also included in long term investments is an amount of N237 million (Apr. 2009: N237 million) being un-invested portion of the Bank's reserves for SME Investments held by the Central Bank of Nigeria. The market value of short term listed equity securities are Group N2.7 billion (Apr. 2009: N2.6 billion) and Bank nil.

19. Investment in Subsidiaries

Holding Diamond Bank du Benin S.A (DBB) 95.38% Diamond Securities Limited (DSL) 100% Diamond Pension Fund Custodian Limited (DPFC) 100% Diamond Mortgages Limited (DML) 100% ADIC Insurance Limited (ADIC) 95% DBLS Insurance Brokers Limited (DBLS) 100% Diamond Capital and Financial Markets Limited (DCL) 100% Diamond Registrars Limited (DRL) 100%

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

-

-

3,135,020 2,000,000 1,000,000 5,307,960 5,000,000 16,442,980

3,135,020 2,000,000 1,000,000 5,307,960 5,000,000 16,442,980

i.

All subsidiaries are incorporated in Nigeria with the exception of Diamond Bank du Benin S.A., which is incorporated in the Republic of Benin. The results of all the subsidiaries have been consolidated with those of the Bank. The condensed financial statements of the consolidated subsidiaries are included in Note 20.

ii.

Diamond Capital and Financial Markets Limited (DCL) is licensed to provide corporate investment advisory and asset management services. It was incorporated in December 2007 and commenced operations May 2008. DCL has two wholly owned subsidiaries DRL and DSL.

iii.

Diamond Securities Limited is the stock broking arm of the group. In March 2009, the Group increased its holding in DSL by buying the 20% minority shareholding in a cash deal that resulted in a 100% ownership of the company by Diamond Capital and Financial Markets Limited.

iv.

Diamond Registrars Limited was incorporated in December 2007 , It is 100% owned by DCL.

70

Notes to the Financial Statements For the period ended 31 December 2009

20. Condensed Results of Consolidated Entities DBB

DSL

DPFC

DML

ADIC

DIBL

DCL

DRL

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Profit and loss accounts Operating income Operating expenses Provision expense

2,659,390

(99,637)

253,120

8,687

242,926

5,409

(188,369)

62,632

(1,342,975)

(128,682)

(186,724)

(391,643)

(596,543)

(5,870)

(490,515)

(57,760)

(941,783)

(1,073,363)

-

(240,704)

(478,445)

-

(119,354)

-

Profit before tax

374,632

(1,301,682)

66,396

(623,660)

(832,062)

(461)

(798,238)

4,872

Tax

(35,347)

48,160

5,162

144,506

(129,472)

-

-

(5,615)

Profit after tax

339,285

(1,253,522)

71,558

(479,154)

(961,534)

(461)

(798,238)

(743)

Statement of financial position Assets Cash and balances with central banks

7,455,129

-

4

2,309

500,077

-

-

-

Treasury bills

2,675,800

-

-

-

-

-

-

-

Due from other banks

5,445,169

242,852

-

-

3,119,254

54,065

413,283

1,417,813

28,573,436

34,755

93,158

1,805,315

28,300

-

23,755

-

-

-

-

-

-

-

-

-

Loans and advances to customers Advances under finance lease Insurance receivables

-

-

-

-

265,730

-

-

-

Investment securities

5,374,897

220,319

1,784,320

7,440

1,752,744

29,500

19,212,232

-

Investment in subsidiaries and associates

-

5,000

-

-

-

-

473,000

-

Deferred tax asset

-

935,338

-

307,221

-

-

42,613

-

4,867,279

106,430

100,604

513,682

284,419

116,852

1,125,526

220,342

Other assets Investment property Property, plant and equipment

-

-

525,131

2,949,481

-

-

-

-

1,485,775

27,122

34,402

81,391

872,202

-

89,622

27,597

55,877,485

1,571,816

2,537,619

5,666,839

6,822,726

200,417

21,380,031

1,665,752

71

Notes to the Financial Statements For the period ended 31 December 2009

20. Condensed Results of Consolidated Entities (Continued) DBB

DSL

DPFC

DML

ADIC

DIBL

DCL

DRL

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Customer deposits

39,185,976

-

-

361,905

-

-

-

-

Due to other banks

10,688,683

-

-

-

-

-

-

-

-

-

-

-

39,085

-

-

-

Borrowed funds

-

2,987,834

-

5,470,971

-

16,127,715

-

Income tax payable

-

10,410

97,473

50,099

129,472

958

-

4,566 1,612,880

Financed by:

Investment contracts liabilities

1,326,294

1,296,838

78,529

147,035

814,756

80,155

1,307,973

Provisions on insurance contracts

Other liabilities

-

-

-

-

1,238,238

-

-

-

Deferred income tax liabilities

-

-

1,348

-

529

-

-

1,049

Retirement benefit obligations Share capital and reserves

-

1,015

-

1,492

-

2,385

1,673

-

4,676,532

(2,724,281)

2,360,269

(364,663)

4,600,646

116,919

3,942,670

47,257

55,877,485

1,571,816

2,537,619

5,666,839

6,822,726

200,417

21,380,031

1,665,752

8,273,875

1,300,164

4,706

272,071

2,857,402

82,651

684,526

50,000

Statement of cash flow Increase/(decrease) in cash and cash equivalents: At period start At period end

72

15,576,098

242,852

4

2,309

3,619,331

54,065

413,283

1,417,813

(7,302,223)

1,057,312

4,702

269,762

(761,929)

28,586

271,243

(1,367,813)

Notes to the Financial Statements For the period ended 31 December 2009

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

-

93,230 (93,230) -

-

-

(890,107)

1,431,980

167,165

1,478,051

21. Goodwill At 1 May Arising on acquisition during the period Impairment provision

22. Deferred Tax At 1 May Charge / (abatement): - depreciation on property, plant and equipment - general provisions and operating losses -operating losses - Gratuity provision -Unrealized exchange gains The balance sheet amounts comprise: Deferred tax assets Deferred tax liabilities Net deferred tax asset/(liability)

(952,922) 2,604,033 (6,517,404) 171,785 (311,536) 5,896,151

709,958 (3,429,130) 76,776 320,309 (890,107)

(937,703) 2,813,790 (6,517,404) 171,785 (311,536) 4,613,903

659,435 (2,367,406) 76,776 320,309 167,165

7,858,279 (1,962,128) 5,896,151

4,415,531 (3,525,424) 890,107

6,573,106 (1,959,203) 4,613,903

3,340,135 (3,507,300) (167,165)

468,132 1,493,996 1,962,128

779,668 2,745,756 3,525,424

468,132 1,491,071 1,959,203

779,668 2,727,632 3,507,300

1,285,173 6,517,405 55,701 7,858,279

4,188,044

3,112,648

227,487 4,415,531

6,517,405 55,701 6,573,106

227,487 3,340,135

11,832,061 6,490,917 792,761 11,782,513 30,898,252 (9,050,029) 21,848,223

9,518,418 7,972,727 549,382 8,057,702 31,900,000 57,998,229 (3,293,297) 54,704,932

8,112,251 4,346,231 11,320,526 23,779,008 (8,484,880) 15,294,128

7,463,989 6,143,565 7,553,886 31,900,000 53,061,440 (3,048,830) 50,012,610

Deferred income tax assets and liabilities are attributable to the following items: Deferred tax asset: Unrealized exchange gains Depreciation of property, plant and equipment Deferred tax asset: General loan loss provision Operating loss Gratuity provision

23. Other Assets Prepayments Accrued interest and fees receivable Due from stockbroking clients Accounts receivable Open buy back Treasury bills Provision for doubtful receivables

Treasury bills sold under repurchase agreements are classified as other asset balances in accordance with Central Bank of Nigeria Circular BSD/8/2003.The corresponding liability is recognised in other liabilities (Note 30).

73

Notes to the Financial Statements For the period ended 31 December 2009

Movement in provision for doubtful receivables At start of period Charge for the period Provision no longer required Amounts written off At end of period

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

3,293,297 5,858,769 (102,037) 9,050,029

825,308 2,838,795 (6,701) (364,105) 3,293,297

3,048,830 5,436,050 8,484,880

776,552 2,636,383 (364,105) 3,048,830

2,650,587 1,629,287

1,319,925 2,035,923 (705,261) 2,650,587

-

-

24. Investment Property At start of period Additions and capital improvements Changes in market value (through equity) Changes in market value (through profit and loss account) Disposals At end of period

74

(805,262) 3,474,612

Notes to the Financial Statements For the period ended 31 December 2009

25. Property, Plant and Equipment Group

At 1 May 2009

Additions

Disposals

Reclassification

N'000

N'000

N'000

N'000

11,441,819

3,286,802

-

Exchange Difference N'000

At 31 Dec' 2009 N'000

Cost Work in progress Leasehold improvement

12,080,396

2,479,973

439,107

-

(2,770,835)

122,610

3,063,705

13,627,801

379,707

-

1,868,910

12,960

15,889,378

Motor vehicles

4,732,956

1,029,211

(806,789)

23,985

68,730

5,048,093

Office equipment

9,230,752

967,233

(242,699)

689,627

226,883

10,871,796

Leasehold land and building

Computer hardware

2,905,520

182,710

(27,968)

4,703

49,721

3,114,686

Computer software

1,345,580

86,662

-

-

44,774

1,477,016

Furniture & Fittings

1,148,076

153,402

(17,640)

20,269

11,237

1,315,344

46,912,477

6,524,834

(1,095,096)

(18,716)

536,915

52,860,414

At 1 May 2009

Charge

Disposals

Reclassification

Exchange

At 31 Dec'

N'000

for the period N'000

N'000

N'000

Difference N'000

2009 N'000

Accumulated Depreciation

Leasehold improvement

1,339,880

308,662

-

(11,720)

-

1,636,822

Leasehold land and building

1,163,585

367,205

26,654

-

9,826

1,567,270

Motor vehicles

2,249,557

765,681

(612,696)

-

24,815

2,427,357

Office equipment

4,317,016

1,076,413

(180,402)

-

60,611

5,273,637

Computer equipment

2,009,380

354,220

(22,916)

-

25,746

2,366,430

Computer software

1,058,483

153,704

-

-

38,066

1,250,253

Furniture & Fittings

Net book value

618,698

161,926

(13,294)

-

3,925

771,255

12,756,599

3,187,811

(802,654)

(11,720)

162,989

15,293,024

34,155,878

37,567,390

75

Notes to the Financial Statements For the period ended 31 December 2009

25. Property, Plant and Equipment (cont’d) Bank

At 1 May 2009

Additions

Disposals

Reclassification

N'000

N'000

N'000

N'000

At 31 Dec' 2009 N'000

10,941,628

3,099,077

-

(2,442,338)

11,598,367

Cost Work in progress Leasehold improvement Leasehold land and building

2,255,918

418,545

-

144,625

2,819,088

13,218,410

329,669

-

1,872,736

15,420,815

Motor vehicles

4,167,696

941,720

(769,415)

23,986

4,363,987

Office equipment

8,442,837

906,255

(178,395)

376,019

9,546,716

4,703

Computer hardware

2,577,635

53,586

(8,728)

Computer software

1,224,134

82,933

-

Furniture & Fittings

1,025,289

141,874

(15,727)

20,269

1,171,705

43,853,547

5,973,659

(972,265)

-

48,854,941

Charge

Disposals

Reclassification

At 31 Dec'

Accumulated Depreciation

At 1 May 2009

for the period Leasehold improvement

1,307,067

2009

N'000

N'000

N'000

N'000

N'000

1,226,911

268,615

-

(6,882)

1,488,644

Leasehold land and building

1,163,585

366,698

-

-

1,530,283

Motor vehicles

2,012,506

658,197

(599,817)

-

2,070,886

Office equipment

4,064,414

989,563

(156,157)

-

4,897,820

Computer equipment

1,827,928

295,327

(8,728)

-

2,114,527 1,095,422

Computer software

955,214

140,208

-

-

Furniture & Fittings

576,046

144,307

(12,272)

-

708,081

11,826,604

2,862,915

(776,974)

(6,882)

13,905,663

Net book value

76

2,627,196 -

32,026,944

34,949,278

Notes to the Financial Statements For the period ended 31 December 2009

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

200,926,788 235,127,057 46,002,465 482,056,310

219,125,663 209,928,664 37,835,524 466,889,851

181,792,387 226,113,967 41,113,905 449,020,259

209,338,634 200,644,532 34,831,952 444,815,118

277,899,563 88,555,651 5,992,467 4,180,303 105,428,326 482,056,310

358,131,641 55,394,706 7,358,785 5,910,732 40,093,987 466,889,851

262,254,126 80,676,610 4,183,799 2,446,300 99,459,424 449,020,259

346,619,351 53,003,455 4,558,528 2,936,304 37,697,480 444,815,118

5,876,486 8,782,866 14,659,352

4,631,780 3,925,938 8,557,718

3,970,670 3,970,670

3,446,876 3,446,876

87,809 129,358 (178,082) 39,085

35,393 113,229 (67,702) 6,889 87,809

-

-

26. Customer Deposits Demand Time Savings

Analysis by maturity 0 - 30 days 1-3 months 3-6 months 6-12 months Over 12 months

27. Due to Other Banks Items in course of collection Overnight borrowing

28. Liability On Investment Contracts As at start of period Additions Withdrawals Interest income At end of the period

Investment contracts are deposit administered funds of customers who are guaranteed their invested funds plus interest at a predetermined rate.

29. Borrowings Local banks Foreign banks Multilateral credit institutions

At start of period New borrowings Repayments At end of period

1,621,469 17,429,527 19,050,996

2,908,000 9,366,381 11,433,728 23,708,109

1,621,469 17,429,527 19,050,996

2,908,000 9,366,381 11,433,728 23,708,109

23,708,109 7,420,500 (12,077,613) 19,050,996

18,587,249 17,163,534 (12,042,674) 23,708,109

23,708,109 7,420,500 (12,077,613) 19,050,996

18,587,249 17,163,534 (12,042,674) 23,708,109

The above borrowings are long term in nature and are at coupon rates ranging from 1% to 7.5%.

77

Notes to the Financial Statements For the period ended 31 December 2009

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

6,425,073 225,820 53,336 4,483,867 25,058 3,884,801 1,758,112 361,516 450 4,414,886 21,632,919

15,699,508 687,288 55,597 1,604,237 56,454 3,952,249 1,522,615 423,479 450 31,900,000 3,249,025 59,150,902

6,425,073 50 3,625,056 1,137,603 1,095,636 360,970 3,632,189 16,276,577

15,699,508 2,246 1,558,981 1,007,520 865,604 416,050 31,900,000 3,108,964 54,558,873

497,731 740,507 1,238,238

390,703 512,244 902,947

-

-

390,703 107,028 497,731

147,287 150,948 42,542 (15,766) (270) (32,573) ( 221) 98,756 390,703

-

-

-

-

438,840 13,318 1,821 152,514 77,056 56,958 740,507

231,751 66,011 91,935 24,177 90,930 7,440 512,244

-

-

30. Other Liabilities Customers' deposit for letters of credit Due to stock-broking clients Subscription deposits for public offers Interest payable Insurance claims outstanding Accounts payable Accrued expenses Unearned income Deposit for shares Secured buy back takings (Note 23) Other

31. Provision On Insurance Contracts Life assurance contracts Non-life insurance contracts

Movement in liabilities on life assurance contract: At 1 May Net written premiums Investment income Claims incurred Surrenders Commissions Other direct expenses Transfer from profit and loss account Liability on non-life insurance contracts is analyzed as: Motor Fire Accident Engineering Marine Bond

78

Notes to the Financial Statements For the period ended 31 December 2009

Group

Group

Bank

Bank

8 Months to Dec.' 2009

12 Months to Apr.' 2009

8 Months to Dec.' 2009

12 Months to Apr.' 2009

N'000

N'000

N'000

N'000

8,192 185,670 193,862

69,184 758,289 827,473

1,626 185,670 187,296

56,897 758,289 815,186

69,184 312,466 (373,458) 8,192

225,605 617,182 (773,603) 69,184

56,897 312,466 (367,736) 1,627

213,748 578,383 (735,234) 56,897

32. Retirement Benefit Obligations Defined contribution schemes Gratuity scheme

Movement in the liability recognized on the balance sheet: a.

Defined Contribution Schemes: At start of period Charge / contributions for the period Contributions remitted At end of period

The Group and its employees make a joint contribution of 15% of basic salary, housing and transport allowance to each employee's retirement savings account maintained with their nominated Pension Fund Administrators. b.

Gratuity Scheme At start of period Charge to profit and loss Payments At end of period

758,289 310,326 (882,945) 185,670

1,014,210 757,492 (1,013,413) 758,289

758,289 310,326 (882,945) 185,670

1,014,210 757,492 (1,013,413) 758,289

The Bank has a non-contributory defined gratuity scheme whereby on separation, staff who have spent a minimum number of periods are paid a sum based on their qualifying emoluments and the number of periods spent in service of the Bank. With effect from October 2008, this Scheme was discontinued and payments to staff will vest over a three-period period.

33. Non-Controlling Interest

At 1 May Transfer from profit and loss account Dividend Sale of shareholding interest Net change due to exchange rate movement and increase in controlling interest

Group Dec.' 2009 N'000

Group Apr.' 2009 N'000

Bank Dec.' 2009 N'000

Bank Apr.' 2009 N'000

434,015 (32,402) -

534,971 27,637 (15,000) (89,770)

-

-

44,475 446,088

(23,823) 434,015

-

-

79

Notes to the Financial Statements For the period ended 31 December 2009

34. Share Capital

a.

Ordinary Shares

i.

Authorised: 20 billion ordinary shares of 50k each

ii.

80

Group Apr.' 2009 N'000

Bank Dec.' 2009 N'000

Bank Apr.' 2009 N'000

10,000,000

10,000,000

10,000,000

10,000,000

7,237,622

6,579,656

7,237,622

6,579,656

7,237,622

657,966 7,237,622

7,237,622

657,966 7,237,622

89,629,324 89,629,324

89,629,324 89,629,324

89,629,324 89,629,324

89,629,324 89,629,324

Issued and fully paid : Beginning of period 13,159,313,000 ordinary shares of 50k each Issued during the period 1,315,931,000 ordinary shares of 50k each End of period

b.

Group Dec.' 2009 N'000

Share Premium Beginning of period Issued during the period End of period

Notes to the Financial Statements For the period ended 31 December 2009

35. Reserves Group

At 1 May 2008

Statutory Reserve N'000

SSI Reserve N'000

Contingency Reserve N'000

Revaluation Reserve N'000

Translation Reserve N'000

Retained Earnings N'000

Total N'000

9,172,831

2,140,278

31,098

-

245,264

8,922,421

20,511,892

Deemed cost of acquisition

-

-

-

-

-

(7,369,215)

(7,369,215)

Dividend paid

-

-

-

-

-

(657,966)

(657,966)

-

-

-

-

(492,257)

-

(492,257)

1,052,017

346,556

75,339

-

-

3,670,207

5,144,119

10,224,848

2,486,834

106,437

-

(246,993)

4,565,447

17,136,573

-

-

-

-

-

(1,302,771)

(1,302,771)

And increase in controlling interest

-

-

-

-

918,187

-

918,187

Revaluation of investment property

-

-

-

170,059

-

-

170,059

Net change due to exchange rate movement and increase in controlling interest Transfer from profit and loss account At 30 April / 1 May 2009 Dividend paid Net change due to exchange rate movement

Transfer from profit and loss account At 31 Dec' 2009

-

-

70,365

-

-

(8,212,376)

(8,142,011)

10,224,848

2,486,834

176,802

170,059

671,194

(4,949,700)

8,780,037

The translation reserve is used to record exchange movements on the Group's net investment in foreign subsidiaries.

81

Notes to the Financial Statements For the period ended 31 December 2009

35. Reserves (continued) Bank

At 1 May 2008

Statutory Reserve N'000

SSI Reserve N'000

Retained Earnings N'000

Total N'000

9,171,464

2,140,278

9,462,285

20,774,027

Dividend paid

-

-

(7,369,213)

(7,369,213)

Bonus shares

-

-

(657,966)

(657,966)

Transfer from profit and loss account At 30 April / 1 May 2009

1,039,669

346,556

5,544,902

6,931,127

10,211,133

2,486,834

6,980,008

19,677,975

Dividend paid

-

-

(1,302,771)

(1,302,771)

Transfer from profit and loss account

-

-

(4,883,446)

(4,883,446)

10,211,133

2,486,834

793,791

13,491,758

At 31 Dec' 2009

36. Contingent Liabilities and Commitments a.

Legal Proceedings The bank has contingent liabilities in respect of ongoing arbitration and legal proceedings amounting to N2.7 billion (Apr. 2009:N3.6 billion). No provision has been made in these financial statements as based on professional advice, the directors are of the opinion that no significant liability will eventuate.

b.

Commitments At the balance sheet date, the bank had capital commitments amounting to N1.2 billion (Apr. 2009: N2.4 billion) in respect of authorised and contracted capital projects.

c.

Credit Related Commitments In the normal course of business, the Bank is party to financial instruments with off-balance sheet risk. The instruments are used to meet the credit and other financial requirements of customers.The contractual amounts of the off-balance sheet financial instruments are: Group Dec.' 2009 N'000

Bank Dec.' 2009 N'000

Bank Apr.' 2009 N'000

Performance bonds and guarantees

53,567,544

60,377,233

41,235,332

52,189,290

Guaranteed pension assets

56,409,310

51,078,143

-

-

Confirmed and unfunded Letters of Credit

14,015,892

45,738,763

14,015,892

45,738,763

-

-

-

-

123,992,746

157,194,139

55,251,224

97,928,053

Guaranteed commercial papers

82

Group Apr.' 2009 N'000

Notes to the Financial Statements For the period ended 31 December 2009

37. Related Party Transactions The Group has related party relationships, where significant influence exists, with Actis DB (UK) Holdings Limited, Mouka Limited and Loneseed Nigeria Limited. The Group normally enters into commercial transactions with related parties on an arm's length basis. During the year, the Group had no significant commercial transactions with Actis. Details of insider credits (as defined by CBN Circular BSD/1/2004) are as shown below: NAME OF BORROWER

FACILITY TYPE

RELATIONSHIP TO REPORTING INSTITUTION

DIRECTOR

ADESEMI NIGERIA LIMITED

TERM LOAN

DIRECTOR

CLEMENT OWUNNA

FLOBY ENTERPRISES

OVERDRAFT EX-DIRECTOR

ASSOC. PHARMACY

LEASES

INTEGRATED DAIRY FARM I.D.F.LTD

DATE GRANTED

EXPIRY DATE

AMOUNT GRANTED

OUTSTANDING BALANCE

PERFORMING

37,242,157

2,166,664

DEBENTURE ON FIXED AND FLOATING ASSETS & LEGAL OWNERSHIP OF LEASED EQUIPMENTS

55,423,579

FLOATING DEBENTURE & LEGAL CHARGE ON CLIENTS ASSET LIEN ON STOCK & FLOATING DEBENTURE ON ASSETS

MRS FLORENCE ANYAMENE

29-07-1998

29-10-1998

NONPERFORMING

DIRECTOR

CLEMENT OWUNNA

07-12-2009

06-12-2010

PERFORMING

5,000,000

2,097,228

LEASES

DIRECTOR

ISHAYA ABOI SHEKARI

24-12-2007

23-09-2010

PERFORMING

46,337,831

21,755,034

INTEGRATED DAIRY FARM I.D.F.LTD

TERM LOAN

DIRECTOR

ISHAYA ABOI SHEKARI

19-06-2009

18-06-2010

PERFORMING

70,000,000

143,046,026

INTEGRATED DAIRY FARM I.D.F.LTD

OVERDARFT DIRECTOR

ISHAYA ABOI SHEKARI

29-04-2009

28-04-2013

PERFORMING

299,590,023

249,590,023

SIR OGBECHIE CHRIS TERM IKE LOAN

DIRECTOR

SIR CHRIS OGBECHIE

06-05-2009

30-04-2024

PERFORMING

60,000,000

53,133,838

UCL-MODERN INDUSTRIES LIMITED

TERM LOAN

DIRECTOR

UZOMA DOZIE

01-07-2008

30-06-2010

PERFORMING

1,909,132,921

1,476,433,827

ENGR. MICHAEL I. UFOEZE

FCY LOAN

EX-DIRECTOR

ENGR. MICHAEL I. UFOEZE

01-04-2009

7-01-2011

PERFORMING

310,905,000

310,905,000

TOTAL

NATURE OF SECURITY/STATUS

STATUS

CHARGE OVER FIXED AND FLOATING ASSET OF INTEGRATED DAIRY FARM WITH AN ESTIMATED OPEN MARKET VALUE OF OVER N1BILLION NAIRA ONLY

LEGAL MORTGAGE ON LAND & PROPERTY

MORTGAGE DEBENTURE ON ASSETS & OWNERSHIP OF LEASED EQUIPMENT LIEN ON PORTFOLIO OF SHARES

2,738,207,932 2,314,551,219

83

Notes to the Financial Statements For the period ended 31 December 2009

Group Dec.' 2009 N'000

Group Apr.' 2009 N'000

Bank Dec.' 2009 N'000

Bank Apr.' 2009 N'000

Number 5 40 2,560 2,605

Number 5 312 2,685 3,002

N'000 9,538,916 516,134 10,055,050

N'000 13,536,772 1,335,875 14,872,647

38. Employees and Directors a.

Employees The average number of persons employed by the Bank during the period was as follows: Number Number Executive directors 11 5 Management 110 363 Non-management 2,832 3,046 2,953 3,414 Compensation for the above staff: N'000 N'000 Salaries and wages 10,864,666 15,084,770 Retirement benefit costs 523,048 1,374,674 11,387,714 16,459,444

The number of employees of the Group, other than directors, who received emoluments in the following ranges (excluding pension contributions and certain benefits) were:

N300,001- N2,000,000 N2,000,001- N2,800,000 N2,800,001- N3,500,000 N3,500,001- N4,000,000 N4,000,001- N5,500,000 N5,500,001- N6,500,000 N6,500,001- N7,800,000 N7,800,001- N9,000,000 N9,000,001- and above b.

Number 216 1,095 9 41 636 634 14 110 198 2,953

Number 1,482 756 511 279 209 65 37 9 66 3,414

Number 13 1,045 1 0 631 625 3 99 188 2,605

Number 1,225 735 476 249 189 53 26 49 3,002

Directors Remuneration paid to the Bank's directors (excluding certain allowances) was: Group

Fees and sitting allowances Executive compensation Other director expenses

84

Dec.' 2009 N'000 47,950 105,675 72,849 226,474

Apr.' 2009 N'000 55,070 113,338 49,986 218,394

Notes to the Financial Statements For the period ended 31 December 2009

39. Employees and Directors (continued) Fees and other emoluments disclosed above include amounts paid to:

The chairman The highest paid director

Dec.' 2009 N'000 8,000

Group Apr.' 2009 N'000 9,000

30,014

17,148

The number of directors who received fees and other emoluments (excluding pension contributions and certain benefits) in the following ranges was: The number of directors who received fees and other emoluments (excluding pension contributions and certain benefits) in the following ranges was: Dec.' 2009 Number 2 12 14

BelowN1,600,000 N3,400,001 - and above

Group Apr.' 2009 Number 2 12 14

39. Reconciliation of Profit Before Tax to Cash Generated from Operations Group

Group

Bank

Bank

8 Months to Dec.' 2009

12 Months to Apr.' 2009

8 Months to Dec.' 2009

12 Months to Apr.' 2009

N'000

N'000

N'000

N'000

(12,374,154)

5,901,951

(9,055,793)

8,343,738

18,285,109

17,982,334

16,328,047

19,599,707

Provision no longer required

(73,494)

(174,416)

(73,494)

(174,416)

Provision for leases

(82,643)

(10,370)

(82,644)

(10,370)

(237,081)

12,075

(237,081)

12,075

Operating profit Provision for loan losses

Provision/(write back) for other facilities Provision for insurance receivable Interest in suspense

456,378

(303,927)

-

-

11,001,294

(172,579)

10,489,765

5,002,533

Provision for other assets

5,756,732

2,467,989

5,436,050

2,272,278

Provision for investment balances

(462,517)

1,316,192

-

-

Loss on sale of investment Loss/ (gain) on sale of investment property Loss/ (gain) on disposal of fixed assets Depreciation Impairment of good will

-

(547,815)

-

-

170,059

(779,503)

-

-

42,335

(10,261)

42,923

(8,661)

3,199,815

3,904,615

2,862,915

3,546,742

-

93,230

-

-

Gratuity charge and Contributions to staff retirement scheme 622,792

1,375,471

622,792

1,335,875

Remittance to pension fund administrators

(373,458)

(773,603)

(367,736)

(735,234)

Cash paid to staff for gratuity

(882,946)

(1,014,210)

(882,946)

(1,013,413)

25,048,221

29,267,173

25,082,798

38,170,854

Operating profit before changes in operating assets and liabilities

85

Notes to the Financial Statements For the period ended 31 December 2009

39. Reconciliation of Profit Before Tax to Cash Generated from operations (continued)

(Increase) / decrease in operating assets: Cash reserve balances Loans to customers Advances under finance leases Other facilities Insurance receivables Short term investments Treasury bills under open buy back Interest receivable and prepayment Due from broking clients Accounts receivable

Increase/(decrease) in operating liabilities: Customer deposits Due to other banks Customers' deposit for foreign currency denominated obligations Investment contract liabilities Insurance contract liabilities Due to stock broking clients Interest payable and unearned income Accounts payable Liability on open buy back treasury bills Outstanding claims, public offer proceeds and other payables

Cash generated from operations

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

Bank 8 Months to Dec.' 2009 N'000

Bank 12 Months to Apr.' 2009 N'000

(3,187,018) (46,354,900) (729,738) 3,374,529 97,034 (1,628,656) 31,900,000 (831,833) (243,379) (3,724,811) (21,328,772)

2,662,199 (62,531,475) 5,360,562 (5,165,862) 158,467 (3,681,690) 3,100,000 (4,856,442) (3,595,101) (68,549,342)

(1,316,917) (34,016,146) (729,738) 3,374,529 (2,900,000) 31,900,000 1,149,072 (3,766,641) (6,305,841)

4,099,405 (82,248,620) 5,360,562 (5,165,862) 590,094 3,100,000 (3,413,470) (5,155,507) (82,833,398)

15,166,460 6,101,634

47,182,216 26,380

4,205,141 523,793

41,104,998 (2,936,969)

(9,274,435) (48,723) 335,291 (461,468) 2,817,667 (67,448) (31,900,000)

4,769,714 52,416 296,443 497,710 2,069,208 (3,100,000)

(9,274,435) 2,010,996 130,083 (31,900,000)

4,769,713 864,636 347,989 (3,100,000)

1,367,701 (15,963,321)

555,611 52,349,698

751,063 (33,553,359)

461,633 41,512,000

(12,243,874)

13,069,528

(14,776,402)

(3,150,545)

40. Compliance with Banking Regulations The bank did not contravene any regulation of the Banks and Other Financial Institutions Act 1991 or relevant circulars issued by the Central Bank of Nigeria.

41. Earnings Per Share Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The adjusted EPS is calculated using the number of shares in issue at the balance sheet date. Where a stock split or bonus issue has occurred, the number of shares in issue in the prior period is adjusted to achieve comparability.

86

Notes to the Financial Statements For the period ended 31 December 2009

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.There were no potential dilutive shares in 2009 (2008: nil)

Net profit attributable to shareholders (N'000) Number of ordinary shares in issue as at period end (thousands) Time weighted average number of ordinary shares in issue (thousands) Adjusted number of ordinary shares in issue (thousands) Basic earnings per share Diluted earnings per share Adjusted earnings per share

Group Dec.' 2009

Group Apr.' 2009

Bank Dec.' 2009

Bank Apr.' 2009

(8,142,011)

5,144,119

(4,883,446)

6,931,127

14,475,244

14,475,244

14,475,244

14,475,244

14,475,244 14,475,244 (56k) (56k) (56k)

14,475,244 14,475,244 36k 36k 36k

14,475,244 14,475,244 (34k) (34k) (34k)

14,475,244 14,475,244 48k 48k 48k

42. Cash and Cash Equivalents For the purposes of the cash flow statement, cash and cash equivalents include cash and non-restricted balances with central banks, treasury bills and other eligible bills, operating account balances with other banks, amounts due from other banks and short-term government securities. Group Group Bank Bank Dec.' 2009 Apr.' 2009 Dec.' 2009 Apr.' 2009 N'000 N'000 N'000 N'000 Cash and balances with central banks (excluding restricted balances) 59,262,030 46,787,393 57,601,862 46,671,136 Treasury bills and other eligible bills 9,090,252 11,502,437 6,414,452 9,087,437 Due from other banks 101,663,746 137,638,292 96,202,493 130,568,285 170,016,028 195,928,122 160,218,807 186,326,858

43. Comparatives Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current period

87

Statement of Value Added For the period ended 31 December 2009

Dec.' 2009 N'000

%

Apr.' 2009 N'000

%

67,735,694 (25,277,844) 42,457,850 (15,285,302) 27,172,548

100

108,979,476 (37,105,241) 71,874,235 (22,295,909) 49,578,326

100

Employees - Salaries and benefits

11,614,188

43

16,677,837

35

Government - Taxation

(4,199,741)

(15)

730,195

11

3,187,811 24,744,703 (8,174,413) 27,172,548

11 91 (30) 100

3,904,615 24,623,109 3,642,570 49,578,326

9 16 29 100

Dec.' 2009 N'000

%

Apr.' 2009 N'000

%

64,667,401 (24,475,744) 40,191,657 (14,211,956) 25,979,701

100

101,659,260 (35,060,860) 66,598,400 (19,252,850) 47,345,550

100

Employees - Salaries and benefits

10,281,525

40

15,091,041

36

Government - Taxation

(4,172,347)

(16)

1,412,611

12

2,862,915 21,891,054 (4,883,446) 25,979,701

11 84 (19) 100

3,546,742 21,750,254 5,544,902 47,345,550

9 16 27 100

Group Gross income Interest , fees and commissions paid Administrative overheads Value added Distribution

The future - Asset replacement (depreciation) - Asset replacement (loan loss provision) - Expansion (transfers to reserves and minority interest)

Bank Gross income Interest , fees and commissions paid Administrative overheads Value added Distribution

The future - Asset replacement (depreciation) - Asset replacement (loan loss provision) - Expansion (transfers to reserves)

88

Five Year Financial Summary - Group

Balance Sheet Dec.'2009 N'000 Assets: Cash and balances with central banks

Apr.' 2009 N'000

2008 N'000

2007 N'000

2006 N'000

70,428,505

54,766,850

62,864,387

85,657,352

32,226,993

9,090,252

11,502,437

42,059,448

40,639,878

46,564,573

Due from other banks

101,663,746 137,638,292 137,205,435

26,132,542

21,610,952

Loans and advances to customers

302,486,935 285,344,944 240,448,808 100,971,665

80,560,478

Treasury bills and other eligible bills

Advances under finance lease Other facilities

6,962,870

6,150,488

11,500,680

8,050,730

4,090,171

20,333,580

23,471,028

18,317,241

7,742,372

4,524,679

Insurance receivables

265,730

819,142

673,682

259,996

-

Investment securities

68,776,995

66,457,805

30,833,652

11,798,059

3,598,750

-

-

-

-

2,050,000

Investment in subsidiaries Goodwill Deferred tax assets Other assets Investment property Property and equipment

-

-

-

-

-

7,858,279

4,415,531

1,101,725

450,844

300,850

21,848,223

54,704,932

51,821,378

21,543,196

19,651,319

3,474,612

2,650,587

1,319,925

833,076

-

37,567,390

34,155,878

27,523,257

16,870,457

8,472,719

650,757,117 682,077,914 625,669,618 320,950,167

223,651,484

Financed by: Share capital Reserves Minority interest Customer deposits Due to other banks Liability on investment contract Borrowings Current income tax Dividend payable Other liabilities

7,237,622

6,579,657

4,699,957

3,801,804

98,409,361 106,765,897 109,543,713

48,074,680

27,037,093

446,088

7,237,621 434,015

1,132,474

479,352

183,429

482,056,310 466,889,851 419,707,636 217,737,408

148,562,796

14,659,352

8,557,718

8,531,338

16,307,420

2,755,129

39,085

87,809

35,393

27,211

-

19,050,996

23,708,110

18,587,249

7,820,579

8,915,922

3,653,521

3,826,585

2,813,476

1,702,890

1,306,125

177,635

163,563

-

-

-

21,632,919

59,150,901

54,358,658

21,639,940

29,106,027

Provision on insurance fund

1,238,238

902,947

606,504

144,441

-

Deferred income tax liabilities

1,962,128

3,525,424

2,533,705

1,325,076

927,827

Retirement benefit obligations

193,862

827,473

1,239,815

991,213

1,055,332

650,757,117 682,077,914 625,669,618 320,950,167

223,651,484

123,992,746 157,194,139 214,608,564 129,277,939

36,453,242

Acceptances and guarantees

89

Five Year Financial Summary - Group

Net operating income

Dec.'2009

Apr.' 2009

2008

2007

2006

N'000

N'000

N'000

N'000

N'000

42,457,850

71,874,237

47,732,805

30,675,194

18,048,908 (16,497,092)

Operating expenses

(30,087,301) (41,349,177) (26,710,988) (20,798,262)

Provision for losses

(24,744,703) (24,623,109)

Profit before taxation

(12,374,154)

5,901,951

16,213,791

7,640,882

1,379,451

4,199,741

(730,195)

(3,392,717)

(1,870,068)

(1,468,267)

(8,174,413)

5,171,756

12,821,074

5,770,814

(88,816)

Taxation Profit after taxation Minority Interest Profit attributable to shareholders Earnings per share (basic)

(4,808,026)

(2,236,050)

(172,365)

32,402

(27,637)

(72,453)

(31,999)

(16,614)

(8,142,011)

5,144,119

12,748,621

5,738,815

(105,430)

(56k)

36k

118K

74K

(2k)

Earnings per share (diluted)

(56k)

36k

118K

74K

(2k)

Earnings per share (adjusted)

(56k)

36k

97K

61K

(1k)

90

Five Year Financial Summary - Bank

Balance Sheet Dec.'2009 N'000

Apr.' 2009 N'000

2008 N'000

2007 N'000

2006 N'000

62,470,986

50,223,343

60,021,067

78,928,707

31,066,966

6,414,452

9,087,437

42,059,448

40,518,896

46,275,128

Assets: Cash and balances with Central Bank of Nigeria Treasury bills and other eligible bills Due from other banks Loans and advances Advances under finance lease

96,202,493

130,568,284

127,603,340

25,055,982

21,230,190

296,537,785

289,265,955

231,445,158

96,384,941

77,929,985

6,962,870

6,150,488

11,500,680

8,050,730

4,090,171

Other facilities

20,333,580

23,471,028

18,317,241

7,742,372

4,524,679

Investment securities

42,180,226

40,302,632

26,669,535

9,989,680

3,037,391

Investment in subsidiaries

16,442,980

16,442,980

11,682,980

8,983,852

2,725,893

-

-

-

-

-

Goodwill Deferred tax assets Other assets Property and equipment

6,573,106

3,340,135

1,049,505

398,624

300,850

15,294,128

50,012,610

46,815,911

20,243,153

19,339,239

34,949,278

32,026,944

26,161,675

15,952,784

8,345,700

604,361,884

650,891,836

603,326,540

312,249,721

218,866,192

7,237,622

7,237,622

6,579,656

4,699,957

3,801,804

Financed by: Share capital Reserves

103,121,082

109,307,298

110,403,352

49,191,821

26,986,096

Customer deposits

449,020,259

444,815,118

403,710,120

211,634,824

144,569,685

Due to other banks

3,970,670

3,446,876

6,383,845

14,743,860

2,502,714

19,050,996

23,708,109

18,587,249

7,820,578

8,915,922

3,360,544

3,331,891

2,691,903

1,568,695

1,269,247

177,635

163,563

-

-

-

16,276,577

54,558,873

51,214,901

20,287,951

28,840,526

Deferred income tax liabilities

1,959,203

3,507,300

2,527,556

1,318,927

927,827

Retirement benefit obligations

187,296

815,186

1,227,958

983,108

1,052,371

604,361,884

650,891,836

603,326,540

312,249,721

218,866,192

Acceptances and guarantees

55,251,224

97,928,053

140,358,013

93,883,063

36,453,242

Net operating income

40,191,657

66,598,400

44,211,851

29,443,918

17,360,333

Borrowings Current income tax Dividend payable Other liabilities

Operating expenses

(27,356,396)

(36,504,408)

(24,570,069)

(18,665,528)

(16,087,700)

Provision for losses

(21,891,054)

(21,750,254)

(4,582,668)

(1,985,615)

(162,109)

Profit before taxation Taxation Profit after taxation Earnings per share (basic)

(9,055,793)

8,343,738

15,059,114

8,792,775

1,110,524

4,172,347

(1,412,611)

(3,237,103)

(1,862,021)

(1,442,649)

(4,883,446)

6,931,127

11,822,011

6,930,754

(332,125)

(34k)

48k

110k

89k

(5k)

Earnings per share (diluted)

(34k)

48k

110k

89k

(5k)

Earnings per share (adjusted)

(34k)

48k

90k

53k

(3k)

91

Financial Risk Analysis For period ended 31 December 2009

Credit risk The Group takes on exposure to credit risk, which is the risk that a counter party will cause a financial loss for the Group by failing to discharge an obligation. Credit risk is the most important risk for the Group's business; management therefore carefully manages its exposure to credit risk. Credit exposures arise principally in lending activities that lead to loans and advances, and investment activities that bring debt securities and other bills into the Group's asset portfolio. There is also credit risk in off-balance sheet financial instruments. The credit risk management and control are centralized in credit administration department at Group level and reported to the Board of Directors and head of each business unit regularly. Diamond Bank has a Credit Risk Management framework approved by its Board.The Credit Risk Management Objectives are: 1) 2) 3) 4) 5)

To provide a clear and consistent direction for the Bank for creating and managing credit exposures; To maintain a high quality risk assets portfolio and minimize credit losses arising from errors of judgment To achieve the lowest level of non-performing loans in the industry while maximizing returns on assets created; To maximize stakeholder value; To develop a strong credit risk culture where all staff actively participate in the Bank's risk management process and respond to them with cost effective actions.

The Credit Risk Appetite of the bank is defined by its expression or willingness to accept risk up to a level that minimizes erosion of earnings or capital due to avoidable losses from credit activities. The Bank's Credit Risk Management Strategy is driven by its objectives and includes adoption of the following strategies for the management of credit risk; a) b) c) d) e) f) g)

A selective and disciplined approach to credit origination and focus on customers that will create attractive value for the Bank; Adherence by all lending and approval individuals to the Bank's credit risk policies, developed to enable staff identify, measure and manage credit risk exposures; The Board and Senior Management set the tone for the right risk culture in the Bank; Adequate pricing for the risks taken by the Bank; Maintenance of a diversified and balanced loan portfolio; Establishment and enforcement of the Bank's exposure and provisioning policies in accordance with the Prudential Guidelines and other regulatory requirements; and Broadening of the knowledge and skills of all credit personnel through training and capacity building programmes.

Credit risk measurement (a) Loans and advances In measuring credit risk of loan and advances to customers and to banks at a counterparty level, the Group reflects the following components: (i) the character and capacity to pay of the client or counterparty on its contractual obligations; (ii) current exposures to the counterparty and its likely future development; (iii) credit history of the counterparty and (iv) the likely recovery ratio in case of default obligations value of collateral and other ways out. The Group's rating scale, which is shown below, reflects the range of default probabilities defined for each rating class.This means that, in principle, exposures migrate between classes as the assessment of their probability of default changes. The rating tools are kept under review and upgraded as necessary. The Group regularly validates the performance of the rating and their predictive power with regard to default events. (b) Debt securities and other bills For debt securities and other bills, external rating such as Standard & Poor's rating or their equivalents are used by Treasury for primarily to manage their liquidity risk exposures.

92

Financial Risk Analysis For period ended 31 December 2009

Risk limit control and mitigation policies The Group manages limits and controls concentrations of credit risk wherever they are identified in particular, to individual counterparties and groups, and to industries and countries. The Group structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in relation to one borrower, or groups of borrowers (single obligor limits), and to geographical and industry segments. Such risks are monitored on a revolving basis and subject to an annual or more frequent review, when considered necessary. Limits on the level of credit risk by product, industry sector and by country are approved quarterly by the Board of Directors. The exposure to any one borrower including banks and brokers is further restricted by sub-limits covering on- and off-balance sheet exposures, and daily delivery risk limits in relation to trading items such as forward foreign exchange contracts. Actual exposures against limits are monitored daily. The Group also sets internal credit approval limits for various levels in the credit process and are shown in the table below. Authorizing Level

Approval Limit

BOARD

N1.5BN TO LEGAL LENDING LIMIT

BOARD CREDIT COMMITTEE

N1BN TO N1.5BN

MCC

N500MM TO 1BN

MINI-MCC

N250MM TO 500MM

MANAGING DIRECTOR

N150MM TO N250MM

EXECUTIVE DIRECTORS

N100MM TO N150MM

HEAD, REGIONAL BUSINESS

N50MM TO N100MM

REGIONAL MANAGERS

N50MM

Approval limits are set by the Board of Directors and reviewed from time to time as the circumstances of the Group demand. Exposure to credit risk is also managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations and by changing these lending limits where appropriate. Some other specific control and mitigation measures are outlined below. (a)

Collateral

The Group employs a range of policies and practices to mitigate credit risk. The most traditional of these is the taking of security for funds advances, which is common practice. The Group implements guidelines on the acceptability of specific classes of collateral or credit risk mitigation.The principal collateral types for loans and advances are: a. b. c.

Mortgages over residential properties; Charges over business assets such as premises, inventory and accounts receivable; Charges over financial instruments such as debt securities and equities.

Longer-term finance and lending to corporate entities are generally secured; revolving individual credit facilities are generally unsecured. In addition, in order to minimise the credit loss the Group will seek additional collateral from the counterparty as soon as loss indicators are noticed for the relevant individual loans and advances. Collateral held as security for financial assets other than loans and advances is determined by the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, with the exception of asset-backed securities and similar instruments, which are secured by portfolios of financial instruments.

93

Financial Risk Analysis For period ended 31 December 2009

(b) Master netting arrangements The Group further restricts its exposure to credit losses by entering into master netting arrangements with counterparties with which it undertakes a significant volume of transactions. Master netting arrangements do not generally result in an offset of balance sheet assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if a default occurs, all amounts with the counterparty are terminated and settled on a net basis. (c) Credit-related commitments The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and standby letters of credit carry the same credit risk as loans. Documentary and commercial letters of credit which are written undertakings by the Group on behalf of a customer authorising a third party to draw drafts on the Group up to a stipulated amount under specific terms and conditions are collateralised by the underlying shipments of goods to which they relate and therefore carry less risk than a direct loan.

Methodology for risk rating Diamond Bank plc. uses the Moody's rating tool as the core rating for all its corporate credits. In addition to the core rating, the bank has recently developed a new rating framework for rating all corporate exposures in its credit portfolio. Through the new corporate framework, each corporate borrower will be given a rating on the 15-grade Diamond Master Rating Scale, which signifies the borrower's creditworthiness and risk of default. These ratings will be used to determine pricing, availability of credit, required collateral and other important decisions such as in relation to the extension of loans. The new rating framework takes the core rating (i.e. Moody's) as a foundation and uses other factors such as the Group/country rating, early warning signals and any relevant new information to arrive at a more realistic rating for the borrower.

Enterprise risk review The Diamond Bank Group seeks to achieve an appropriate balance between risk and reward in its business and strategy, and continues to build and enhance the risk management capabilities that will assist it in delivering its growth plans in a controlled environment. The Group has made significant progress in its vision to become world-class at managing risk. Recently an International firm of management consultants updated the Group's Enterprise Risk Management (ERM) framework and frameworks for specific risk areas such as credit, market, liquidity, operational, strategic and reputational risks. Full implementation of the requirements of the ERM Framework is on-going under the oversight of the Board Audit & Risk Committee (BARC), which is tasked with monitoring the implementation on behalf of the Board. The Group's Enterprise Risk Management (ERM) Framework ensures risks are managed using a structured and disciplined approach that aligns strategy, processes, people, technology and knowledge with the purpose of evaluating and managing the opportunities and threats faced. The Group's “Enterprise-wide” Risk Management methodology ensures the removal of functional, divisional, departmental or cultural barriers to managing risks. The main benefits and objectives to the Group of the ERM implementation include the following: ! It provides a platform for the Board and Management to confidently make informed decisions regarding the trade-off between risk and reward; ! It aligns business decisions at the operating level to the Group's appetite for risk; ! It balances operational control with the achievement of strategic objectives; ! It enables Executives to systematically identify and manage significant risks on an aggregate basis; ! It enables the evaluation of new and existing investments on both a standalone and portfolio basis; and ! It minimizes operational surprises and related costs or losses.

94

Financial Risk Analysis For period ended 31 December 2009

Enterprise Risk Management (ERM) Vision Diamond Bank's ERM Vision is: “To build a world-class risk management culture”

Risk Management governance structure The Group's Risk Management Governance Structure is based on the “three lines of defence” model which entails residing responsibility and accountability for risk management with all levels within the Group, from the Board of Directors down through the organisation to each business manager, risk officer, support staff and, indeed, every employee. These responsibilities are distributed in such a way as to ensure that risk/reward decisions are taken at the most appropriate levels and as close as possible to the business, but subject to robust and effective reviews. Major stakeholders in the risk management governance structure include the following: Board of Directors The Board sets the Group's overall risk appetite, approves the risk management strategy and is ultimately responsible for the effectiveness of the risk management process and system of internal controls. The Board oversees the risk management of the Group through the following committees: ! Board Credit Committee; ! Board Audit & Risk Committee; and ! Board Governance Committee Executive Management Executive Management under the leadership of the Group Managing Director/Chief Executive Officer is responsible for managing risks inherent in the Group's business endeavours and activities. In addition to the aforementioned, Executive Management is also responsible for the following: ! Implementing the risk management framework approved by the Board; ! Implementing strategies, processes and procedures set by the Board of Directors; ! Implementing the internal control systems; ! Setting risk management priorities; and ! Acting as the enforcer on such matters as aligning objectives, strategies, risk appetite, elimination of gaps and overlaps in risk management responsibilities and authorities and resolving significant internal conflicts (if any). The following management committees, comprising of senior management staff, support the Executive Committee in performing its risk management roles: I.

Asset & Liability Management Committee (ALCO) The Asset & Liability Committee (ALCO) is responsible for market and liquidity risk management.

II.

Management Credit Committee (MCC) The Management Credit Committee (MCC) is responsible for managing credit risks in the Group. The committee focuses on management of the Group's credit risk exposures.

III.

Group Risk Management Committee (RMC) The Group Risk Management Committee (RMC) has oversight responsibility for all other risk categories except credit, market and liquidity risks. Risk categories within the purview of the committee include, but are not limited to, the following: Operational risk; Strategic risk; Legal risk; Compliance risk; Reputational risk; Accounting & Taxation risk; Human Capital risk; and Information Security risk.

Business units Business Units and their staff, as primary risk owners/managers, are responsible for the day-to-day identification, mitigation, management and monitoring of risks within their respective functions.

95

Financial Risk Analysis For period ended 31 December 2009

Business Units and their staff are also responsible for the following: ! Implementing the Group's risk management strategies; ! Managing day-to-day risk exposures by using appropriate procedures and controls in line with the Group's risk management framework; ! Identifying risk issues and implementing remedial action to address these issues; and ! Reporting and escalating material risks and associated issues to appropriate authorities.

Units and functions with primary responsibility for independent risk oversight and monitoring

! ! ! ! ! !

These units and functions include the following: Risk Management & Control Division; Legal Unit; Corporate Communications Unit; Strategic Planning & Research Unit; and Financial Control Unit.

Units and functions with primary responsibility for evaluating and providing independent assurance This is made of the following: ! Internal Auditors (i.e. Corporate Audit function); and ! The External Auditors.

Provisioning policies The internal and external rating systems described above focus more on credit-quality mapping from the inception of the lending and investment activities. In contrast, loan loss provisions are recognized for financial reporting purposes only for losses that have been incurred at the balance sheet date based on criteria set out in the Prudential Guidelines for Licensed Bank. Risk Assets (Loans and Advances, Advances under Finance Leases, on-balance sheet direct credit substitutes, etc.) Risk assets are summarised as follows:

Performing Non-performing -substandard -doubtful -lost

96

Group 8 Months to Dec.' 2009 N'000

Group 12 Months to Apr.' 2009 N'000

305,548,357 68,234,243 28,643,415 16,380,962 23,209,866 373,782,600

317,621,045 25,200,940 8,902,821 2,693,882 13,604,237 342,821,985

Financial Risk Analysis For period ended 31 December 2009

Performing but past due loans Loans and advances less than 90 days past due are considered performing, unless other information is available to indicate the contrary. Gross amount of loans and advances by class to customers that were past due but performing were as follows:

At 31 Dec.' 2009

Retail

Corporate

SME

N'000 1,082,243 538,479 2,398,212 4,018,934

N'000 -

N'000 21,085 21,085

At 30 Apr.' 2009

Retail

Corporate

SME

Past due up to 30 days Past due 30 - 60 days Past due 60 - 90 days

N'000 -

N'000 134,263 134,263

N'000 46,128 5,277 51,405

Past due up to 30 days Past due 30 - 60 days Past due 60 - 90 days

Financial Institutions N'000 -

Total N'000 1,082,243 538,479 2,419,297 4,040,019

Financial Institutions N'000 -

Total N'000 180,391 5,277 185,668

Dec. 2009 N'000

Apr.' 2009 N'000

1,220,206 12,543,986 13,355,837 2,009,913 14,160,579 3,109,615 8,018,944 569,295 814 39,869 6,827,257 183,131 6,194,798 68,234,244

197,234 1,656,151 1,926,016 389,062 3,679,676 3,021,506 1,551,362 78,357 33,117 6,878,027 5,790,432 25,200,940

Dec. 2009 N'000 4,423,764 41,523,464 1,852,975 11,233,718 6,649,289 491,268 2,059,766 68,234,244

Apr. 2009 N'000 1,190,349 14,062,632 3,053,871 1,438,492 4,154,388 49,575 1,251,633 25,200,940

Non-performing loans by Industry

Agriculture Oil & Gas Capital Market Consumer Credit Manufacturing Mortgage Real Estate & Construction Financial & Insurance Government Transportation Communication Education Others

Non-performing loans by Geography

South - South South - West South - East North - West North - Central North - East Rest of Africa

97

Financial Risk Analysis For period ended 31 December 2009

Concentration of risks of financial assets with credit risk exposure (a) Geographical sectors The following table breaks down the Group's main credit exposure at their carrying amounts, as categorised by geographical region as of 31 December 2009. For this table, the Group has allocated exposures to regions based on the region of domicile of our counterparties. At 31 Dec.'2009

South - South South - West South - East North - West North - Central North - East Rest of Africa

At 30 Apr.'2009

South - South South - West South - East North - West North - Central North - East Rest of Africa

Due from banks

Loans

Advance under finance lease

Other Facilities

Total

-

12,878,953 242,025,073 20,599,653 17,528,947 21,522,764 1,559,143 30,348,463 346,462,996

179,568 5,431,282 164,394 993,002 217,778 6,986,024

12,482,761 7,826,618 24,201 20,333,580

25,541,282 255,282,973 20,788,248 18,521,949 21,740,542 1,559,143 30,348,463 373,782,600

Due from banks

Loans

Advance under finance lease

Other Facilities

Total

-

12,353,919 216,655,422 23,967,000 12,621,762 28,619,081 2,025,691 16,614,715 312,857,590

207,604 4,811,294 316,959 155,500 700,404 64,525 6,256 ,286

12,710,428 10,962,824 34,857 23,708,109

25,271,951 232,429,540 24,318,816 12,777,262 29,319,485 2,090,216 16,614,715 342,821,985

Due from banks

Loans

Advance under finance lease

Other Facilities

Total

-

13,389,371 23,766,627 39,421,767 14,197,672 1,531,799 7,638,353 70,231,173 752,691 46,193,445 20,066 3,669,922 46,654,762 19,885,764 25,791,895 20,987,108 12,330,581 346,462,996

38,032 57 5,263 2,005,283 274,467 1,543,665 2,225 84,250 1,094,028 1,654,960 283,794 6,986,024

213 310,905 181,755 5 1,118,843 636,743 15,083,257 98,332 2,541,817 361,710 20,333,580

13,427,616 24,077,532 39,603,522 14,197,729 1,537,062 9,643,641 71,624,483 752,691 48,373,853 22,291 3,669,922 61,822,269 21,078,124 28,333,712 22,642,068 12,976,085 373,782,600

(b) Industry sectors At 31 Dec.'2009

Agriculture Capital Market Communication Consumer Credit Educational Finance and Insurance General Commerce Government Manufacturing Mining & Quarrying Mortgage Oil & Gas Power Real Estate & Construction Transportation Others Grand Total

98

-

Financial Risk Analysis For period ended 31 December 2009

At 30 Apr.'2009

Agriculture Capital Market Communication Consumer Credit Educational Finance and Insurance Government Manufacturing Mining & Quarrying Mortgage Oil & Gas Power Real Estate & Construction Transportation Others Grand Total

Due from banks

Loans

Advance under finance lease

Other Facilities

Total

-

11,967,425 20,407,685 20,511,821 12,559,147 1,512,049 6,477,825 120,409 47,125,583 209,786 7,520,331 46,385,868 10,722,941 29,896,092 6,366,420 91,074,208 312,857,590

39,110 2,280 32,546 2,413,710 477,002 6,238 195,616 282,722 1,731,248 1,075,814 6,256,286

228 475,913 77 260,407 12,672,263 9,406,022 163,417 729,782 23,708,109

12,006,763 20,407,685 20,987,734 12,561,504 1,544,595 8,891,535 120,409 47,862,992 216,024 7,520,331 59,253,747 20,128,963 30,178,814 8,261,085 92,879,804 342,821,985

Foreign exchange risk The Group takes on exposure to the effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows. The Board sets limits on the level of exposure by currency and in aggregate for both overnight and intra-day positions, which are monitored daily.The table below summarizes the Group's exposure to foreign currency exchange rate risk at 31 December 2009. Included in the table are the Group's financial instruments at carrying amounts, categorized by currency.

31st Dec. 2009 Assets Cash and balances with Central Bank Treasury bills Due from other banks Loans and advances Advances under finance lease Other facilities Insurance receivables Investments Investment in subsidiaries Deferred tax assets Other assets Investment property Property, plant and equipment Total Assets

Naira '000

Dollar '000

GBP '000

Euro '000

61,659,419 6,414,452 44,128,105 259,490,729 6,962,870 265,730 63,402,098 7,858,279 15,600,586 3,474,612 36,081,615 505,338,495

716,111 47,116,022 14,422,770 20,333,580 1,380,358 83,968,841

184,329 1,377,401 1,561,730

413,139 3,537,074 3,950,213

Others '000

Total '000

7,455,507 70,428,505 2,675,800 9,090,252 5,505,144 101,663,746 28,573,436 302,486,935 6,962,870 20,333,580 265,730 5,374,897 68,776,995 7,858,279 4,867,279 21,848,223 3,474,612 1,485,775 37,567,390 55,937,838 650,757,117

99

Financial Risk Analysis For period ended 31 December 2009

Foreign Exchange Risks (Cont’d) 31st Dec. 2009

Liabilities Customer deposits Due to other banks Liability on investment contracts Borrowings Current income tax payable Dividend payable Other liabilities Provision on insurance contracts Deferred tax liabilities Retirement benefit obligations

Net on-balance sheet financial position Off-balance sheet

Total financial Assets Total financial Liabilities Net on-balance sheet financial position Off-balance sheet

Naira '000

Dollar '000

GBP '000

Euro '000

Others '000

380,628,358 3,257,880 39,085 3,653,521 177,635 12,960,588 1,238,238 1,962,128 193,862 404,111,295

58,794,498 686,940 19,050,996 5,321,417 83,853,851

1,312,776 11,716 201,188 1,525,680

2,134,536 14,133 1,676,323 3,824,992

39,186,142 482,056,310 10,688,683 14,659,352 39,085 - 19,050,996 3,653,521 177,635 1,473,403 21,632,919 1,238,238 1,962,128 193,862 51,348,228 544,664,046

101,227,200

114,990

36,050

125,221

4,589,610 106,093,071

88,019,457

23,082,325

56,906

501,847

12,332,211 123,992,746

Naira '000

Dollar '000

GBP '000

Euro '000

505,338,495 404,111,295

83,968,841 83,853,851

1,561,730 1,525,680

3,950,213 3,824,992

55,937,838 650,757,117 51,348,228 544,664,046

101,227,200

114,990

36,050

125,221

4,589,610 106,093,071

88,019,457

23,082,325

56,906

501,847

12,332,211 123,992,746

Others '000

Total '000

Total '000

Liquidity risk Liquidity risk is the risk that the Group is unable to meet its payment obligations associated with its financial liabilities when they fall due and to replace funds when they are withdrawn. The consequence may be the failure to meet obligations to repay depositors and fulfill commitments to lend. Liquidity risk management process The Group's liquidity management process is primarily the responsibility of the Assets and Liabilities Committee (ALCO). Treasury is the executory arm of ALCO and its functions includes: a. b. c. d.

Day-to-day funding, managed by monitoring future cash flows to ensure that requirements can be met. This includes replenishment of funds as they mature or a borrowed by customers.The Group maintains an active presence in money markets to enable this to happen; Maintaining a portfolio of highly marketable assets that can easily be liquidated as protection against any unforeseen interruption to cash flow Monitoring balance sheet liquidity ratios against internal and regulatory requirements (in conjunction with financial control unit); and Managing the concentration and profile of debt maturities.

Funding approach Sources of liquidity are regularly reviewed by Treasury to maintain a wide diversification by currency, geography, provider, product and term.

100

Financial Risk Analysis For period ended 31 December 2009

Maturity profile - on Balance Sheet 8 Months to 31 Dec. 2009 Assets Cash and balances with CBN Treasury bills Due from other banks Loans and advances Advances under finance lease Other facilities Insurance receivables Investment securities Investment in subsidiaries Investment in associates Goodwill Deferred tax assets Other assets Investment Property Property and equipment Total assets

Up to 1 Month N'000

1-3 Months N'000

3-6 Months N'000

6-12 Months N'000

1-5 Years N'000

Over 5 Years N'000

TOTAL N'000

70,428,505 9,090,252 101,663,746 98,270,053 316,762 8,240,316 265,730 2,900,000 7,858,279 21,848,223 320,881,886

112,234,953 355,103 1,356,687 113,946,743

11,733,815 221,243 1,908,965 13,864,023

22,675,138 1,056,467 365,266 4,899,942 28,996,813

26,143,634 5,013,295 8,462,346 54,311,908 3,474,612 21,818,399 119,224,194

31,429,342 6,665,145 15,748,991 53,843,478

70,428,505 9,090,252 101,663,746 302,486,935 6,962,870 20,333,580 265,730 68,776,995 7,858,279 21,848,223 3,474,612 37,567,390 650,757,117

101

Financial Risk Analysis For period ended 31 December 2009

Maturity profile - on Balance Sheet 8 Months to 31 Dec. 2009 Liabilities Customer deposits Due to other banks Claims payable Finance Lease obligations Liability on investment contracts Liability on insurance contracts Debt securities in issue Borrowings Dividend payable Current income tax Other liabilities Provision on insurance fund Deferred income tax liabilities Retirement benefit obligations Current period profit Equity Total financial liabilities

102

Up to 1 Month N'000

1-3 Months N'000

3-6 Months N'000

6-12 Months N'000

1-5 Years N'000

Over 5 Years N'000

TOTAL N'000

280,394,282 14,659,352 39,085 177,635 3,653,521 21,632,919 1,238,238 193,862 321,988,894

88,555,651 88,555,651

5,992,467 5,992,467

4,180,303 121,024 4,301,327

100,976,570 18,929,972 1,962,128 121,868,670

1,957,037 106,093,071 108,050,108

482,056,310 14,659,352 39,085 19,050,996 177,635 3,653,521 21,632,919 1,238,238 1,962,128 193,862 106,093,071 650,757,117

Financial Risk Analysis For period ended 31 December 2009

Maturity profile - on Balance Sheet 12 Months to 30 Apr. 2009 Assets Cash and balances with CBN Treasury bills Due from other banks Loans and advances Advances under finance lease Other facilities Insurance receivables Investment securities Investment in subsidiaries Investment in associates Goodwill Deferred tax assets Other assets Investment Property Property and equipment Total assets

Up to 1 Month N'000

1-3 Months N'000

3-6 Months N'000

6-12 Months N'000

1-5 Years N'000

Over 5 Years N'000

TOTAL N'000

54,766,850 11,502,437 137,638,292 101,630,401 227,785 4,514,614 819,142 54,704,932 365,804,453

83,147,968 537,855 4,614,912 88,300,735

29,628,458 707,997 565,091 30,901,546

33,057,657 1,008,228 2,840,280 36,906,165

13,469,902 3,668,623 10,936,131 66,457,805 4,415,531 2,650,587 20,551,569 122,150,148

24,410,558 13,604,309 38,014,867

54,766,850 11,502,437 137,638,292 285,344,944 6,150,488 23,471,028 819,142 66,457,805 4,415,531 54,704,932 2,650,587 34,155,878 682,077,914

103

Financial Risk Analysis For period ended 31 December 2009

Maturity profile - on Balance Sheet 12 Months to 30 Apr. 2009

Liabilities Customer deposits Due to other banks Claims payable Finance Lease obligations Liability on investment contracts Liability on insurance contracts Debt securities in issue Borrowings Dividend payable Current income tax Other liabilities Provision on insurance fund Deferred income tax liabilities Retirement benefit obligations Equity Total financial liabilities

104

Up to 1 Month N'000

1-3 Months N'000

3-6 Months N'000

6-12 Months N'000

1-5 Years N'000

Over 5 Years N'000

TOTAL N'000

358,131,641 8,557,718 87,809 163,563 3,826,585 59,150,902 902,947 827,473 431,648,638

55,394,706 12,059,352 67,454,058

7,358,785 3,909,939 11,268,724

5,910,732 3,553,366 9,464,098

39,331,695 4,185,452 3,525,424 47,042,571

762,292 114,437,533 115,199,825

466,889,851 8,557,718 87,809 23,708,109 163,563 3,826,585 59,150,902 902,947 3,525,424 827,473 114,437,533 682,077,914

Financial Risk Analysis For period ended 31 December 2009

Maturity profile - off Balance Sheet (a) Financial guarantees and other financial facilities Performance Bonds and financial guarantees (Note 38), are also included below based on the earliest contractual maturity date. (b) Contingent letters of credits Unfunded letters of credit (Note 38) are also included below based on the earliest contractual payment date. (c) Operating lease commitments Where a Group company is the lessee, the future minimum lease payments under non-cancellable operating leases, as disclosed in Note 38, are summarised in the table below. (d) Capital commitments Capital commitments for the acquisition of buildings and equipment (Note 38) are summarised in the table below.

31 Dec. 2009

Performance bonds and financial guarantees Contingent Letters of credit Bankers acceptances Guaranteed commercial papers Capital commitments Operating lease commitments

30 Apr. 2009

Performance bonds and financial guarantees Contingent Letters of credit Bankers acceptances Guaranteed commercial papers Capital commitments Operating lease commitments

Up to 1 month N'000

1 - 3 months N'000

3 - 6 months N'000

6 - 12 months N'000

1 - 5 Years N'000

Over 5 Years N'000

Total N'000

31,833,004 2,612,999 -

7,903,728 2,000,738 -

9,074,893 9,402,155 -

18,488,940 -

4,958,367 -

37,717,922 -

109,976,854 14,015,892 -

34,446,003

9,904,466

18,477,048

18,488,940

4,958,367

37,717,922

123,992,746

Up to 1 month N'000

1 - 3 months N'000

3 - 6 months N'000

6 - 12 months N'000

1 - 5 Years N'000

Over 5 Years N'000

Total N'000

33,467,509 1,444,523 -

7,196,781 21,150,560 -

10,907,931 10,366,916 -

12,441,756 12,776,764 -

21,150,930 -

26,290,469 -

111,455,376 45,738,763 -

34,912,032

28,347,341

21,274,847

25,218,520

21,150,930

26,290,469

157,194,139

105

Financial Risk Analysis For period ended 31 December 2009

Capital management The Group's objectives when managing capital, which is a broader concept than the 'equity' on the face of balance sheets, are: a. b. c.

To comply with the capital requirements set by the regulators of the banking markets where the entities within the Group operate; To safeguard the Group's ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored daily by the Group's management, employing techniques based on the guidelines developed by the Central Bank of Nigeria (CBN), for supervisory purposes. The required information is filed with the CBN on a monthly basis. Auditors to the Group are also required to render an annual certificate to the Nigerian Deposit Insurance Corporation (NDIC) that includes the computed capital adequacy ratio of the Group. The CBN requires each bank to: (a) hold the minimum level of the regulatory capital of N25 billion and (b) maintain a ratio of total regulatory capital to the risk-weighted asset at or above the minimum of 10%. In addition, those individual banking subsidiaries or similar financial institutions not incorporated in Nigeria are directly regulated and supervised by their local banking supervisor, which may differ from country to country. The Group's regulatory capital as managed by its Financial Control and Treasury Units is divided into two tiers: d. Tier 1 capital: share capital, retained earnings and reserves created by appropriations of retained earnings. The book value of goodwill is deducted in arriving at Tier 1 capital; and e. Tier 2 capital: preference shares, minority interests arising on consolidation, qualifying debt stock, fixed assets revaluation reserves, foreign currency revaluation reserves, general provisions subject to maximum of 1.25% of risk assets and hybrid instruments convertible bonds. Investments in unconsolidated subsidiaries and associates are deducted from Tier 1 and Tier 2 capital to arrive at the regulatory capital. The risk-weighted assets are measured by means of a hierarchy of five risk weights classified according to the nature of and reflecting an estimate of credit, market and other risks associated with each asset and counterparty, taking into account any eligible collateral or guarantees. A similar treatment is adopted for off-balance sheet exposure, with some adjustments to reflect the more contingent nature of the potential losses. The table below summarises the composition of regulatory capital and the ratios of the Group for the periods ended 31 December. During those two periods, the individual entities within the Group and the Group complied with all of the externally imposed capital requirements to which they are subject.

Tier 1 capital Share capital Share premium Statutory reserves Contingency reserve SMEIS reserve Bonus issue reserve Retained earnings Less: goodwill and intangible assets Total qualifying Tier 1 capital

106

Group Dec.'2009 N'000

Group Apr.'2009 N'000

7,237,622 89,629,324 10,224,848 176,802 2,486,834 (4,949,700) 104,805,730

7,237,622 89,629,324 10,224,848 106,437 2,486,834 4,565,447 114,250,512

Financial Risk Analysis For period ended 31 December 2009

Group Dec.'2009 N'000 446,088 170,059 671,194 1,287,341

Group Apr.'2009 N'000 434,015 (246,993) 4,285,275 4,472,297

Total regulatory capital

106,093,071

118,722,809

Risk-weighted assets: On-balance sheet Off-balance sheet Total risk-weighted assets

433,871,838 110,651,832 544,523,670

468,085,993 147,309,736 615,395,729

19.5%

19.3%

Tier 2 capital Preference shares Minority interest Convertible bonds Revaluation reserve - fixed assets Revaluation reserve - investment securities Translation reserve General provision Total qualifying Tier 2 capital

Risk-weighted Capital Adequacy Ratio (CAR)

The decrease in the regulatory capital in 2009 is mainly due to the contribution of the current-period loss arising from significant loan loss provisions for loans.

Operational risk Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Operational risk is the risk that occurs as a result of doing business and includes: technology failures, breaches in internal controls, frauds, unforeseen catastrophes, or other operational problems which may result in unexpected losses. Operational risks exist in all products and business activities. Business units and support functions in the Bank have primary responsibility and accountability for the management of operational risks in their units. The various units and functions are supported by an Operational Risk Management Unit which reports to the Group Risk Management Committee through the Head of Risk Management and Control, while Corporate Audit Group performs an independent assessment of the implementation of the bank's operational risk management framework.

Strategy risk Strategic risk is the risk of current or prospective impact on the Group's earnings, capital, reputation or standing arising from the changes in the operating environment and from adverse strategic decisions, improper implementation of decisions, or lack of responsiveness to industry, economic or technological changes. It is a function of the compatibility of the Group's strategic goals, strategies developed to achieve these goals, the resources deployed to meet these goals, and the quality of the implementation of the strategic plan. The Group strategic risk management focus is to proactively identify, understand, promptly analyse and appropriately manage strategic risks that could affect the achievement of the Group's strategic intent. In the process the Group: a) b) c)

Ensures that exposures reflect strategic goals that are not overly aggressive and are also compatible with developed business strategies. Avoids products, markets and business for which it cannot objectively measure and manage their associated risk; and Strives to maintain a balance between risk/opportunities and revenue consideration with the Group's risk appetite. Thus, risk-related issues are considered in all business decisions.

The Board of directors has the ultimate responsibility for establishing and approving the Group's strategy in an integrated manner that aligns

107

Financial Risk Analysis For period ended 31 December 2009

strategies, goals, tactics and resources. The Board members participate in the Bank's Annual Strategy Session towards the review of the Strategic Plan. When approved, such plans are cascaded to the various business units/subsidiaries for creating business unit/subsidiary plans and budgets. It is the responsibilities of the Executive Management Committee to assist the board in developing and formulating strategies to meet the Group's strategic goals and objectives, and ensuring adequate implementation of the Group's strategic plan as approved by the board. The Group Risk Management Committee is responsible for establishing a suitable reporting system which will ensure timely monitoring of strategic risk exposures, and undertaking measures for the elimination of any possible problems pertaining to internal and external factors. The strategic planning group has the primary responsibility for supporting the board and senior management in managing the Group's strategic risk and facilitating change in corporate strategic plan that contribute to the Group's organizational development and continuous improvement.

108

Diamond Bank Plc Locations Nationwide

DIAMOND BANK PLC LOCATIONS NATIONWIDE S/n

LOCATIONS

CODE

TELEPHONE NUMBERS

Locations

Code

Telephone Numbers

001 039 078 001

082-221209; 871644, 225302; 440021 088/224345, 486790 082-225358; 082-225496 082-871602

001 078 039

082502138 082- 233 176; 233 178 082-441247

Abia 1 2 3 4 5 6 7

2, EZIUKWU ROAD UMUAHIA, 10, LIBRARY AVENUE 74, ASA ROAD ARIARIA MKT MINI, FAULKS ROAD, ABA OSISIOMA, UMUAKPARA OSISIOMA, NGWA LOCAL GOVERNMENT NGWA RD MINI, 20, NGWA ROAD ABA UMUAHIA MINI, 2 OWERRI RD, UMUAHIA

Abuja (fct) 8 9 10

AHMADU BELLO WAY , PLOT 1486 DEI-DEI, BUILDING MATERIAL MARKET N417, UAC BUILDING, PLOT 273, CENTRAL BUSINESS AREA

077 014 013

11 12 13

061 065 041 013 013 077

09-4611428 ; 09-7804044; 09-7805236 09-7804046 09-2341204 09-6702726

061

09- 6281218,6281219, 8701672

19 20 21 22 23

PLOT 792, MOHAMMED BUHARI WAY, CENTRAL BUSINESS DISTRICT NYANYA, OPPOSITE NYANYA SHOPPING COMPLEX WUSE 2, PLOT 21, ADETOKUNBOH ADEMOLA CRESCENT, CADASTRAL ZONE 8 NASS, NATIONAL ASSEMBLY COMPLEX SAVANNAH SUITE HOTEL GUDU MARKET, SHOP R 144, BLOCK 6, GUDU MARKET AFTER APO FEDERAL SECRETARIAT, PHASE 3, FEDERAL MINISTRY OF EDUCATION, GROUND FLOOR, AHMADU BELLO WAY, CENTRAL BUSINESS DISTRICT KUBWA, PLOT 27, CADASTRAL ZONE 0705, GADO NASCO ROAD, KUBWA (PHASE IV) ZONE 4, PLOT 2097, HERBERT MACAULAY WAY, ZONE 4, ABUJA AREA 1, 1st FLOOR, AREA 1 SHOPPING COMPLEX, ABUJA MARARABA, NEW KARU, KEFFI ROAD, NEAR ROYAL DREAMS HOTEL GWAGWALADA, PLOT 52 PARK LANE FCT ABUJA GWARINPA, 1ST AVENUE GWARINPA, ABUJA

3146480-2; 3146483 DL 09-6700796/6712522 09-7805399; 09-7820752; 09-8734112; 09-8734947 09-2344200 3; 09-7805208 09-6700115; 09-7818022; 2909230; 2909231

106 111 077 123 138 150

09- 780 7128; 780 7131; 780 7134 09-5236956 - 9 097808309 097820492; 098701559 07098203480, 09-07831099 09-8703441, 09- 8703437

24 25

YOLA, 10, GALADIMA AMINU WAY MUBI, AHMADU BELLO WAY, WURO BULUDE 'B',

049 097

08059683100; 08137162550 08062142129

26 27 28 29

74, ABAK RD, UYO EKET, NO. 6/8 GRACE RD, EKET IKOT EKPENE, ESSIENTON RD, OFF ABA-IKOT EKPENE RD BANKING LAYOUT, UDO IDOMA AVENUE, UYO

048 112 134 146

07023044072, 0703650771 085-480161; 480140 07023650784, 07023650679 07023044030, 087480203

067 071 033 059 066 006 053 019 067 116 122 125

046-871105,046-845245,046-4957280 046-500749; 070-23244526 046-497378; 070-23244533 046- 662866 046-812007; 812008;313806 046-410407; 410189, 046-410189 046-413291; 046-662864 046-216411, 211098; 216971 046 -322589,322587 046-325007 046-665794; 665793 046/665791/66592

14 15 16 17

18

Adamawa

Akwa Ibom

Anambra 30 31 32 33 34 35 36 37 38 39 40 41

AWKA, 208, AZIKIWE STREET OLD NKWO MKT ROAD 1/3, EDO-EZEMEWI STREET 46, IWEKA ROAD OGBARU ENAMEL WARE MKT 63A, NEW MARKET 1, SOKOTO ROAD, MAIN MARKET 36, PORT HARCOURT ROAD, BRIDGEHEAD NAU, NNAMDI AZIKIWE UNIVERSITY, AWKA AWKA, ENUGU/ONITSHA EXPRESSWAY, AWKA OGIDI, PLOT NO. 37, BLOCK 23, PHASE 1, NKWELLE OGIDI NKPOR, 1, DEMUDE STREET, BY NKPOR SPARE PARTS JUNCTION

109

Diamond Bank Plc Locations Nationwide

DIAMOND BANK PLC LOCATIONS NATIONWIDE LOCATIONS

CODE

TELEPHONE NUMBERS

045

097-830810; 097-830802; 07098204505

082 082

089 504313 08088705110; 08088706665

034 034

044-534164; 044-534161 0703 406 3120 ; 0703 406 3119

020 020 020

076-940573 076-940502 076-940581, 076-940582

032 147 149

087-237482 / 237484 0813 478 8537; 0805 628 0134 08021070229

038 005 005 151

046-870580, 662868, 056-280010 053-254301-3; 255271 07029547005 053-817100

035 035

07023333451; 07023333452 07023333455

036 108 109 115

052-258503; 052-258713 052-253750; 253783; 259068; 255 742 052-602143 052-876691, 052-880593

094

030-207058, 030-251872

052 018 113 113 145 139

042-250979; 252193 048-290096;042-290514 07023333403; 07023333404 07023333405 042-290571-2 042-290498, 042-290499

092

07032833828; 07032831919

017 090 103 114

07023044146; 07023044143 07023126990 08088950147 083-801386

Bauchi 42

BAUCHI, ALONG ABDULKADIR AHMED ROAD, COMMERCIAL AREA

43 44

YENEGOA, PLOT A6B CENTRAL BUZ DISTRICT NIGER DELTA UNIVERSITY MINI, AMASOMA

Bayelsa

Benue 45 46

7, NEW BRIDGE ROAD, MAKURDI NORTH BANK, N0.1, UDEI STREET, NORTH BANK, MAKURDI

Borno 47 48 49

MAIDUGURI, NSITF BUILDING, 20, SHEHU LAMINU WAY UNIMAID, UNIVERSITY OF MAIDUGURI MAIDUGURI, 7 BAGA ROAD,

50 51 52

CALABAR, 7, MARY SLESSOR STREET IKOM, 6 OKIM OSABOR, IKOM; CROSS RIVERS STATE OGOJA, HOSPITAL RD. ; CROSS RIVER STATE

53 54 55 56

ASABA, 252, NNEBISI ROAD WARRI, 84, WARRI-SAPELE ROAD, EFFURUN WARRI REFINERY, WARRI REFINERY AND PETROLEUM COMPANY, UVWIE PLOT 49, OLODI OKI, OKUMAGBA AVENUE, WARRI

Cross River

Delta

Ebonyi 57 58

ABAKALIKI, 2D, OGOJA ROAD EBSU, EBONYI STATE UNIVERSITY, ABAKILIKI

Edo 59 60 61 62

BENIN, 6, AKPAKPAVA STREET SAPELE ROAD, 81, SAPELE ROAD, BENIN CITY UGBOWO, NO. 170, UGBOWO - LAGOS ROAD, BENIN, EDO STATE MISSION ROAD, NO. 109, MISSION ROAD, BENIN

Ekiti 63

ADO-EKITI, 146, SECRETARIAT ROAD

Enugu 64 65 66 67 68 69

22, OKPARA AVENUE PLOT 40, GARDEN AVENUE NSUKKA, NO. 69B, ENUGU / OBA ROAD, NSUKKA UNN, UNIVERSITY OF NIGERIA, NSUKKA 9TH MILE CORNER, PLOT 87, IFUEKE/OKWE UWANI, NGWO, UDI, ENUGU 100 AGBANI RD, ENUGU STATE

Gombe 70

GOMBE, NO 31, BIU ROAD

Imo 71 72 73 74

110

PLOT 6, WAAST AVENUE, IKENEGBU LAYOUT 89, DOUGLAS RD, OWERRI ORLU, ORLU INTERNATIONAL MARKET, IMO ORLU ROAD, AMAKOHIA, OWERRI, IMO STATE

Diamond Bank Plc Locations Nationwide

DIAMOND BANK PLC LOCATIONS NATIONWIDE LOCATIONS

CODE

TELEPHONE NUMBERS

75 76 77 78 79

WETHERAL ROAD, NO. 4 MCC ROAD, OWERRI IMO STATE SECRETARIAT, PORT HARCOURT ROAD, OWERRI FUTO MINI, FEDERAL UNIVERSITY OF TECHNOLOGY, IHIAGWA, OWERRI BUILDING MATERIALS MARKET, NAZE, OWERRI MBAISE BRANCH, AHIARA JUNCTION

126 090 017 090 157

082-507102 083-483136 083-801255

80

DUTSE, PLOT C1 SANNI ABACHA WAY, DUTSE

104

(FAX/D/L:07034045314), 07034045313/5

012 064 133 096 127 012 127

062/884039, 062/884640 062-878845; 062-884641 08054338867; 0706418887 0703 4060759, 08051455144 069-330522; 330606; 331671; 875685 07029060882 069-875749, 069-890524

058 007 058

064-645356; 644091 064 - 973159 0703406 3118

007 148

064-946190 064-925572, 064-0896152

044

065 - 800937, 07027013233

105

08088954058; 07034136287

089 100

07095250172; 07095254366 07034050900; 0813 111 2236

042

031-743043; 031-810602

Jigawa Kaduna 81 82 83 84 85 86 87

1, KACHIA RD 23, AHMADU BELLO WAY KAFANCHAN, ALONG KAGORO RD JAJI, COMMAND AND STAFF COLLEGE ZARIA, F13, KADUNA ROAD KADUNA REFINERY, KRPC, KADUNA 60 SOKOTO RD. SAMARU, ZARIA

Kano 88 89 90 91 92

5B, BANK RD 36/38, M/MOHMAMMED WAY DAWANAU MINI, DAWANAU MARKET, ALONG KANO- KATSINA RD BAYERO UNIVERSITY ROAD, C31, KOFA WUKA DUYA, ALONG BAYERO UNIVERSITY, KANO 2 FRANCE RD., SABON GARI

93

KATSINA, No. 130A IBB Way

Katsina Kebbi 94

BIRNIN KEBBI, NO. NW614, SULTAN ABUBAKAR ROAD, BIRNIN KEBBI

95 96

LOKOJA, GOVERNMENT HOUSE JUNCTION, MURTALA MOHAMMED WAY OBAJANA, (B2, BANK AREA, OBAJANA CEMENT FACTORY)

97

ILORIN, NO 102 IBRAHIM TAIWO ROAD

98 99

DOBBIL PLAZA AVENUE, ALABA INTERNATIONAL MARKET OLD GARAGE, ALABA INTERNATIONAL MARKET

068 024

100 101 102 103

16 CREEK ROAD SAGITTARIUS BLOCK, ELEGANZA PLAZA, WHARF ROAD 30, APAPA OSHODI EXPRESSWAY, COCONUT B/STOP BALOGUN BUSINESS ASSOCIATION (BBA 1), ATIKU ABUBAKAR PLAZA, TRADE FAIR COMPLEX, BADAGRY EXPRESSWAY

069 010 083

01 8541095 ; 01-7618695 01 8791360; 01-7402785; 01-8541086; 018791360 01-8126490 01-5978606; 5804605; 5804608 01-7614536 / 7614537

040

01-8712345; 8714515; 8181941

Kogi

Kwara Lagos

104 074 105 106 107 108 109

BALOGUN BUSINESS ASSOCIATION, (BBA 2), BANK PLAZA, TRADE FAIR COMPLEX, BADAGRY EXPRESSWAY 01-8963944; 01-8966753; 01-7618694 COKER, KM 19, LAGOS/ BADAGRY EXPRESSWAY, COKER BUS STOP ORILE 031 01-7743231; 8129081 EBUTE METTA, 1, MARKET STREET,OYINGBO, OPPOSITE BHOJSONS LTD. 050 01-5821253; 01- 7411423 10, OPEBI ROAD, IKEJA 027 01-2711814(D/L); 2798074; 2712772; 4602020 60, OPEBI ROAD, IKEJA 057 01-2793938 ,2703520,8122089 34, LADIPO OLUWOLE STREET, OFF ADENIYI JONES 011 01-4602321; 4602405, 8938791; 01-7737837; 01-7450242

111

Diamond Bank Plc Locations Nationwide

DIAMOND BANK PLC LOCATIONS NATIONWIDE LOCATIONS

CODE

TELEPHONE NUMBERS

110 111 112 113 114 115 116 117 118

80, AWOLOWO ROAD, IKOYI ISOLO, 25, ASA-AFARIOGUN STREET, AJAO ESTATE BALOGUN, 136, BALOGUN STREET, LAGOS ISLAND BROAD STREET, 121, BROAD STREET, LAGOS ISLAND IDUMOTA, 118, NNAMDI AZIKIWE STREET, LAGOS ISLAND MARINA, 23A, ,MAMMAN KONTAGORA HOUSE, MARINA OKE ARIN, 1, OKE ARIN STREET MATORI, 129, LADIPO STREET, MATORI OGBA, 36, IJAIYE ROAD

054 004 021 056 002 008 085 029 080

119 120

SURULERE, 31, BODE THOMAS STREET TRADE FAIR COMLPEX 1, HALL 2 ASPAMDA PLAZA, TRADE FAIR COMPLEX, BADAGRY EXPRESSWAY

051

01-2712565; 2712566; 2712567; 2805236 01-2719735/ 8522337; 7769866 01-2643027-30; 26430978; 2642926,40 01-8179699; 01-2793105 01-7362491; 01-7348919 01-2646639/2600225-9/2646732 01-8713017; 7614560 01- 2710167-9 01-4920049, 4920369, 4920370, 7618687, DL: 8752003 01-2793661; 8736761; 8736819

028

01-7919230; 8935887; 7919706; 01- 7939347

076 026 025 087 016 050 026 004 095 028 107 088 095 099 099 099 011 087 102 088 107 031 051 110 083 099 027 118 080 119 120 002 110 129 010 130 080

01-7618696 01-4619433; 01-4613891 01-2601902-6 D/L:4627245 01-8776148, 7647139 01-2701500,2620740-80 01-2793331-2; 07028301099 01-2714506 - 8 01-7618690 01-4613328; 4613349; 4613350 01 - 8161972 01-5990415, 8919192; 7374274 7642703; 7642746 ; 7324689 01-2793492 (DL)/ 01-2793490 01-7450244-6; 08191361628 01-7450248 01-7450246; 08191361628 01-7450245 01-7450151; 017368397 01-8754878,01-7413291 01-7450154 01-7359778-9 NA 01-7450153 01-7450152; 01-7349818 01-7450155 01- 740 2240 01-7403161 07029738955-6 01- 870 1066 01-7402235 01-2806077; 01- 7402233 01-7403160 01-7349819 01-8731292; 017379685; 01-8736207 01-8133498 01-4482020; 4482021 017369076

124 128 135 087 143 140

01 7403093 018929539, 019504876 01-7412166 01-736-9077; 017360197 01-7360224 017360852

121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163

112

TRADE FAIR COMPLEX 2, ASPAMDA OFFICE BLOCK 2, TRADE FAIR COMPLEX, BADAGRY EXPRESSWAY PLOT 730, ADEOLA HOPEWELL STREET PLOT 64, ADEOLA ODEKU STREET 238, HERBERT MACAULAY STREET, YABA HEAD OFFICE, PLOT 1261, ADEOLA HOPEWELL STREET TEJUOSHO RETAIL, NO. 6, OJUELEGBA ROAD, OPP. TEJUOSHO MARKET THE PALMS RETAIL SHOP 41, THE PALMS SHOPPING COMPLEX, V/ ISLAND OKOTA RETAIL, NO. 116/118, AGO PALACE WAY, OKOTA IKOTA RETAIL SHOP, C96 -101, IKOTA SHOPPING COMPLEX, VGC SATELLITE TOWN MINI, BLOCK 11, PLOT 4, OLD OJO RD., SATELLITE TOWN FESTAC MINI, PLOT 1609, E CLOSE, 4TH AVENUE, FESTAC TOWN IKORODU, 83, LAGOS ROAD LEKKI, PLOT 10, BLOCK 117, LEKKI PENISULA MUSHIN, NO, 281, AGEGE MOTOR ROAD, OLORUNSOGO, MUSHIN MAFOLOKU, NO, 77/79, OLD EWU ROAD, MAFOLOKU DALEKO, SHOPS 661-670, BANK ROAD, DALEKO MARKET, MUSHIN ALUMINIUM VILLAGE, NO. 17, OGERETEDO ST., ALUM. VILLAGE, DOPEMU BARIGA, PLOT 103 & 105, ST. FINBARRS ROAD, AKOKA ENU OWA, NO. 71, ENU OWA STREET, LAGOS ISLAND KETU, PLOT 608, LAGOS - IKORODU ROAD, KETU MILE 12 FESTAC, HOUSE 20, 2ND AVENUE FESTAC TOWN COKER MINI, AGRIC MARKET, COKER-ORILE OGUNLANA DRIVE, 33 OGUNLANA DRIVE, SURULERE IYANA IPAJA, NO. 166, ABEOKUTA EXPRESSWAY, IYANA IPAJA KIRIKIRI, KARIMU STREET, KIRIKIRI TOWN, APAPA OJUWOYE MARKET, (190, AGEGE MOTOR ROAD, OJUWOYE) NAHCO SHED, (NIGERIA AVAITION HANDLING COMPNAY, IKEJA) SEME BORDER, (SEME BORDER, BADAGRY, LAGOS STATE) ISHERI ROAD, ( PLOT 47, GEORGE CRESCENT, OGBA) LAWANSON (58, LAWANSON ROAD) KING GEORGE V (11, KING GEORGE V ROAD, ONIKAN) JANKARA MARKET (NO. 7 IDUMAGBO ROAD, LAGOS ISLAND) IYANA IPAJA (55/57 NEW IPAJA ROAD, ALIMOSHO) LIVERPOOL, (21, LIVERPOOL, APAPA) RORO PORT (RORO PORT, TIN CAN ISLAND, APAPA) ALAUSA (PLOT J, ASITABI COLE ST, CENTRAL BUSINESS DISTRICT, AGIDINGBI) COLLEGE ROAD, 71, COLLEGE ROAD, OGBA AMUWO ODOFIN, PLOT NOS 21, 22 & 23 OPPOSITE ABC TRANSPORT TERMINAL JIBOWU, 32, IKORODU ROAD, JIBOWU MAZA MAZA, 37, OLD OJO RD, OJO GBAGADA/IFAKO, 20, DIYA STREET, IFAKO, GBAGADA 51, MUSHIN RD, ISOLO ILUPEJU, 26A&B ILUPEJU BYEPASS, ILUPEJU

Diamond Bank Plc Locations Nationwide

DIAMOND BANK PLC LOCATIONS NATIONWIDE LOCATIONS

CODE

TELEPHONE NUMBERS

164 165 166 167 168

11 BURMA RD, APAPA OREGUN BRANCH, PLOT E ZIATECH RD, OREGUN 20, IDIMU RD, IKOTUN IDDO MARKET MINI, IDDO ULTRAMODERN MARKET AJAH BRANCH, LEKKI-EPE EXPRESSWAY, OPP. OLUWOLE BAKER ST

144 154 156 050 153

017360854 ; 01-2705830-32 01-7359513; 01-8104818 01-8104807; 8104810

169 170 171 172 173

AKWANGA, PLOT 1, OPPOSITE AKWANGA POLICE DIVISION, OFF KEFFI RD KEFFI, PLOT 27, ABUBAKAR BURGA ROAD 20/21 DOMA ROAD, LAFIA 2, JOS ROAD, LAFIA NASSARAWA STATE UNIVERSITY, KEFFI

062 073 060 075 073

07068720769 08131533666 07061817371 08073140147 07034054060

043 079

08131849178; 07051296137 07035999408

030 081 7638831 117 121 137 131

039-240741; 039-2441190; 241389, 771264 (039) 721826,721827,721828721829, D/L 0101-7389273 01-4533278 01-7369302 01-4536868

046

034216148,031745332

093

035-207946; 035-207945

Nassarawa

Niger 174 175

MINNA, 118, PAIKO ROAD SULEJA, OPPOSITE IBB MAIN MARKET, ALONG MINNA ROAD

Ogun 176 177

ABEOKUTA, 13 LALUBU RD, OKE-ILEWO OTTA, ABEOKUTA EXP KM 38, ABEOKUTA EXPRESSWAY, SANGO OTTA

178 179 180 181

AGBARA, PLOT C2/9A, ILARO ROAD, AGBARA INDUSTRIAL ESTATE, AJILETE (AJILETE INTERNATIONAL MARKET, YEWA, AJILETE) SAGAMU, 145, AKARIGBO STREET, SAGAMU IDI ROKO, OPPOSITE MAYOWA BUS-STOP, IDIROKO ROAD

Ondo 182

AKURE, 82, OYEMEKUN STREET

Osun 183

OSOGBO, 73, GBONGAN-IBADAN ROAD, OLOSAN BUS-STOP, ADJACENT THE REDEEMED CHRISTIAN CHURCH OF GOD

Oyo 184

11, LEBANON STREET, IBADAN

022

185

53, IWO RD, IBADAN

084

186

BODIJA, UI, SECRETARIAT RD, NEAR PASTORAL INSITUTE, BODIJA, IBADAN

022

02-2414506 D/L 02-2413063; 7522294; 027522294 02- 8100123; 02-7522301; 02- 8100130; 027525538 02-8731063

187 188 189 190 191 192

65, OLD JOS ROAD, BUKURU 34, AHMADU BELLO WAY 13, COMMERCIAL AREA 1, CLUB ROAD KATAKO MARKET, NO. 68 & 70, MALLAM KURE STREET, LARANTO UNIVERSITY OF JOS, JOS

072 055 015 070 015 055

07023245356; 07023245357 073-457143 073-456275 073/460798(D/L); 460997; 461311 073-452331 3 073-612 992 073-613991

193 194 195 196 197 198

ABA ROAD, 145, ABA ROAD, PH 222 IKWERRE ROAD, PH 48, IKWERRE ROAD, PH BONNY ISLAND, PH FOT ONNE, FEDERAL OCEAN TERMINAL (FOT), FOT ONNE, ITT BASE TRANS AMADI, PLOT 71, ELEKAHIA INDUSTRIAL ESTATE ROAD, PH

086 009 063 023 037 003

199

1, ODUAL RD, PH

003

084-232285; 794352; 232270; 232282; 794351 084-237920(S/B); 231062, 796844(D/Ls) DL: 084-754296; 231641; fax: 231647 08065444838 084784675 084-461069-71; 464103; 464907; 464209; 465651 084768340

Plateau

Rivers

113

Diamond Bank Plc Locations Nationwide

DIAMOND BANK PLC LOCATIONS NATIONWIDE LOCATIONS

CODE

TELEPHONE NUMBERS

200 201 202 203

PPMC, ELEME REFINERY, PH 13, OLD ABA ROAD, PH 316, ABA ROAD, PH OYIGBO, NO. 11, LOCATION ROAD, OBIGBO, PH

037 086 003 136

084-797680 084-236612; 799131 084-740076 084-894862

204

SOKOTO, 20, KANO RD

047

08082521075; 08036465013

205

JALINGO, HAMMAN RUWA WAY, JALINGO

098

079-224162;079-224174

206

091 159

074-521738 DL, 074-521739

207

DAMATURU, 596A, NJIWAJI LAYOUT, OPPOSITE CENTRAL MOSQUE, MAIDUGURI ROAD POTISKUM, PLOT 1140 &1141, IDRIS MUHAMMAD WAY

208

GUSAU, 160, SANI ABACHA WAY, GUSAU

101

08136100800

Sokoto Taraba Yobe

Zamfara

114

DB PLC/AGM/19/10

PROXY FORM

ANNUAL GENERAL MEETING TO BE HELD ON 3RD JUNE 2010 AT THE LE MERIDIEN IBOM HOTEL & GOLF RESORT, UYO, AKWA IBOM AT 9 A.M. PROMPT Number of shares held: I/We* being a member/members of DIAMOND BANK PLC hereby appoint**

RESOLUTION 1.

That the Directors' Report, the Balance Sheet as at 31st December 2009 together with the Profit and Loss Account and Auditor's Report be and are hereby adopted.

2.

That having offered themselves up for re-election, and being eligible, Mr. Chris Ogbechie and Chief John D. Edozien be and are hereby re-elected as Directors of Diamond Bank Plc.

3.

That the Directors are hereby authorised to fix the remuneration of the Auditors.

of

4. Or failing him/her the Chairman of the meeting as my/our proxy to act and vote for me/us and on my/our behalf at the Annual General Meeting of the Company to be held on 3rd June 2010 and at any adjournment thereof.

That the appointment of the members of the Audit Committee be and is hereby approved.

5.

That the Directors' fees shall until reviewed by the Company in Annual General Meeting be and is hereby fixed at =N=100,000,000.00 for each financial year

Dated this

6.

That the Board of Directors be and are hereby authorised to convert the outstanding International Finance Corporation (IFC) loan amount of $24,545,463.80 (Twenty Four Million, Five Hundred and Forty Five Thousand, Four Hundred and Sixty Three Dollars Eighty cents) into ordinary shares of the Company at a price to be determined and to allot such shares to IFC.

7.

That approval is hereby given for Diamond Bank Plc to enter into a business combination with or transfer, assign or otherwise dispose of its shareholding in any of its subsidiaries as may be determined necessary by the Board of Directors for the purpose of optimizing the business of the Diamond Bank Group; and the Directors be and are hereby authorised to execute all documents and do all such things as are necessary or incidental thereto.

day of

2010

Signature NOTE: 1. Please sign this form and return it to the Company Secretary not later than 48 Hours, before the time fixed for the meeting. If executed by a Corporation, this form should be sealed under its common seal or under the hand of some officer or an attorney duly authorized in writing.

Please indicate with “X” in the appropriate space above how you wish your votes to be cast on the Resolutions set out above. Unless otherwise instructed the proxy will vote or abstain from voting at his discretion. *Shareholder's name to be inserted in BLOCK CAPITALS in the blank space marked. In the case of joint shareholders, anyone of such may complete this form, but the names of all joint holders may be inserted. **In keeping with the normal practice, the Chairman of the Meeting has been entered on the form to ensure that someone will be at the Meeting to act as your proxy, but you may insert the name and address of any person, whether a member of the Company or not, who will attend the Meeting and vote on your behalf. Note: Any instrument appointing a proxy to vote at a meeting must be duly stamped in accordance with the provisions of the Stamp Duties Act.

Before posting the above form, please tear off and retain this part for admission to the meeting.

DIAMOND BANK PLC 19th ANNUAL GENERAL MEETING PLEASE ADMIT THE SHAREHOLDER NAMED ON THIS FORM OR HIS DULY APPOINTED PROXY TO THE ANNUAL GENERAL MEETING TO BE HELD ON 3RD JUNE 2010 AT THE LE MERIDIEN IBOM HOTEL & GOLF RESORT, UYO, AKWA IBOM AT 9 A.M. PROMPT

Name of Shareholder Signature of Shareholder Signature of Person Attending

NOTE: requested to produce and sign this form at the entrance of the venue in the presence of the Secretary/Registrar on the day of the Meeting

please affix stamp here

116

Diamond Registrars Limited

E-Dividend Mandate Form Dear Shareholder(s) In view of the robust developments in the financial sector, Diamond Bank Plc is pleased to introduce our e-dividend module to you. This is to facilitate the payment of your dividend through direct credit to your bank account irrespective of the type of account, Current/Savings. It makes dividend payment faster and safer. We advise that you take advantage of this service by supplying the information as required below and return same to us accordingly. Please ensure you state the actual name used in purchasing the shares and the signature(s) you signed at that time and fill in BOLD prints. Thank you. Basil Aharanwa Registrar The Registrar Diamond Registrars Limited 59, Ogunlana Drive Surulere Lagos Please take this as authority to credit my/our under-mentioned account with any dividend payment(s) due on my/our shareholding particulars of which are stated below from the date hereof: Shareholder's name (Surname)

(Other Names)

Shareholders account no(s)

CSCS Investor Account No. CSCS Clearing House No Name of Stock Broker

Mobile Phone Number(s)

Fax Number

E-Mail Address

Bank Name

Branch

Bank Account Number

Dated this

Authorized signatory/Bank Stamp

Type of account

Day of

Authorized Signatory/Bank stamp

20

Shareholders signature

Joint Shareholders signature

Your completed forms should be returned to Diamond Registrars Limited or any of the Diamond Bank Plc branches nearest to you. Please note that it is very important that you clearly state your bank Name, Bank Account Number, E-mail Address and Mobile Phone Numbers to ensure proper processing of your mandate. For more information us on (01-2710574) or E-mail: [email protected]

2009

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74

A.LAWAL SHERIFF ABAITOR, OZOVEHE AUGUSTINE ABAKA HOPE KEPAPOH ABAKPA OCHIGBO ADAMS ABALAKA ANDREW ABALU KEN ABALUNAM GABRIEL CHIBUZOR, ABAMA BITRUS IDI ABANA OBINNA ANTHONY ABANA TOCHUKWU ABANG B.E. ABASHI, CHRIS ABATAN ISAAC OLU ABAYOMI BERNARD OLUSEGUN ABAZU OBIAGELI FELICIA ABDALLAH MAMMAN ALI ABDUL AHMADU JOSEPH ABDUL HUSSAINI, ABDULRAHAMAN ABDUL, ABDULLAHI ABDUL, JOHN MICHAEL ABDUL, JOHN MICHAEL ABDUL, MICHEAL JOHN ABDULATEEF, ABDULKARIM ABDULATEEF, HABIBAT ABDULLAHI AISHA BABY, ABDULLAHI IBRAHIM ABDULLAHI, ABUBAKAR TANI ABDULLAHI, MUHUMMED MAIKWATA ABDULLAHI, SULEIMAN ABDULLAHI, USMAN ABDULRAHMAH, KHALIFA MUSA ABE, ALBERT ADEDAYO ABEGUNRIN OLUSEYI KEHINDE ABIEN EUNICE ABIFARIN OLAJUMOKE OLUWASEYI ABIMBOLA OLAYODE VALENTINE ABIODUN IYABODE ANIKE ABIODUN KOLAWOLE ABIOLA MORIAMO ABIKE ABISOLA TEMILOLUWA YETUNDE ABISOLA TEMITOPE OLUWASEYI ABODERIN BOLATITO BIDEMI ABODERIN OLUWASEUN CLEMENTINA ABODUNRIN DORCAS ADE-OLA ADUKE ABOHWEYERE JOAN ABOKI, OVYE JAMES ABOLARIN JANET SHADE ABONTA ADAEZE CHINYEAKA ABORISADE VICTORIA DUNKE ABU NELSON ABUBAKAR AISHATU INDO ABUBAKAR ISAH SOKOTO ABUBAKAR RALIYA ABUBAKAR UMAR ABUBAKAR, ABDUL-AZEEZ AGEGE ABUBAKAR, UMAR SULEIMAN ABYAT, SUNDAY SHAFUWA ACCESS BANK PLC/BGL SEC. LTD -TRADING, ACCESS BANK/COWRY ASSET MGT LTDTRADING, ACHEBE IGWE NNAEMEKA, ACHINIVU OCHI IKOKU ACHOM CHUKWUMAEZE ACHOROMADU MICHAEL ACHU GOODNEWS I. ACHUKO IHUOMA OBBY ADAH PAUL NNAMDI ADAKA GODWIN SIMEON ADAMU AUDU ADAMU DANFALA NUHU ADAMU, ABDULLAHI MUSA ADAMU, ABDULLAHI MUSA ADAMU, NUHU ADAMU, USMAN ADEAGBO, DAVID ADESOKAN

118

DIAMOND BANK UNCLAIMED DIVIDEND

75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149

ADEBAWO RONEBS ADEBAYO OLUWAYEMISI SUSAN ADEBAYO, JOSEPH ADEBISI ABIOLA ABDULFATAI ADEBISI GBOYEGA BOLAJI ADEBISI PATRICIA NKIRU ADEBIYI, DAVID ADEOYE ADEBUTU ADEBISI, ADEBUTU AJIBOLA, ADEDEJI ISAAC KOLADE ADEDEJI OLAIDE ADEDEJI OLOLADE ADEDEJI YOMI ADEDIPE ISAAC IDOWU ADEDIRAN ADENIKE ADEDOYIN PAUL ADEFILA BISI ABDULAHI ADEFOLA JIMOH ADEBOLA ADEFUNMILAYO AYODELE A. ADEGBITE ADENIYI ABEL ADEGBOKUN BIODUN MOSAK ADEGBOYE, A.O.A. ADEGBOYEGA ANGELA, ADEGEBO ANTHONY AKINTOYE ADEGEGE CHRISTIANAH YEWANDE ADEGOKE ASIMIYU KOLAWOLE ADEH DAH LUMUMBA ADEH NWORAH THERESA ADEJUMOBI, FATAI GBOLAHAN ADEKA, IBRAHEEM ATUKPA ADEKANBI ADEBOLA VICTORIA ADEKITAN ABIOLA OLADEJI ADEKOYA AFUSAT AJOKE ADEKUNLE ADESOJI DEJI ADELEKE BASHIRU ADELEYE TALIAT OLADAPO ADENIRAN THEOPHILUS OLUFEMI ADENIRAN, KEMI ADENIYI BOLAJI EMMANUEL ADENIYI CATHERINE ABIMBOLA ADENIYI MICHAEL ADENIYI ODENIYA MOHAMMED ADENIYI OLUASEMILRE ANTHONIA ADENIYI, MOHAMMED TAJUDEEN ADEOSUN TOSIN WILLIAMS ADEOTI ABDULFATAI KOLAWOLE ADEOYE SHAKIRU ADEDOYIN ADEPOJU ADEJOJU KAZEEM ADEPOJU OLUTUNDE SOLOMON ADEPONLE ADEBISI JOHN ADEREMI ADEDOKUN ADESANYA ADEOYE KOLAWOLE ADESANYA ANN OLUWADAMILOLA ADESANYA MICHAEL OLUROTIMI ADESEGHA BODE, ADESINA ADEGBOYEGA ADESINA ISAAC AYODEJI ADEDOKUN ADESOLA ESTHER ADESOLA SARAFA ADETIMIRIN IYABODE IDAYAT ADETO ONUCHE GABRIEL ADETOLA TUNDE GEORGE ADETUNJI ABIOLA ADESOLA ADETUNJI AJIBADE MICHAEL ADETUNJI ALHAJA FATIMAH ADETUNJI LASISI OLA AKANO ADEWEMIMO OLUYEMI OYETOUN ADEWOLE OLUWAROTIMI AKINRINADE ADEWOYE NIYI EZEKIEL ADEWUYI BASHIRAT ADEYEMI ADEREMI AYODELE ADEYEMI BOLADALE ALI ADEYEMI GREGORY OTUNOLA ADEYEYE ADEMOLA ADEYEYE CHRISTIE OYEKANMI

150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223

ADH NOMINEES -PSP, ADI, CHRISTOPHER RIKOM ADIBE OKEY, ADIGHIBE OJO FRIDAY ADIGWE CHARLES ADIGWU ANDREW IKEMEFUNA ADIHENE, BABA ABDULSALAM ADMIN. TO THE ESTATE OF LATE UDOSEN SYLVESTER EDET ADOTI ADETOUN AFFIAH SARAH RAPHAEL AFOLABI BISI AFOLABI CALEB OLATAYO AFOLABI RAYMOND ADELEKE AFOYA JAMES, VICTORIA MICHAL AFULUKWE KENNETH ONYEKACHUKWU AGADA, EMMANUEL AGADA AGAH GLADYS OBHAKHAMEN AGATE TOWER LIMITED, AGBA ANDORNIMYE JANE AGBA LINUS UCHE AGBA ULABI S AGBAERU ANTHONY AGBAGO DONATUS OBUNIKE AGBAJE LATIF OLALEKAN BABATUNDE AGBAJE OLAJIDE OLUWOLE, AGBANYIM JUDE AGBASSI MICHAEL JUDE EJEKWUGHANNA AGBATUO MUTIAT ADEPEJU AGBEB NEKABARI AGBEDI FREDERICK YEITIEMONE, AGBELUYI ADEWUMI AGBERIA VOKE RITA AGBO EMMANUEL EKENE AGBO OTENE MATHIAS AGBO, DAUDA AGBOGUN HENRY MOSIMABALE AGBOKLO PETER DELE AGBONIKA, PETER OMENEFU AGBONJARU SUNDAY OKAH V. AGBONTAEN ETOSA AGBOOLA LASISI AGBOOLA OLANREWAJU OMOTOSHO AGBOOLA RHODA FUNMILOLA AGBU DANLADI H AGHA FRANCIS DIKE AGHAGBA, BENSON UWOMAHD AGHEDO AGATHA AMO NIKE AGHEDO ONYEKA MONDAY AGHO SUNNY JURGEN AGIM LUCY AGIRI NURAINI ISHOLA BABAJIDE AGIRIGA DANIEL ONYEDIKACHI AGODA JOHN HALIMS OCHUKO, AGOHA GEOFFREY NNEJI AGORO TINUOLA ABIMBOLA AGORUA REGINALD AGORA AGRITED NIGERIA LIMITED, AGU CHRISTOPHER NJOKU AGU CYRIL EBEKE AGU EMMANUEL IFEANYI AGUBATA AMECHI L AGUONYE THEOPHILUS CHUKUDI AGWADU, DAUDA ILIYA AGWU IJEOMA JOYCE AGWUEGBO BENSON AHAMEFULE DAVID CHUKWUEMEKA OLUTISE AHARANWA BASIL EMEKA AHMED, MANSUR AHMED, ZAINAB MOHAMMED AHMMED T. ZUBAIR AHUNANYA ANGELA AIDAMENBOR OLUWAFEMI DANIEL AIFA ZAKARI AIL SECURITIES LTD-DEPOSIT A/C,

2009

DIAMOND BANK UNCLAIMED DIVIDEND

224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298

AINA BABATUNDE ADEBAYO AINA OLADOYIN ATINUKE KOREDE, AIRAMIN NIG LTD, AJADI-OLAGUNJU AYOOLA O. BUSURA AJAEGBU JOSEPH AMAECHI, AJALA, AMUSAT A. AJALI BLESSING ONYINYE AJANA OLUMIDE RAPHEW AJANG USMAN AJANI EYITAYO OLUSOLA AJAO ADIGUN OLUGBOYEGA AJAO OSENI LAWAL AJASIN FOUNDATION, AJAYI ISAAC OMONIYI AJAYI JOSEPH AJAYI KAMARDEEN OLALEKAN AJAYI KEHINDE OLUWOLE AJAYI LATIFATU-MOTOLANI AJAYI SINA SEGUN AJAYI STEVE OLUSANYA AJAYI TALABI-BOLAJI AJIBABI ADEDAPO JACOB AJOGU ANTHONY AJOMARIE CHARLES OGHALE AJOSE JOHANNA OLAYINKA AJUKWU CHINEDU CHRISTIAN AJUYAH CAROLINE OLUMAGI, AKA KOLAWOLE NOJEEM AKADE OLUREMI YETUNDE AKADIRI FOLAKE ODUNAYO AKAENWEOKWU PATRICK IKECHUKWU AKALE, O. MABEL AKAM GEOFFREY, AKAMO TAJUDEEN AKANNI AKANA, PHINA-ANN AKANDE BUSAYO OPEYEMI AKANIRO EMMANUEL CHUKWUNONYEREM AKANJI JIMOH ADEREMI AKANJI LATEEF AJANI AKANNI REUBEN IKE-OLUWAPO AKHIGBE, LUCKY SYLVESTER OZEMEBHOYA AKIGA AGEE SAMUEL AKIGA ANADOO AKIGA MICHELLE SEWUESE AKIGA SAMUEL AGEE AKILO TOLUWALOPE O.I & ADEBOLAJO T., AKINADEWO OLUYINKA AKINBILE OLUWATOYIN F. AKINDE OLUFUNKE AKINDEINDE OLAITAN OLABISI AKINKUNMI, ADEOLA OLUWASAYO AKINLABI ADEKUNLE ENITAN AKINLOSOTU OLUGBEMI DICKSON AKINMOLADUN FESTUS OLUWATOPE AKINMUDA JOHN OLAWALE AKINNISOLA BOLAJOKO OTUBU AKINOGUN MONSURU OLATUNBOSUN AKINOLA WASI ABENI AKINOLU ABODURIN SHAKOOR AKINPELU OLAWALE OYETOLA AKINPELUMI THOMPSON USIOLA AKINRODOYE ABIMBOLA AKINRUNTAN ENITI FREDERICK, AKINSANYA KUDIRAT ADEJOKE AKINSANYA MOJISOLA TOPE AKINTOLA FEHINTOLA MORISELADE AKINWALE KAYODE MOSES AKINWE TEMILADE-JEROME AKINWONMI RISIKAT AJOKE AKINYELURE TOBI MOSES AKINYEMI AKINSINA AKINBOLA AKINYEMI E. AKINGBODE AKINYEMI OLUDARE V.N. AKINYEMI, OLUFUNSO OLUFEMI AKINYEMI, VICTORIA OLUFUNKE

299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373

AKMSIGI, PETER BAMBO AKOKO TAMUNOTEKENA SUNNY AKONI, MODU AJA AKPAN BASSEY ASUQUO AKPAN CHRISTOPHER INNOH AKPAN GODWIN SIMEON AKPAN VICTOR EFIONG AKPAN, EKONG BASSEY AKPAVAN, BAKOM ASAKU AKPOMIE, RUTH ONAJITE AKPOROKOKA, SAMUEL AKUNAFIA VINCENT AKWANOKE OVUEFEYE COLLINS AKWEBE, PIUS AUDU ALADE EZEKIEL ADEBAYO ALADE JOHNSON IDOWU ALADESANMI SUNDAY OLUBUNMI ALAKU, AUDU ALAKU, AUDU ALAMUTU RAFIAT ALAO ADEKUNLE ALAO OLABISI ALAPO OLADEJI JOHN ALASA MARY ALE OLUSEGUN ANTHONY ALE TITUS SUNDAY ALEGE MOSES IYA ALEX MIRACLE CHIDERA ALFRED ASAPE IIOGHO ALHASSAN, ZUBIA ANTHONY ALI DISU ADEBAYO ALI JOHN ONOGU ALI ROSELINE ALI, ADAMU ALI, ADAMU ALI, ADEJO UKWUBILE ALI, BITRUS ALI ALIU PIUS ALIYU AHMED YARO ALIYU MOHAMMED MUKHTAR ALIYU SALISU AMINU ALLEN RALPH & ALLEN OLUBUKOLA, ALLI ADEKUNLE WASIU, ALLI-ILIASU ADETUTU ADEYEMI ALOZIE GEORGE O. ALU UKAMAKA ROSEMARY ALUEDE MONDAY KIBERASE ALUWO GEORGE AMABIBI NGORSIN AMADI AKAHARA AMADI ASSORBINONWU EMMANUEL AMADI CHIMEZIE PAULINUS AMADI KENNETH MARY AMADI LAWRENCE AMADI NNENNA AMAECHI ADIELE BENEDICT AMAECHI JOHN ELEM AMAECHI VALENTINE OKEY ROGERS AMAEFULE SUNDAY C. K AMAEFULE, JUDE O. AMALGAMATED CAPITAL FUNDS LTD, AMASA TOYIN RAMAT AMAZU ABED AMBAH OFFONG OKON, AMBO INTERNATIONAL LTD, AMEH MERCY O. AMIN AHMED HARUNA, AMINA ATA YUSUF AMINU ABDUL MASHI AMISU ADEBOLA FASASI AMOBI CHIDI HENRY AMOLE IBUKUN ABIOLA AMOS SOLOMON UDOH AMOS THANKGOD CHIMA AMROMAH EDWARD

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AMUDA AREMU Y., AMUDA YAKUBU AREMU ANACHEBE OKECHUKWU PANTELEON ANAELE THESSY NWANYINNA ANAJEKWU GABRIEL IFECHUKWU, ANAJEMBA STEVE CHILOZIE ANAKA IKECHUKWU JUDE ANAZODO GILBERT EZE ANDE, EMMANUEL USMAN ANDREW AFARIYU ANDREW ANUSIEM OGUAMANAM ANDREWS BOLA PETER ANEKE UZOMA JACOBS, ANENE EMMANUEL CHUKWUEDOCHIE ANGBAZO, BALA ABAINE ANGBAZO, BALA ABAINE ANGBAZO, BALA ABAINE ANGO, MOSES ANGULU, RAKIDA SALEH ANI ESTHER ANIDIOBU EMEKA AMAKA ANIEDOBE CHRISTOPHER ANIEKWE EUCHARIA ANYAROGBUNE ANIEKWE, BENEDETTE ANIEKWE, BENEDETTE UKA ANIGARA NGOZI BLESSING ANIH, CHUKWUMA N. ANIIBUEZE CYRIL ANAYOCHUKWU ANIKE RASIDAT ARIKE ANIOBODO DANIEL CHUKWUYERE ANIOBODO EMMANUEL CHINONSO ANJORIN, REUBEN KEHINDE ANOMENWERE OBINNA ANOSIKE NKEM TINA ANOZIE IGNATUS NNAMDI ANTHONY, ALI DENH ANUCHA SAMSON OKWUKWA ANUKAM GODWIN ANUKAM, ERASMUS ANUNTU QUEEDALINE IFUNAYA ANYABUONWM CYPRIAN ANYAEGBUNAM ELIZABATH ASABE ANYANWOKE, GILBERT N. ANYANWU GEOFF OMEREM CHUKS. ANYANWU GODFREY NWAOKONYIRINWA ANYANWU NNODI THEODORE ANYASODO UGOCHUKWU GERALD, ANYEBE, GODWIN OKACHU ANYEZUBA KENNETH CHIDIEBERE ANYI - BEST & CO NIG LIMITED ANYIM, NYERERE APEH EJIKA FRIDAY APENA ADEMOLA OLANIYI APIR SENATER APPRECIATION ACCOUNT APT NOMINEE-RHS, AQUILA CAPITAL LTD, ARARILE LUCKY OCHUKO, AREMU OLUFOLAKE ARIBA SUNDAY OLAYINKA ARIKANKI OLUTUNDE ARINZECHI SABASTINE ARIYO BAMIDELE SUNDAY ARM NOMINEES LTD: AGGRESSIVE GROWTH FUND, ARM NOMINEES: CHIPA NIGERIA LIMITED, ARO IYABO OLUYEMISI AROGUNDADE AYODELE AISABINI AROH ERIC NWOYE, AROWOJOBE ROSELINE OLUWATOSIN AROWOYELE SEGUN AROYEWUN OLAWALE OLUSESAN ARUWAJOYE AKIN, ASANGA SAMUEL BAKO ASEMOTA JOSHUA BELLO

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ASEMOTA S. E ASHIRU FARIDAT OPEDEJI ADEGBOYEGA ASIFU FASASI EDU ASOEGWU GABRIEL IZUCHUKWU ASONYE ANTHONY ASSEMBLIES OF GOD MINISTERS BENEFIT SCH, ASSET & RESOURCE MANAGEMENT CO. LTD, ASSET & RESOURCE MGT. CO. LTD, ASSET PLUS SECURITIES-TRADED-STOCK-A/C ASTRA METROPOLE LTD ATANDA C. OTSEBOLU ATANG, JACOB ATANG ATEMIE GRACE ANANE ATLAS INVESTMENT CO. LTD, ATOLAGBE OLANREWAJU LUKMAN ATTAH AYOMIDE E.ADUKE ATTAH CHARLES ENUMERUKE ATTAH MOH'D AKO ATTAH, SUNDAY ATUANYA ANTHONY ATUEGWU GLADYS EBELE ATUNBI, JOHN OLUSHOLA ATURETA OZEIZA BLESSING AUDU EMMANUEL A AUDU MARY ADUN AUDU, DANJUMA DANAZUM AUDU, ISHAYA AUWAL MOHAMMED AVON FIN. & SEC LTD AVRESON JOYCE AVWENAGHAGHA FRANCES ONOVUCHE AWA UKOH AWAKAFANG MFON UDOH AWARA IKECHUKWU AWE LOCAL GOVT COUNCIL, AWODEIN ABIMBOLA YETUNDE AWOJIDE KASALI OLALEYE AJIBADE AWOLUSI JOHNSON OLUWAGBENGA AWONIYI EBENEZER SUNDAY AWULU, ADEMU DRISU AXHOLME NOMINEES LTD "MG" A/C, AYA CHINORUM ROBERTS, AYEMENRE, LOVE-ENDURANCE E.O. AYEMIEN KATE AYENI FRANCIS FALEYE AYENI OLADOKUN AYENI, SIKIRU OLAYIDE AYERE OKE AYOBAMI JUDEA EL-OSANNAH AYODELE FELICIA OLUFUNKE AYODELE YINKA AZIKIWE AYOGU CHINEDU OLIVER AYOH EJIMA HASSANA AYOKA PATRICIA NONYEREM AYUBA, JOHN M AZI ABOK, AJIJI AZUBOGU CHIDOZIE RICHARD BABALOLA JOSEPH OJO BABANGARA, ALHASSAN HALIRU BABATUNDE MARY .O BABATUNDE SULEIMAN ATANDA BADEJO LOLADE OYINDAMOLA BADEJOKO SAMUEL ADEKANMI BADMUS AKEEM BADMUS-AGORO OLAYIMIKA BAJOMO OKUNADE FREDRICK BAKARE ABDULATEEF KASALI BAKARE HAMMED BAKARE MUKAILA OLUKOREDE BAKARE TENIOLA BAKARE, ABDULLATEEF KASUA BALOGUN ABIODUN, BALOGUN OLAYINKA FOLASADE BALOGUN OMOLOLA ADEOLA BAMAI MOSES M.

120

DIAMOND BANK UNCLAIMED DIVIDEND

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BAMBO, PETER EZRA BAMIRO OLUMUYIWA C.ODUNTAN BAMISILE SESAN A, BAML PROPRIETARY TRADING PROGRAMME, BAMMEKE MOROHUNKE ADENIKE, BANCOM HOLDINGS LIMITED BANIGO, OWEN GOGO BANKOLE MURITALA KALEJAYE BANSAL SANJEEV KUMAR BANYE BALA ALMU BARDE TURKAMA AUTA BARKA ABDULKADIRI BARKIN LADI G.G.C BARON FERNANDEZ BRAIMAN D, BARTHOWAY DREDG. IND (NIG) LTD, BASHAR ELAMINE, BASHAR ISSA FOLOHUNSHO BASHARU ZAINAB TITILAYO BASSA LOCAL GOVERNMENT, COUNCIL. BASSEY EMMANUEL UDO BASSEY GLORIA ANTIGHA BASSEY IFIOK JOHNNY BASSEY IMOKE ASIKONG BASSEY-INYANG, EMEM BAWA GARBA YAURI BEDE ENEWALLY BEECROFT OLUSOLA TAIWO BELAMO J. TERHEMBA BELFRY INV. & SEC LTD.TRADED-STOCK-A/C BELLO AMINA ASABE BELLO ARUNA ADEBAYO BELLO AYODELE KAMALDEEN BELLO GANIYU ADEMOLA BELLO KAYODE RAPHAEL BELLO OLAYIWOLA BELLO, ADISA BELLO, EDITH OMOZE BELLO, LUKUMON IBIYEMI BELLO-OSAGIE RICHARD BENJAMIN NANKWAT DAKILING BENSON EDEH ONEILL BENUE STATE GOVERNMENT, BEOCOMA VENTURES, BFCL INVESTMENT A/C, BGL INVESTMENT LTD, BGL PLC/STP, BGL SECURITIES PTA A/C 2, BIBI ELLIS BIDIKI SAMUEL BIGUN, YAKCIT BIKEMOT ASSOCIATES LIMITED/IB PLC BIKWA, ECHAIM JAMES BIMA AFRICA LTD, BIMROY NIG. LTD, BIMSHAK, IBRAHIM BINOGUN CHRISTOPHER MAYENI BIOBAKU, GABRIEL OLAFARE BISE, ABUBA KEFAS BISE, KEFAS BISIRIYU ABISOWO F BISIRIYU MUIDEEN OLUSEGUN BISKANGA, FELICIA BITOA LIMITED, BITOA LTD, BLESSED ONES, BOATENG, SAMUEL DENYO BOATENG, SAMUEL DENYO BODANI KISHOR LEKHARAJ, BODE, AISHATU A. BOGUNJOKO FLORENCE EMILOYE BOLA ROTIMI ADEMOLA BOLANRINDE ROTIMI BOMPY ZUPPAI CHRISTY MAMISA BOSSON CAPITAL ASSET LIMITED, BOT, DANBOY DAVOU

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BOT, SUNDAY JACOB BOT-MANG, MARTIN BRIGGS NGOJI DOKUBO BROWN OLUWOLE SOLOMON BROWN, ANTHONY SUNDAY BUBA ABDULLAHI MISAU BUBA AMAR BUCKSENSE GLOBAL LTD. BUGE SARAH AYO BULUS, EDWARD BULUS, MAHONEY TOKBISH BURAIMOH ANTHONY BAMIDELE BURAIMOH IGBO OLUWOLE SIKIRU BUSARI HAKEEM ARAMIDE BUSHURA-OLAGUNJU MOJISOLA AJADI OLUWASHANU A BWODE SUNDAY C & F INVESTMENT LTD., CAPEDE INVESTMENTS LTD CAPITAL BANCORP CAPITAL PROVIDERS DEPOSIT A/C CAPITAL TRUST BROKERS DEP OSIT A/C CARING CHEMISTRY LIMITED, CASERS INVESTMENT LTD, CASHCRAFT ACCOUNT 60811-TRAD, CASHCRAFT ASSET-DEPOSIT CENTURA EQUITY LIMITED, CHAI, DEBORAH BAGU CHAKTOURA KARAM CHAMPO MUSA ISA CHAPEL HILL ADVISORY PARTNERS LTD, CHARTWELLSECURITIES LTD AC 2, CHEDID ROGER CHEDID ROGERS CHEVRON OIL STAFF M.C.S. LTD., CHIADINAOTU CHRISTOPHER CHIAKA SAMUEL CHIAZOR MARK NWANNE CHIBUEKE OGECHUKWU CHIBUOGWU MARY MEBELI CHIDEBELU SUNDAY BENSON IFEANYICHUKWU CHIEKEZI ANGELA ONYINYE CHIGBO GERALD UDOCHUKWU CHIGBU MOSES ENYINNA CHIKELUBA COLLINS CHIKEZIE, CHILAKA, JOHN S. CHILE JUSTICE DANIEL CHIME DENIS CHINBELL INDUSTRIES LIMITED, CHINBELL INDUSTRIES PLC, CHINWUBA GODWIN CHUKWUEMEKA CHIRCHAN NGYOR CHITEC MOTORS NIG LTD, CHIWARNA, NIGERIA LIMITED CHIWETALU NNABUIKE PAUL CHRIST IMAGE ASSEMBLY CHU, SHEDRACK O'ARA CHUKS COMMUNICATION SERVICES LTD, CHUKWU AMAECHI CHUKWU FREDRICK CHUKWU JOSIAH CHUKWUANU NNEKA CHUKWUDI ILO CHUKWUDINDU AMOS EBUBECHUKWU CHUKWUDINDU IMMACULATA CHINWEOTITO CHUKWUDUM SOLOMON CHUKWUDUM SOLOMON OZICHUKWU CHUKWUDUM, NWABUEZE CHUKWUEKE ANTHONY CHUKWUEKE KELECHI MICHAEL CHUKWUEKE NETOCHUKWU CHUKWUEMEKA, BENJAMIN CHIDOZIE CHUKWUEMEKA, BENJAMIN CHIDOZIE CHUKWUKA MARIUS CHUKWUDALU

2009

DIAMOND BANK UNCLAIMED DIVIDEND

671 672 673 674 675 676 677 678 679 680 681 682 683 684 685 686 687 688 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720 721 722 723 724 725 726 727 728 729 730 731 732 733 734 735 736 737 738 739 740 741 742 743

CHUKWUKA NDUBISI MADABUCHI CHUKWUNOMNSO GIDEON IKECHUKWU CHUNG, DAUDA D CHUNG, DAUDA DAVOU CIL RISK & ASSET MANAGEMENT LTD, CINNAMON ENGINEERING LTD, CLIFF-AGBAEZE CHRISABLE AMARACHI N. CLIFFORD SMART CHIDERA COGEDS, NIGERIA LIMITED COLE CYNTHIA OMOYEMWENSE COLE PATRICK DELE, COMFORT SUITES LIMITED, COMPOS MENTIS LEGAL PRACTITIONER, CONTINENTAL REINSURANCE PLC, CORE TRUST & INVESTMENT LTD, CREATIVE FINANCIAL CONSULTANTS LTD, CRUSADER GENERAL INSURANCE LTD., CRYSTALIFE ASS. CO. LTD- NOMINEE A/C, CRYSTALIFE ASSURANCE - NOMINEE ACCOUNT, CRYSTALIFE ASSURANCE CO. LTD, CRYSTALIFE ASSURANCE CO. LTD-NOMINEE A/C, CRYSTALLIFE ASSURANCE COMPANY LIMITED, DABAWA SASHE IBRAHIM DADA-ADEYANJU BUSAR ADENIRAN DADAH, DUSTE MUTMANG DADAH, DUTSE MUTMANG DAHEER, SULLEY DAHIRU, ALKALI DAHIRU, MOHAMMED DAHUNSI SIMEON OYEYEMI, DAIRO LUKMAN IDOWU DAJAN, JULIUS DAJAN, JULIUS DAKOP, JESSEY MUTTEN DAKUT CAROLINE DALHATU ABUBAKAR SADIQ DALLANG LARABA C. DALYOP, ELIZABETH VOU DAM, ZURFATU DAMA GAMBO ABIGAIL DAMILOLA DANIEL BAMGBOSE DAMITOP CONSULTING LTD., DANGANA DANJUMA MICHAEL DANGOTE SANI, DANIEL ADEBAYO OLUGBENGA DANIEL COMFORTMESERU DANJUMA ABDUL RAUF DANJUMA DAVID DANKAURAH KABIR MOHAMMAD DANLAMI SAMUEL DAOMAN EMMANUEL SUNDAY DARIYE, DABORAH DARIYE, DEBORAH DARIYE, EBENEZER DARIYE, EBENEZER P. DARIYE, JOSHUA CHIBI DARIYE, JOY NESHIT DARIYE, JOY NESHIT DARIYE, JOY NESHIT DARIYE, NAMLE MIRACLE DARIYE, NANLE MIRACLE DARIYE, RUTH WANRET DARIYE, RUTH, WANRET DARIYE, VALENTINA DARIYE, VALENTINA DARIYE, VALENTINA DARIYE, WANLE M. DARIYE, WARNLE M. DASHE, SAMUEL NDEN DASHUM, JONAH MACHIF DAUDU, DENNIS DAUDU, DENNIS DAVID C. ISREAL

744 745 746 747 748 749 750 751 752 753 754 755 756 757 758 759 760 761 762 763 764 765 766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 809 810 811 812 813 814

DAVID CHUKS KEVIN DAVID ELIZABETH MANDU DAVOIS FRANCIS D., DAVOU DANBOYI DAVOU REBECCA DAVOU, CHUNGDUNG MANCHA DAVWAR, HANATU PHILEMON DAVWAR, HANATU PHILOMON DAWODU ADEBISI DAWODU ATINUKE, DAWODU BIODUN AHMED DAWODU TESILM AYODELE DAZE, KANENG SARAH DAZE, SARAH KANENG DE-CANON, INV.-TRADED-STOCK-A/C DEE JONES PETROLEUM & GAS LTD , DELE HAKEEM OLAWALE DENENU VICTORIA DENHAM MANAGEMENT MILLENNIUM FUND, DERIVATIVES INDUSTRIES LTD/IB PLC, DIAFE OGHENERUEMU JACOB DIAI JASPER IFECHUKWUDE DIAMOND BANK/INTEGRATED TRUST & INVTRDG, DIAMOND BANK/VETIVA CAPITAL MGTTRADING, DIATO OIL LIMITED, DIBASHI AUGUSTINE UCHE DIBIAH CHIKANELE EMILIA DICKMWEN, BITRUS MANGBIT DIDI PROPERTIES LIMITED DIEKOLA IBRAHIM KOLAWOLE DIETE-SPIFF DANIEL DIKE PRINCEWILL DILA GWAMADA KABIR DIMKA, AMINA ANITA DIMKA, ESTHER KENAYA DISU RAHEEM B. OLA DOGO, ALHMADU JATAU DOMKAT YATEA B DON MAC LTD, DOYIN ODUKO IMOLEAYO DUNG, ALEX P. DUNU INDUSTRIES LTD, , DURU FAITH AKUCHUKWU DURU OBINNA SAMUEL DURUEKE VITALIS ONYEOZIRI DUYILEMI TEMIDAYO CLEMENT DWANCHIN, JAMES MARKPRIM EAGLE GLORIA SYNDICATE LT, D EBAGU, OGEYI EVELYN EBEGBULEM, CHIJIOKE MR. EBELE, EDNA UMEZULIKE EBERECHUKWU JUSTICE ANYANWU EBHUELE, HELEN EBI ERNEST CHUKWUDI EBI PORBENI, EBIZIE NATHAN EBOIGBE NOSAKHARE RICHMOND EBUOMA, CLEMENT E MR, ECHE, OCHEJE WILSON ECHEBIRI RAPHAEL NDUBUISI ECHEDOM CHINEDUM ECHEKWUBELUM PATRICIA NGOZI ECOBANK NIG.PLC/ICMG SEC.LTD-TRADING, ECOBANK NIGERIA/TOPMOST SEC.LTDTRADING, ECOBANK/ESL/CAVERTON PROP. LTD-TRDG, ECOBANK/EUROCOMM SEC LTD-TRADING, ECOBANK/MEGA EQUITIES NIG - TRADING A/C, EDEKI JOYCE EDEWI GODWIN EDIDJANA RICHARD EDOGWO-JOHNSON JUSTINE CHINEDU

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EDOKPIA AKHERE EDUN BENJAMIN AMORIGHOYE EFEH CASIMIR OMORSE EGAGESHE JAH'S WILL EGAGESHE RUDDY EGAGESHE SANDRA EGAGESHE, JAHSWILL MILLS EGBO ANTHONY IKECHUKWU EGBON OSAZEE MASCOS EGBU VICTOR EGBUNU MUSA ADAMU EGORAH ONYEKA SIMON SUNDAY EGUAKHIDE FRANK OMOGBUA EGUBE SAMUEL, EGWUATU JOSEPH ONYEKACHI, EGWUATU, SYLVESTER AZUKA EGWUONWU CHUKWU NDUKAUBA, EGYA SAMUEL AZAMU EHIBOR DANIEL EHIEMERE ERNEST CHIMEZIE EHINLAIYE REMI EHIOGHIREN OSARETIN EHIRIBE JEREOMA EHIZOKHALE LOUIS E. E-IKRAX VENTURES NIG. LTD, EISELE OSARO ANNA EJIAFA SYLVESTER CHUKWU EJIEDIBIA ADA EJIMOGU SAMUEL ONYEKACHI EJIOGU CHIMDI/NGOZIKA EJIOGU JULIE AMAECHI EJUKONEMI ROLAND EKANEM, EDEM EYO EKEKWE ROBERT OBIKE EKEOMA E. EKEOMA (ELDER), EKINE AUGUSTINE PRINCE EKITI STATE GOVT, EKO IKPI IBIANG EKOM, IME ETUK MR. EKOME ONOYEMARINUWA MOSES EKPE NWANKWO EKUNSUNMI, HAKEEM A. EKWE KENNETH CHINEDU EKWENUYA, HENRIETTA UMEADI EKWENUYA, UMEADI HERIETTA EKWURUKE EMEKA JERRY, ELAYO JAMES ELEAZE UDOCHUKWU CYRIL ELECHI GODWIN ELEDO CHIDIMMA ESTHER ELEGBUSI MARY ADAOBI ELEKWECHI, RAYMOND MR. ELENDU, COLLINS ELEWEKE SUNDAY CHIBUZO EL-KYARI JUMMAI AHMED EL-KYARI, JUMMAI AHMED ELUSADE A.O. ELUSHADE IBIYINKA OLUBUNMI ELUWA, ANNA EMBASSY PHARM & CHEM LTD, EMBASSY PHARMACEUTICAL, EMEAGWALI EMMANUEL IFEANYI EMEDE RAMSEY OMEMAWOMA - IMF, EMEFIELE, TONY EMEGHALU NOMWEN EMEKA BENNETH IZUCHUKWU EMEKA LIVINUS AGBIM EMENALO CHINYERE TRAVIS EMENDU FRANK CHIJIOKE, EMENIKE, JOSEPHINE MRS. EMENUGHA HANNAH AMARACHI EMERSON MARSHAL EMETAROM, UZOAMAKA NNAMDI MRS EMMANUEL FAVOUR E. EMMANUEL JEREMIAH

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EMMANUEL NWOKOMA HENRY EMMANUEL, REBECCA TUMBA LT EMODI KAREN EBUBE EMOH IFEANYI JOSEPH ENE JOY NMA ENE, CRESCENT ENEANYA AUGUSTINE NDUKA ENEBELI, OFILI ENEH CLEMENT BERTRAM .A. ENEH, VINCENT C. ENEMCHUKWU CHIEMELIE JUDE M ENEMUOH MICHEAL, ENEOGINE NEWMAN CHIZZY ENNE, BERNARD SABO ENOCH IWUEZE, ENVULUANZA, AMINA ENWEREM, NDIDI DAVID MR. ENWEREM, VIVIENNE R MRS ENWEREUZOR, CHUKWUEMEKA A. ENYIOHA SELINA EPHRAIM DANIEL ERHUVWU ALFRED ESABU, ESTHER OTHAILOBHEGBE ESEKHAIGBE OTIBHO GRACE ESEKHAIGBE, ANGELA OBEHIAGHE 0 ESEKHAIGBE, CECIL MR. ESEKHAIGBE, EBANEHITA JUDE DR(MRS) ESENDU BOGOFANYO ESIMOBI, SMART ODUNI MR. ESO ANUOLUWAPO ESOGWA CASMIR IFEANYI ESONWUNE COSMAS IHEDORO ESSIEN , O E ESSIEN FAITH CLEMENT ESSIEN FRANCIS AKPAN EST. OF EKE CHRISTOPHER OSATO (ADMORS) MRS. EKE CHRISTIE OSARU BELLO-OSAGIE AND IKPONMWOSA EKE ESU, IVARA EJEMOT PROF, ESUA OKON JOHNSON ETAROGBA CHRISTIANA ETEBU, HANNAH ETEGHARARA DUKE ETIE AZUONYE PATRICK ETIKO ADEKUNLE RASAQ ETIM DON, ETOKAKPAN JOSEPH ETOMI PHILIP OBI ETOP ELEM YEWANDE ETTA CLETUS NNAEMEKA ETUK, OKON TOM EVAH PREYE MAGADA EWULUM BONIFACE EBELE EWUMI, WALE EYITUYOR EYETUOAHENWO ABEL EZE CHUKWUDI MAYOR EZE DAVID EZE JOHN CHIMEREZE EZE JONAH OBINNA EZE JUSTINA IFEYINWA EZE OBINNA BASIL EZE OLIVER UCHENNA EZEAGWU CHRISTOPHER OGWUGWUAM EZEAGWULA IHEUKWUMERE EZEAKA CHUKWUEMEKA ANTHONY EZEAKU BASIL CHINEDU EZEAKUNNE, SHEDRACK MR. EZEAMATOGU MARYSTELLA EBERE EZEANOCHIE EMMANUEL M. EZEANOCHIE JOSEPHINE CHINWE EZEBUDE IFEANYI BONAVENTURE EZECHI VITALIS IKECHUKWU EZEGWU JOHN AROCHUKWU EZEH CHIDIEBERE KENNETH EZEH, CHRISTOPHER NWAFOR

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DIAMOND BANK UNCLAIMED DIVIDEND

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EZEILO OBINNA FELIX EZEIRU UCHECHUKWU SUNDAY EZEKIEL, TIZHE S EZEKWERE DON SUNNY, EZENAGU, SOMTOO EZENWA CHIGOZIE EZENWA SAMUEL CHINENYEZE EZENWAJI PETER ONYECHI EZENWOBI ABUCHI EZEOBI ALPHONSUS EZEOBI ANGELA CHINYERE EZEOCHA CHUKWUNYERE STANLEY EZEOGU NNAMDI ONYEDIKACHI SAMUEL EZEOKWUORA OLUCHUKWU NDUBUISI EZEONWUKA ROMMY AMANDI EZEONYEKWEKE GRACE IFEOMA EZERA NDUKWE EZERA EZERUOMA, KENNETH CHIEF EZIKE DOZIE OKWUNNA EZIKE, VIVAN NGOZI MR. EZIOKWU EMMANUEL EMEKA, EZUMAH APPOLONIA AVIO EZUMEZUH CHUKWUEMEKA LYNFORD F&C SECURITIES LTD-TRADED-STOCK-A/C, FABAMISE EMMANUEL FABIYI MARGARET UFUOMA FABONG RAMNAN FABUSUYI FEMI KAYODE FADAHUNSI OLUWASEUN FADAHUNSI, OLUMIDE FADARE BILIKIS ENIOLA FADARE FATIMA TEMITOPE FADARE GANIU AFOLABI FADERO STEPHEN ILESANMI FADEYI BIODUN EMMANUEL FAGBEMI AYODELE OLADEJI FAGBEMI SAMSON OLUPITAN FAGITE MATTHEW FAIRCORP INVESTMENT LIMITED, FAJUYI (IFE) FRIENDS MULTIPURPOSE CO-OP. FAKAISI OMOLAFE OLUSEGUN FAKOKUN BLESSING ANDY AGHAHUWA FAKOYA ADEWALE OLABISI O. FALAYAJO JULIANA A. FALAYE RUFUS OLUKAYODE FALEKE MOSES AYODELE FALODUN EDNA I. FALOLA ABEL FALOWO OLAWALE IDOWU FAMAKINDE OLUWAKEMI FAMOBIWO FREDERICK AYODELE O. FAPO ABRAHAM BAMIDELE FARAKWAI MUHAMMAD YARO FAREMI ISAAC B., FAROMIKI SUNDAY OLUFEMI FAROUK, FATIMA UMARU FASHINA AJIBADE TAOFEEK FAWAZ HASSAN ABDULHUSSEIN, FAYEMI JOEL AYOKOMI FBC TRUST & SECURITIES LTD., FBN CAPITAL LTD NOMINEE, FBN CAPITAL NOM-ASNANI N, FBN CAPITAL NOMINEE LTD-3/TP2, FBN CAPITAL NOMINEES 2, FBN CAPITAL NOM-NPF MB, FBN HERITAGE FUND, FBN NOMINEE A/C 00094 FBN/MAMUDA INDUSTRIES NIG. LTD, FBN/MARIO JOSE ENTERPRISES LTD, FCMB/CROWNWEALTH ASSET-TRDG, FEJUKU, SOLOMON ROTIMI FEJUKU, SOLOMON ROTIMI FELIX, EMEGOAKOR MR & MRS. FESTUS SUNDAY FIBERESIMA, O MAJOR MRS

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FIDELITY FINANCE CO. (DEP OSIT A/C) FIDELITY FINANCE CO.-DEPOSIT A/C FIDELITY FINANCE CO.-TRADED-STOCK-A/C, FIDELITYBANK PLC/TIDDO SEC LTD- TRADING, FINAXA CORPORATION LIMITED, FIRST BANK PLC/BGL SECURITIES LTD- TRDNG, FIRST BANK PLC/FUTURE VIEW SEC - TRDG, FIRST BANK PLC/FUTURE VIEW SEC-(2)TRDNG, FIRST FIDUCIARIES & TRUST LTD FIRST NAT LTD FIRST PCN/FIRST GUARANTEE PENS-PFA MAIN, FIRST PCN/FIRST GUARANTEE PN-PFA TRADING, FIRST TRUSTEE A/C-2002 MULTIPURPOSE, FIRST TRUSTEES A/C ACHUNINE ROSE FIRST TRUSTEES NIG.LTD.(DISCOVERY FUND), FIRSTINLAND BANK/FIDELITY FIN CO. - TRDG, FIRSTINLAND BANK/FUTUREVIEW FIN. TRDNG, FLEET TECHNOLOGIES LTD - NOMINEE A/C, FLEET TECHNOLOGIES LTD, FOLORUNSHO ELIZABETH FUNKE FORESIGHT SECURITIES LTD - DEPOSIT A/C FORTE ASSET MGT.LTD -DEPO SIT A/C. FOURSQUARE GOSPEL CHURCH FOURZALI JOSEPH FOURZALI, JOSEPH MR FUS NOM A/C IGBO-UKWU MICROFINACE, FUSL INVESTMENT & TRUST CO LTD A/C 2, FUSL NOMINEE / SMALL CAP FUND, FUSL NOMINEE A/C AYU & CO LTD, FUSL NOMINEE A/C ONWUKA THADDEUS CHIDI FUSL NOMINEE/ AURORA AC 1, GAMBO DAHIRU DANLITI GANA, CHRIS RIGGA GANA, CHRISTOPHER RIGGA GANG, JOEL MANGAI Y GANGO ISAAC GANIYU, MUIBAT BIMBO GARBA (RTD), JOSEPH NANVEN GARBA MUSA HAFIZ GARBA, EMMANUEL GARBA, JOSEPH NANVEN GARUBA, IBRAHIM GASL NOM. LTD - SOVEREIGN ACCOUNT, GASL NOMINEE LTD - ADEYEMI LAOSEBIKAN GASL NOMINEE-DIRAN FADOJU ACCONUT GAYA IBRAHIM AMINU GAYA SAI GBADAMOSI NIMOT BOLADALE GBADAMOSI OYINLOLA TINUOLA GBADAMOSI, JAMIYU OLA GBADEBO KOLAWOLE GBADEBO MICHAEL GBAKPHEN, JOAN JOHNSON GBENGA ONIGBOGI, GBOMAH JIMMAH GEORGE HELEN GEORGE OLUWASEUN GEORGE SOLOMON INYANG GEORGE, GASHON GETSO KABIRU IBRAHIM GIADOM ESTHER GIMBA, DORCAS A. GIMNS IND.LTD, GITTO COSTRUZIONI GENERALI NIG.LTD, GIWA ABDUL SALAM ADESAYO GIWA MARGARET OLUYEMISI GJMSMER COMMODITIES LTD, GLOBAL ASSET MGT. LTD-TRADED-STOCK-A/C GLOBAL HARVEST CHURCH INTER HEADQT GODWIN CHUKWUDIEBERE FRANK GODWIN JIM EMMANUEL

2009

DIAMOND BANK UNCLAIMED DIVIDEND

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GODWIN NORA GOFWAN, VERONICA G. GONDYI, SHIRIWKA THOMAS GONGUR, NENGAU GOLIT GORDEN, UWEMAKAMA GOTAR, KAMWOK YIBIS GOTORONGS, TIMOTHY DANCHA GOWAM, JACOB K. GOWDYI, SHIRKUKA THOMAS GOWON BAKUT GOWON, JOSEPH GREEN UCHENNA MITCHELL GREGORY-UBIGEN NOSA FYONNA GT BANK PLC/FUTUREVIEW FIN SER TRADING, GT BANK/CALYX SECURITIES LTD - TRADING, GTB ASSET MANAGEMENT LTD 2, GTB ASSET MANAGEMENT LTD, GTB/SIGMA SEC. LTD - TRADING, GTM/AFOLABI OLAYINKA OLADOYIN GTM/ALLI A ADEKUNLE GTM/OMUYA OZIGI JOSHUA, GUARANTY TRUST BANK/BGL SEC LTD TRADING, GUARANTY TRUST BANK/PROMINENT SECTRDNG, GULUDE LIMITED, GUMEL MARYAM IBRAHIM .D. GUMWOS, AYUBA DANIEL GUMWOS, AYUBA DANIEL GUSHEM, LADI OBED GWARI DAUDA MUSA H.D.F. AND SONS LIMITED, HAANSBRO (NIG) LTD, HAASTRUP VICTORIA AYODELE, HADI MASHOOD HALADU AMINU HALILU, DANLADI (ALH.) HAMDALA REALITIES & INVEST. LTD, HAMILTON HAMMER & CO LTD NOMINEE WALKAY, HAMZA ATTA HAMZA KOLO HADIZA HANDEF, HANOTU BRIGHT CHIMA HARRISON IBI-ADA HARUNA IBRAHIM S. HARUNA SHUAIBU YAHAYA HARUNA, AMOS NEIARI K. MAKPA HARUNA, AMOS NGARI HASSAN TOLULOPE A. HASSAN, RABIU RINGIM HAUTGARD LIMITED, HAVILAH LIMITED, HEDGES SECURITIES & INV. CO LTD, HEZES UCHECHUKWU GERADINE HILLPOINT INTERNATIONAL LTD, HU CHARLES TITAN HUGHES THOMAS FREDERICK HUNDER MIKE OCHUKO, HURRICANE VENTURES LTD HUSSAINI ALIYU HUSSAINI IDRISU HYPPOLITE CHUKWUDI I.C.E.L RESOURCES & INVESTMENT LTD., IAML A/C CNSPL GSF, IAML A/C DAFE & NNOLI AKPEDEYE, IAML A/C GB VESS PLAN, IAML A/C HEZI GLOBAL SERVICES LTD, IAML A/C OCEAN & OIL INVESTMENT, IBE KENNETH CHUKWUMA IBE TOCHUKWU SYLVESTER IBEABUCHI HELEN OLUCHI IBEANUSI, MAXWELL IBEH MAURICE I.

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IBEJIRO NDIDI IBEKWE CHIOMA FLORENCE IBENECHE, CHIMAOBI IBEWIRO OBANI IBEZIMAKO AUGUSTINE N. IBHASUEMOJIE .A. OKOEGUALE IBIANG OFEM OBONO., IBIDOKUN GBENGA JACOB IBIDOKUN SAMUEL ADEYIPO IBIKUNLE VICTORIA ABOSEDE IBILE HOLDINGS LIMITED, IBIROGBA, IBUKUNOLUWA OLAWALE IBIROGBA, IBUKUNOLUWA OLAWALE IBIRONKE GBADEBO JOSHUA IBIWOYE SUNDAY IBODE OLUMIDE OLUFEMI IBRAHIM AHMAD NASIR IBRAHIM GRACE ABIODUN IBRAHIM JOKO IBRAHIM LATIFAT IBRAHIM M. MOHAMMED IBRAHIM NURAEN ADEKUNLE, IBRAHIM RASHEED OYEBANJI IBRAHIM SHEHU BESSE IBRAHIM TOSIN IBRAHIM, ADEPEJU FOLASHADE IBRAHIM, BITRUS HILDI IBRU, OSKAR C J IBTC CHARTERED BANK PLC, IBUKUN DAVID TITILAYO IBUZO IRENE IFEYINWA ICMG SECURITIES LTD-TRADED-STOCK-A/C ICON NOMINEE 333 (UBIB), ICON NOMINEE LIMITED 276 ICON STOCKBROKERS LIMITED IDAHOSA PETER IGBINIGIE IDAYAT ALABA USMAN IDEBI ANAH IDIAKHOA OBOITE LAWRENCE IDIHC NIGERIA LIMITED IDIOK WEEKS UDDOH IDISI CHRISTIAN O IDOWU ABIODUN OLAWALE IDOWU OLUWATOYIN IDRIS IDOWU WILLIAM AKITOLA IDRIS ALADE IDRIS IBRAHIM, IDUITUA FELICIA IFASUYI OLASEHINDE IFE CHETACHUKWU JUSTINA IFEANYI ARINZECHUKWU IFEAZI OLUCHUKWU FABIAN IFEDIORA SUNDAY LAWRENCE IFUNE CHINEME CHRISTABEL IGBADUMHE IVIAGBOYA SOLOMON IGBAJI CHRISTOPHER UGABI IGBO OKEY HYGINUS IGBOELI GLADYS OLUCHI, IGBOELI MIRIAN NJIDEKA IGBOKEH MAXWELL NDU IGBOKWE AHAU ENYINNAYA IGBOKWE TOCHUKWU HENRY IGBONAJU IFECHUKWU E. IGBONEKWU LEONARD UDEOZO IGBRUDE MINNIE AJUWEDE, IGBUDU, NGO IGEDEBOR UFUOMA JERETON IGHARHA KESIENA OGHENOVO IGHIGHE EDWIN OMORUVIGHO IGIEHON EVBAKHAVBOKUN BLESSING IGIOZEE EFOSA IGIRI ONUOHA IGWE, CLETUS NAPOLEON IGWEGBE PAUL NNAMDI IGWEGBE SAMUEL OBINNA

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IGWEH FREDRICK NDAH IGWEZE OBIORA PAUL IGWILO BLESSING IGWILO STEPHEN IGYEM, AARON JOHNSON IGYEM, SHADRACK JOHNSON IHEANACHO MONDAY CHI IHEANACHO RAPHAEL CHIDIEBERE IHEANETU GEORGIANA CHIGOZIE IHEZUO OGBONNA INNOCENT IHIONU MMADUABUCHI PETER IHONGBE ESELE JUDITH IHUKA UZOMA THEODOR IJEOMA SAMUEL TOCHUKWU IJOSE ADETUTU OLUFUNTO IKE JANE NKECHI IKE STELLA CHIKA IKEAGU VINCENT CHIJIOKE IKEBEOTU EMEKA IKEMENANWA FRANCIS ONYEDICHUKWU IKENWA STEPHEN CHIDUBEM IKEOKWU ANTHONY ANDY IKEORA FRANCIS CHUKWUNONSO IKHARO ISIOMA GLADYS IKIME OBARO IKOBAYO OLATUNDE ISIAKA IKOGWU ONYEKA HARRISON IKORO ANYIM NKEM IKOUGHE PHILIP UDOMOH IKPAH MARTIN IKPEME ENE IKPEOHA CHIMAEZE ALOZIE IKPI GLORY IKPONMWOSA KINGSLEY ODIASE IKWECHEGH , AMADI IKWU ANSELM NWOKLEME ILARIOGUN OLANREWAJU DURO ILEABOYA ALBERT JOSHUA ILECHUKWU, BARTH CHINONDU ILESANMI JOHNSON ILIYA MUSA DOKA ILO, SILAS ARINZE ILOH CHUKWUDI PAUL ILOZURU LOUIS AZUMA IMAFIDON CLIFF RICHARDSON IMHONTU DOMINIC ODIANOSE IMOH MARTINS UCHE IMOUOKHOME FRANCIS AIEN-AKHO INDEPENDENT SEC.LTD. TRADED-STOCK-A/C, INEH - MIC AUTO COMPANY LTD, INFOR & BROS [NIG] LTD, INNEH ENDURANCE EHIGIE INTEGRAL FACTOR INT. LTD., INTEGRATED HOLDINGS NIGERIA LTD, INTEGRATED MULTIPURPOSE ENT., INTERCONT BANK/DEEP TRUST INV TRADING, INTERCONT BNK/EQUITY CAPTL/STACOTRADING, INTERCONT BNK/PRIMEWEALTH CAPITALTRADG, INTERCONTINENTAL SECURITIES LTD-PAM 24, INTERCONTINENTAL SECURITIES LTD-PAMS25, INT'L ENERGY INS CO, INYANG ISAAC INYINBOR VICTOR IPINNAIYE MARGARET IRIS TRADING & INVESTMENTS LTD IRONO NKECHI FIDELIA IROZ-NNANTA CHINEDU ISAAC ELIZABETH DADA ISAIAH MICHAEL AYANATE ISAKU HALADU ISANDU, SAMUEL ISANDU, SAMUEL AKUBAKA

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ISA-OLADELE AISHA A/C 2, ISE-IDEHEN GEORGE OTUTU ISHAKU SANI ISHAKU, MUSA ISHOLA ADIJAT TEMITOPE ISHOLA AKINOLA, ISHOLA GBENGA PAUL ISHOLA MOSES GBENGA ISREAL OWOLABI OLATUNJI ITEGBOJE DAVID ITUA JOSHUA IWEKA AFAMFUNA NDUBUISI IWU, MAURICE IWUAGWU BATHRAM CHINEDU IYANIWURA MUJIDAT AJIKE IYIMOGA, FATIMA IZANG, AZI JOSHUA IZANG, AZI JOSHUA IZUAKOR PASCHAL OSITA IZUNOBI BOLINGO JOSAPHAT J A DINA INVESTMENTS LTD., RC NO 217960 J P NOMINEES LIMITED JACK SOALA ABEL JACOB ENEMAKWU JAIYEOLA OSENI OLAJIDE JAJI MUDASHIRU AJAO OLA JALINGO NIGERIA LIMITED, JAMES, UDONG JANG, BENJAMIN ZOYONG JANG, SAMSON BOTT JANKANWA, EMMANUEL WUDELWA JAURO SABO ISHIYAKU JEGEDE, DARE JEGEDE, DARE JEMIBEWON DAVID MEDAIYESE, JEREMIAH PRATT DARE JIBRIN SOLOMON CHIDERA JIDDAH, USMAN HEZEKAIYA JINADU ARIAT ADEROJU JOEIRENE ENT NIG JOHN EZEKIEL PRECIOUS JOHN GODWIN JOHNSON ABIDEMI OLADOSU JOHNSON GRACE DADA JOHNSON O OLUTOYIN JOHNSON OLUWATOYIN ADENIKE JOHNSON SUNDAY JOHNSON VICTORIA OMOLARA JOLAOSO TAIWO RASIDI JONES ABAYOMI JOSEPHS MARYLILIAN IJEOMA JOSHUA, YAKUBU IZANG JPR NIG LTD, JUBRIL ABDULAZEEZ AJAYI JUUL TREVOR D.C, JUUL, TREVOR CARELISE KAANGA BEMGBA KADIMA MARY KEMS KADIRI SOLOMON AMAGBOR KADIRI, MORUFU ABOLAJI KAFINTA, WINIFRED DAMSEN KAFISANWO JIMI OMOSNAYA KAGBURE OLUGBEMIGA MOSES KAKAWA DISCOUNT HOUSE LTD A/C-1, KAKAWA NOMINEES - OCCAM, KALE ISAAC BAMIDELE KALEJAIYE AMOS OLUFEMI KALU ARUNSI UKAIRO KALU OBI CHUKWU KALU OGBA NENA JANE KANAM LOCAL GOVTERNMENT C, OUNCIL. KANGKUM, MAUREEN NAANZEM KANU UDOCHUKWU KANZE, ILIYA KARAMI YAHAYA,

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DIAMOND BANK UNCLAIMED DIVIDEND

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KASIMU, YAKUBU KASSIM ABDULRASAQ OLAYIWOLA O KATSALA NIGERIA LIMITED KATSINA STATE UNIVERSITY, KAYLOPE CO LTD KAYODE ADEPOJU KBB ENGINEERING LIMITED, KEDUSAPH LIMITED, KEFFAS GRACE KEFFI LOCAL GOVERNMENT CO, UNCIL. KENNETH CHIBUZO KER ALEXANDER IGBAWASE KEVIN, STELLA OBY KINGSLEY ADEKUSIBE OLANREWAJU KIRKWOOD OLAJUMOKE ABIODUN KOGI UNITED COMPANY NIGERIA LIMITED, KOGUNA BABURA INSUR. BROKERS LTD, KOKOGHO IGHO DANIEL KOLA PADONU KOLADE AKEEM BABATUNDE KOMOLAFE OLAKUNLE MUYIWA KOMOLAFE OLATUNDUN O. KOSIN OFORAYE NOAH KOTSO, IBRAHIM IDI SABO KOWAL ESE KOYEJO OLUFUNKE OLABISI KPOTIE ALOYSIUS EFFIONG ALFRED KPUDONU, BEN NNABUEZE KUBEYINJE ALERO RACHEL KUKU MODUPE ADEYINKA KUKWI HOSEA BONET KUKWI, HOSEA BONET KUM, NANRE LILIAN KUNDILA FINANCE-DEPOSIT KUPONIYI MICHEAL ADEKUNLE KURAYE ABUBAKAR ABDULLAHI KURU AHMED LAWAN, KUTI-GEORGE SEGUN TAYO KWARI SULEIMAN ABDU KWATWA, PHILIP KWATWA, PHILIP KWATWA, PHILIP KWAZEMA RACHEL OSEHISE LABARAN CONSTRUCTION CO., LTD. LADAPO ABIMBOLA LATIFAT LADAPO ESTHER MOJISOLA LADAPO SOLIU OLATUNJI LAITO VENTURES - OCCAM, LAKSWORTH INV. & SEC LTD -TRADED STOCK A/C. LALEYE ADUNNI M LAMIDI SURAJU ADEYEMI LAMINA ABDUL GANIYU LAMONDE NIG LTD, LAOYE AKINRINOLA OYEWALE, LAR, NANNYAM GIDEON LARRY EPHRAIM ETTAH, LASACO ASSURANCE PLC. WAREHOUSE SHARES, LASISI ADIO LATU OLIVIA YOHANNA LAVIDA MEDICAL GROUP, LAW UNION AND ROCK INSURANCE PLC A/C 2, LAWAL ADEWALE KEHINDE LAWAL HASSAN LAWAL RAHEEM ADEKUNLE ADISA LAWAL RASAKI OLABANJI LAWAL SIKIRU ADEKUNLE LAWAL YEMISI SERIFATU LAWAL, ABIOLA MUNIRAT LAWAL, SAKIBU OLUWATOYIN LEAD INVESTMENT LIMITED-TRADED-STOCKA/C LEADWAY ASSURANCE COMPANY LIMITED,

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LEDIJU BABATUNDE LEKSHI, EMMANUEL LEMCHI CHIDOZIE .C. LEWIS GREGORY ADEYEMI LEWIS RICHARD OLABODE LIASU ATANDE MUHAMMED LINGO NIG LTD, LIPDO, MERCY NANJI LITTLE HEROES LTD, LOCAL GOVT. JOINT ACCOUNT, LOCAL GOVT.OWO ARA ENI COOP.INVEST. CREDIT LTD LOENSE INTERNATIONAL LIMITED, LONG, JONG LONG LONGBA, EPHRAIM MARKUS LONGE JIMOH ADEDOYIN LONGTSEN, SHEPNA'AN AMBROSE LORDMIKE ASSETS & PROP. LTD, LOT GABRIEL ALICE LOTOBI NKECHI LOTTOJ INTERGRATED SERVICES LTD LUCAS JAIYEOLA OLATUNDE, LUKA, JATAU KAGOMA LUNGU, MARTIN TUMBA LYNAC SEC.LTD-TRADED-STOCK-A/C M.O. NNAJI INDUSTRIES LTD, MABIGU ADESINA MABO ISAAC FOLORUNSHO MACAULAY ENIOLA YASMIN MACAULAY KAREEM ABIODUN MADUBIKE NKECHI G. MADUBO ARISE MADUBUEZE OBIANATA PETER MADUBUIKE, IHECHUKWU CHIEDOZIE MADUBUKO CHINWENDU EZINWANNE MADUGU, AHMED MADUGU, TANKO SHUAIBU MADUWUBA OBUMKERE MAFIANA ANTHONY UCHE MAFO BENJAMIN OLUGBOTEMI MAGA, NAMO MAGNARITIS FIN.&INV.LTD.TRADED-STOCKA/C MAHONEY, BULUS TOKIBISH MAKANJUOLA NOAH MAKASUWA EGO MADAKI MAKINDE ABIODUN JOSEPH MAKINDE AKINDELE MAKINGAT, SAMUEL CECILIA MAKWA, DOUGLAS NKORI MAKWA, DOUGLAS NKORI MAKWUT, SUNDAY TOMA MALAN IBRAHIM MALVIN MALI, MOSES ANGO MAMUDA, JOHN CHRISTOPHER MAMVEN MANJI ELSIE MANCHA, CHUNDUNG MARY MANDE SAMBO MANGAI, GODWIN MANGVWAT, LILIAN NANCIN MANKAY GLOBAL PROJECTS LTD, MANKILIK ISAAC MASHINGIL MANSUR, SANI MOAHMMED MARANATHA ASSO. PASTOR'S FELLOWSHIP MARANELLO RESOURCE LIMITED, MAREN, WILLIAM MATARU MARK JOY CHINWE MARLBICS INDUSTRIES LTD, MARTINS ADETAYO SHADRACK, MARTINS ONYEBUCHUKWU OHAZURUME MAXIN LOTUS LIMITED MAYOR-EZE IFEDI LLOYO MAYOR-EZE NKEIRUKA JULIANA MAYOR-EZE UDONNA OWEN MBA KALU KALU

2009

DIAMOND BANK UNCLAIMED DIVIDEND

1545 1546 1547 1548 1549 1550 1551 1552 1553 1554 1555 1556 1557 1558 1559 1560 1561 1562 1563 1564 1565 1566 1567 1568 1569 1570 1571 1572 1573 1574 1575 1576 1577 1578 1579 1580 1581 1582 1583 1584 1585 1586 1587 1588 1589 1590 1591 1592 1593 1594 1595 1596 1597 1598 1599 1600 1601 1602 1603 1604 1605 1606 1607 1608 1609 1610 1611 1612 1613 1614 1615 1616 1617 1618 1619

MBACHU KINGSLEY CHIBUOGWU MBADUGHA CHUKWUEMEKA EZEMONYE MBAERI, UCHENNA FESTUS MBAH CHIBUGO EZINWA MBAKWE OBED ANAECHI MBAM SUNDAY MBANEFO CHARLES ANIWETA MBANEFO ELOCHUKWU ANSLEM MBANUGO EMMANUEL MBCSEC NOMINEE 'PHIL' MDEIHLI SULEIMAN MEDUGU JOSHUA ZACHARU MEFOROM CHIKAMARA OGBOMUCHE MEJABI BAMIDELE MENE-OMAGBEMI, ELIZABETH MERILL-OGE INVESTMENT MERVEILLIE O'TEGA VANESSA METROPERIL INSURANCE BROKERS LTD, METROPOLITAN TRUST NIG. LTD., MGBENU CLARA CHIEBONAM, MGBEOKWERE INNOCENT MICHAEL NELSON UGOCHUKWU MIDAS STOCKBROKERS-DEPOSIT MIKANO INTERNATIONAL LIMITED, MINISTRY OF FINANCE INC. BAYELSA STATE, MKPADO OFOEGBU JOSEPH MMADU LINUS OBUMNAEKE MODEBE NNEAMAKA JOY MOHAMMAD RABIA ABDUL MOHAMMED ABDULSALAM MOHAMMED BAKO AHMED J.J MOHAMMED BASHIRU MOHAMMED OLAJUMOKE MOHAMMED OLAMIDE MOHAMMED OLAWUNMI MOHAMMED RILWAN MOHAMMED USMAN ADAMU MOHAMMED, ANGULU MOHAMMED, DANLADI UMARU MOHAMMED, JA'AFARU GIWA MOHAMMED, YAKUBU MOKA JOSEPH OKECHUKWU MOKWUNYE AUGUSTIN MOLOKWU EMMANUEL EMEKA FAVOUR MOLOKWU, BENJAMIN NNAEMEKA MOLTEN TRUST LTD, MOLTEN TRUST LTD-TRADED-STOCK-A/C MOMENTUM CAPITAL LTD., MOMOH KABINU EGELE MONEY POINT LIMITED, MONOFI, MOMODU MORAKINYO GOODNESS TEMILOLU MORDI JOSEPH CHUKWUMAH, MOSES TITUS MUYIWA MOUKA LIMITED, M-SDS/ADEKANBI TOYIN FELCIA M-SDS/EKUNDAYO IDOWU OLUSEGUN MUFUTAU OLAJUMOKE MUHALLI, DEVELOPERS COMPANY LIMITED MUHAMMAD UMARU MUHAMMED, YAKUBU MULTINATIONAL INVT. & SEC . LTD. MULTITUDE CONCEPT LIMITED MUNONYEDI HELEN MUSA ABDULRAHMAN BASHIR, MUSA AHMED AIGBUGHU MUSA ISHAKU MUSA JOSEPHINE BRISTON MUSA MOHAMMED KABIR MUSA SADIQ SANKARA MUSA, ALTINE AYUBA MUSA, SUNDAY MUSA, YUSUF MUSTAPHA AFIS ADEBIMPE MUSTAPHA SAYE MUHAMMAD

1620 1621 1622 1623 1624 1625 1626 1627 1628 1629 1630 1631 1632 1633 1634 1635 1636 1637 1638 1639 1640 1641 1642 1643 1644 1645 1646 1647 1648 1649 1650 1651 1652 1653 1654 1655 1656 1657 1658 1659 1660 1661 1662 1663 1664 1665 1666 1667 1668 1669 1670 1671 1672 1673 1674 1675 1676 1677 1678 1679 1680 1681 1682 1683 1684 1685 1686 1687 1688 1689 1690 1691 1692 1693

MUSTAPHA-OLAGUNJU OLADIRAN B. MUTTO VENTURES LTD N.A.D.S.S.I. NIG. ASS. OF SMALL SCAL IND. NAMO KIGBO SAMUEL NAMO, MAGA NAMO, MARK NANA OIL INVESTMENT LTD, NANA PHILIP ONYEMAZUWA NANSEL-GAMBO ROSE NAMICIT NASARAWA INVESTMENT & PROPERTY DEVELOPMENT COMPANY LTD, NASIRU MUFUTAU AFOLABI NDAH ANIEFIOK GODWIN NDICHIE EDDY NDOKWE CHISOM CHINONYE NDU CHIMDI TERRENCE NDUKUBA UCHENNA CHIDINMA NEDOLISA CHIDI-EBERE J JOHNSON NEVOBASI BEDE NZEADIBE NEVOBASI CHINENYE ENEH NEWDEVCO FINANCE-DEPOSIT NGALORU HYACINTH NGAMDINMA NGENE DARLINGTON OKWUCHUKWU NGEREM CHINYERE NGEREM FRANCISCA NGONADI, UZOUKWU EDMUND NICHOLE INTEGRATED LTD (ANNEX), NIG. INT. SEC.LTD. NIGER INSURANCE COMPANY, NIGERNORTH LTD, NIGIETEM INTEGRATED VENTURES LTD, NIKAL NIGERIA LIMITED, NISSI IFEANYI NJIOFOR MAXMILLIAM OBUMNEME NJOKU CALLISTUS NDUBUISI NJOKU CHARLES CHUKWUMA NJOKU CHIBUZO FELIX NJOKU JUDE CHINONYE NJOKU PATRICK O. NKANANG WALTER DANIEL NKAYUK JOSEPH MOYON NKEBEM UBONG BASSEY NKEM IJOMA NKEMJIKA INDUSTRIES LTD, NKWAEGBULAM JONATHAN NKWUEKE NDIDIAMAKA .J. NLERUMWOMGBA JOHN OKECHUKWU NMECHA UKPAI KALU NNABUE ADAKU LILLIAN NNABUE ALEXANDER CHUKWUEMEKA NNABUE EJIKEME HENRY NNADI CLETUS DURU NNADILI, ELIZABETH NNADILI, ELIZABETH NNAJI KENNETH EKPERECHUKWU NNAJI NICHOLAS NNAJI, EMEKA GILBERT NNAKA GODWIN EMMANUEL NNAMAH AUSTIN NNAMANI TONY IKECHUKWU NNAMDI JUDE NNANEMERE EUCHARIA NNANNA PAULINA NKECHINYERE NNEBEDUM CELESTINE NNOKA FRANKLIN NNAMDI NNOROM AZUBUIKE INNOCENT NNOROM MCDONALD ONYEKACHI NNOROM UCHENNA HENRY NOBERT UZOCHUKWU ARONU NORGEM NIGERIA LTD, NSI AGWU CHIMA NTON NTO SYLVANUS NUHU, STEPHEN NUHU, STEPHEN NUHU NURA ALIYU

1694 1695 1696 1697 1698 1699 1700 1701 1702 1703 1704 1705 1706 1707 1708 1709 1710 1711 1712 1713 1714 1715 1716 1717 1718 1719 1720 1721 1722 1723 1724 1725 1726 1727 1728 1729 1730 1731 1732 1733 1734 1735 1736 1737 1738 1739 1740 1741 1742 1743 1744 1745 1746 1747 1748 1749 1750 1751 1752 1753 1754 1755 1756 1757 1758 1759 1760 1761 1762 1763 1764 1765 1766 1767 1768

NWABISI BRIDGET NNEKA NWABUEZE BARTH NWABUFOH GERALD CHIDI NWABUKO MARTINA IFEYINWA NWABUO DOROTHY CHINYERE, NWACHINEKE FRANKLIN CHUKWUKELUO NWACHUKWU ANULI AUGUSTINA NWACHUKWU AUGUSTINE N. NWACHUKWU CHINEDU FRANCIS NWACHUKWU ENYINNA ONYEMAECHI NWACHUKWU, AUGUSTINE NWACHUKWU, C. STEPHEN NWADIKE, GODWIN IHEANYI NWAEMESI CARLISTUS NWAESI CHIMA EDMOND NWAFOR ROSELINE CHIDI NWAFOR, CLEMENT CHIMA NWAGBO HENRY IGWEMADU NWAGWUNOR MICHAEL NWAICHI CHRISTOPHER CHIDI NWAIGWE IJEOMA EUNICE NWAINYINYA MOSES UNA NWAJIAKU CHIDI AMBROSE NWAKA SYBIL ONYEJI NWAKANMA, BRANDON V.A. NWAKERENDU SUNNY NWAKUCHE NNAEMEKA NWAKWESI NNAMDI CLEMENT NWAMADI CHINMA JANICE NWAMMADU CHUKWUMA CHARLES NWANA VITALIS ADIMORA NWANGWU, BEAUTY NWANI, LINUS NWANKWO ALPHONSUS EMENIKE NWANKWO AUGUSTINE OGOEGBUNA NWANKWO BERNEDETTE ADAOBI NWANKWO CHIDINMA EMMANUEL NWANKWO CHUKWUDI CHIBUEZE, NWANKWO EMEKA PAULINIUS NWANKWO HUMPHREY. O NWANKWO IKE NWANKWO OGBONNAYA NWANKWO OLAITAN NWANKWO, CHIDOZIE WILSON NWANTU, EMILY NANKYER NWANTU, EMILY NANKYER NWAOKOROM AMBROSE CHIMEZIE NWAORGU CHRIS EJIKE NWAORGU NGOZI REGINA NWAOZUZU CHINELO NWA-UWA EZE A. NWELLE HELEN NWEMEA PETRUS CHUKWUEMEKA NWINYI CHIGOZIE CHRISTOPHER NWODIKA JOY CHIDIOGO NWODO OKORIE PAUL NWOKJI PATIENCE NGOZI NWOKOCHA INNOCENT MADUGBA NWONE IFEANYI SAMUEL NWONWU OBINNA G NWOSU IKECHUKWU NWOSU MARTIN OBI NWOSU UDOCHUKWU CHIKEZIE NWUFOH , FRANCIS NYAM, DANJUMA PAM NYANKA, YOHANNA NYANKA, YOHANNA NYONG SUNDAY EDET NZE GODFREY NZEH GODWIN ANAYOCHUKWU NZELIBE CHINELO GRACE NZELIBE CHINUA OBINWANNE IFEANYI NZELIBE IFEANYI NZELIBE JAUCHI NNEKA.M. NZELIBE MUNACHI MADUEGBUNA

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2009

1769 1770 1771 1772 1773 1774 1775 1776 1777 1778 1779 1780 1781 1782 1783 1784 1785 1786 1787 1788 1789 1790 1791 1792 1793 1794 1795 1796 1797 1798 1799 1800 1801 1802 1803 1804 1805 1806 1807 1808 1809 1810 1811 1812 1813 1814 1815 1816 1817 1818 1819 1820 1821 1822 1823 1824 1825 1826 1827 1828 1829 1830 1831 1832 1833 1834 1835 1836 1837 1838 1839 1840 1841 1842

NZEWI GRACE NZEWI MARTIN C. NZIWU BETHRAND MMOJINDU OASIS INSURANCE COMPANY LTD, OBAAH IFEANYI PATIENCE OBADIGIE SYLVESTER OBAGUNLU JOSEPH BAYODE OBAGUNLU SYLVESTER OMOKHODION OBALICE INVESTMENTS LTD, OBASA OLATUNDE STEPHEN OBASANJO MICHAEL OLOWOOKERE OBASAWO BEATRICE OLUTOYIN OBAWEYA BABATUNDE BENJAMIN OBE HANNAH BOLANLE OBENE HENRY OBES NIG LTD OBEYA JEREMIAH, OBHIO JEROME OBI GREGORY PETER, OBI UZOMA CHINONYE OBIAGWU CHRISTIAN OGUNDU OBIAKOR CHUKWUMA OBIANERI EMEKA OBIANIME IGBIKIOWUBO OBIDIOZOR CHIMEZIE IBE OBIEBI STELLA OBIEBI OBIEGBUNAM KEVIN CHIEDOZIE OBIEKWE CHRISTOPHER NDUKA, OBIGAJU JOSEPH OKWUCHUKWU OBIKE FELIX CHIJIOKE OBILONU, LOUIS OZOEMENAM OBINECHE ENYIOMA NWAOGU OBINO RESOURCES NIG LIMITED OBINWA DANIEL ANULI OBIOHA RICHARD CHUKWU OBIORAH IKECHUKWU JOHN OBISESAN GBADEGESIN ALABI OBLE, HABU MOHAMMED OBOH DESTINY OBOH NKOYO OKON OBOJAKPOR EMUS ANDREW OBOT JOSEPH EMMANUEL OBRIDJA ABRAHAM OBU, OLUMBA OBULUM ELIAS .U OCEANIC BANK INT'L LTD, OCEANIC BANK/BELFRY INV & SEC LTDTRADNG, OCEANIC BANK/IMPERIAL ASSETS MGR-TRDG, OCEANIC INSURANCE CO LTD, OCHIE SUNDAY AKHALE ODAH SUNDAY OGOR ODEBUNMI PAULINA BISI ODELANU SAMSON ADEBOYE ODERINDE, IDOWU ODESHOLA OLUGBADE SUNDAY ODEYEMI DIRAN ODI GREGORY ODIDO, SHEHU ODIGIE MARY ODINAKA EMEKA PATRICK ODIONWUNAKA FESTUS AZUBIKE ODITA NKEM PATIENCE ODIWO DAVID ODOEMENE AUGUSTINE EZECHI ODOGBO VENATUS ODOGBO VEWATUS ODOGWU, SANDRA N. CHINYELU ODOH-IDIKE JANESFRANCES NNENNA ODOOM FRANK KOLAWOLE ODU DOROTHY ULOMA ODUFUWA GBEMILEKE DAVID ODUKO ADEDOYIN OLUWAJUWON ODUM VINCENT OBINNA ODUNFA SAMUEL AKINLOLA

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DIAMOND BANK UNCLAIMED DIVIDEND

1843 1844 1845 1846 1847 1848 1849 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917

ODUNIYI OLAYINKA OLUSEGUN, ODUNSI JOSEPH OLATUNJI ODUNTAN OLUFUNKE JACQUELINE ODUNTAN, TITILAYO OMOWUNMI ODUNUGA ELIZABETH ODUNWA PETER OGUOZI ODUPITAN SAMSON AFOLABI ODUSANYA SEGUN - OCCAM, ODUSINA SAMUEL DAYO, ODUWOLE OLASENI, ODUWOLE-BADEKALE AMOS O., ODUYEMI ADEMOLA OLUGBENGA ODUYOYE MICHAEL OLUREMI OFFIAH DON OFFOR MAUREEN A OFFOR, UGWUKA JOSIAH OFILI HELEN NKECHI OFILI KENECHUKWU OFOEGBU MARK IKEOTUENYE OFONAGORO WALTER IBEKWE, OFOREGBU CHUKWUKA SAMUEL OFULUE KANWULIA JOY OFULUE SYLVESTER AZUBUIKE, OGA, SABO MUSA OGAH, UMAR OGBANI BERNICE UDO OGBANKITI, AGBOREBULEM AMOS OGBE COMMUNITY BANK LIMITED, OGBE OJOH OGBEBOR CHRISTOPHER OGBECHE EJIRO JOCELYN OGBODO SILAS CHIDIEBELE OGBOGU CHRISTIAN EBERE OGBOLE, HUSSEINI OGBONNA ADAOBI JENNIFER OGBONNA EKENEDILICHUKWU .E. OGBONNA JARLATH OPARA OGBONNA UCHELOVE OGBONNA, O H OGBOSE NNABUCHI CHUKWUEMEKA OGBUEWU, EKE NDUKWO OGBUTA INVESTMENT COMPANY LIMITED, OGHOMI FRANCIS IGHOMARO OGIZA MARY OGOH, ADAKOLE CHRIS OGOLO HENRY OMOAREBU OGON AYANG PATRICIA OGU MARTIN OBINNA OGU PRINCE KASARACHI, OGUAH AKOSI AUGUSTA OGUAH IYEGHO SANDRA OGUCHE USMAN OGUEJIOFOR , CHINEDU OGUH AUGUSTINE AKUJORONUMA OGUNBAMOWO, FRANCIS ADEBAYO OGUNBAMOWO, PHEBEAN OLURONKE OGUNBANWO ADEYEMI OGUNBONA OLUWAKEMI TITILOPE OGUNBUSOLA SOLOMON AKINWOLE OGUNDANA OMOTAYO ABAYOMI OGUNDEPO AKINDELE ABAYOMI OGUNDEYI, ADELEKE OGUNDIJO OLAIDE OGUNDIPE DAVID OLUSEGUN OGUNJIMI LASISI OLADIMEJI OGUNLESI OLUMIDE ANTHONY OGUNLEYE JOSEPH AINA OGUNLEYE OLAGOKE LEONARD OGUNLEYE OLUWATOSIN OLAYINKA OGUNMADE ADEKUNLE OGUNMOROTI SUNDAY PATRICK OGUNMUYIWA JAMES SESAN OGUNNUPE ADEOYE OGUNNUPE OLUBUNMI IDOWU OGUNS, MUINATU

1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

OGUNSANYA ALABA OGUNSANYA KEHINDE OGUNSANYA TAIWO OGUNSEMI JOHNSON A., OGUNSIPE BENSON OGUNSOLA EMILY OGUNSOLA KAZEEM AYODEJI OGUNSOLA TAOFIQ OGUNTADE ADEJOKE OGUNTADE BUSUYI EMMANUEL OGUNTOWO EZEKIEL ADEOGUN OGUNTUYI JOSPHINE OLUFUNKE OGUNUSI SEKINAT ADEBISI OGUZIE JERRY HENRY 1ST OGWU DAVID OLISA OGWU EMMANUEL UCHECHUKWU OGWUMA , PAUL A. OFR OHAERI NICHOLAS EMEKA OHAKWE GREG MADUEBONAM OHANUGO WILBERFORCE NONYE OHIOMBA FRANCIS OHIWEREI , OHIS OHOR CHARLES OHOR OJEANOR OMON CELESTINA OJEDIRAN BAMIDELE SUNDAY OJEDOKUN JOSEPH ADETUNJI OJEDOKUN OLALEKAN OJEJINMI, THERESA IBIYEMI OJEKALE ADEJARE AMOBI OJEKPO, SULEIMAN ISAH OJELE LANRY A OJETUNDE OLUKUNLE PETER OJEYEMI PAUL OLUMIDE OJI IRO , JONAH OJIABO CHIBUIKE REX OJIEGE TOBECHUKWU TOBIAS OJILAKA-NWAFOR, OLIVIA NGALOZE & NWAFOR YOUNG MACAULARY OJILAKA OJO .E. CHARLES, OJO FUNMILAYO YEMI OJO IDOWU ANTHONY OJO ISAAC KOLAWOLE OJO NINUOLAOLUWA M. OJO SAMSON OLUGBENGA OJOBO SUNDAY IFEAYICHUKWU OJOBOR THEOPHILUS OKONKWOR OJONG-AYUK BATES ARSAN OJORA RASAKI OLUWOLE OJUMU THEOPHILUS O., OJURI, ADEKUNLE OLANRAN OKAFOR AMAKA JANE OKAFOR AMANCHUKWU OKAFOR ANTHONY CHUKWUMA OKAFOR AUSTIN NKENDI OKAFOR BENJAMIN ARINZE OKAFOR DANIEL OSITA OKAFOR ELIAS CHIKA ODILI OKAFOR FAVOUR OKAFOR FIDELIS V OKAFOR FRANCES CHINECHEREM OKAFOR IKENNA ADORA EVA OKAFOR IKENNA CHINEYE GIFT OKAFOR JIDEOFOR HENRY OKAFOR JOY CHINYELU OKAFOR MATTHEW OSITA OKAFOR OFILI CHARLES OKAFOR, COSMAS ONYEBUCHI OKATA IROAKAZI NNAMDI OKEABA PROMISE N. OKECHI CHIWENDU GIFT OKEH CHRISTOPHER OKEKE CHIKE MICHAEL OKEKE CHUKWUDI OKEKE EVANS MADUKA OKEKE FRIDAY RAYMOND

2009

DIAMOND BANK UNCLAIMED DIVIDEND

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OKEKE GLORIA OKEKE IFEANYICHUKWU, OKEKE IFEOMA OKEKE MICHAEL OKEKE, DAVID CHUKWUKA OKEM PATRICK CLEMENT OKENYI JULIANA OKEREKE CHRIS OKIGBO , LINDA OKODUA AUGUSTINE E OKODUWA PATRICK ADAGHE OKOEDION GABRIEL .O. OKOH FRIDAY ONUORA OKOKON, ERNEST EDEM OKOLI , CHIZOMA OKOLI CHIKA PATRICIA OKOLI IFEANYI OKOLI OKOLI JULIETTE CHIKODILI OKOLI STEPHEN OSITA OKOLI, STELLA OKOLO CALLISTUS AFAM OKOLO EDITH OKOLO JOE OKOMAH HENRY DAN OKON ETETIM ETIM OKON, LEO EFFIONG OKONGWU LAWRENCE CHUKWUDI OKONGWU NNAMDI CHUKWUELOKA OKONKOEJE ABIGAIL OKONKWO AGNES OKONKWO CHIJIOKE JOHN OKONKWO CRISTOPHER CHIDI OKONKWO SAMUEL ANAYO OKORAFOR ONYEKA AMADI OKORE MOSES NWANKWO OKORI EJIKE JEROME OKORIE GEORGE CHIJIOKE OKORIE NGOZI UGWUBUJO OKORIE NICHOLAS CHIJIOKE OKORO ANTHONY IFEANYICHUKWU OKORO CHUKWUDI OKORO CYPRIAN OKECHUKWU OKORO GRACE OKORO LINUS NNANNA OKORO MOSES OKOROAFOR ADOLPHUS OGUNKA OKOROIGWE, CHRIS IFEANYI OKORONKWO NNENNA MAI OKOSUN GODWIN OKOSUN MICHEAL OKOYE CHARLES AZUBUIKE, OKOYE CHIBUZO EDMUND OKOYE SIMON OGOCHUKWU OKOYE, BETTY ADAORA OKPAGA EMENIKE ITSUMA OKPAKALA, MARSHAL MKPE OKPALAKU GODWIN FRANKLIN OKPALANZE JOHN CHINWEUBA OKPALE JACKSON O OKPALEKE CHUKWUEMEKA EMMANUEL OKPALEKE NJIDEKA EMMANUEL OKPANACHI, BALA EMMANUEL OKPARA OGBONNA OKPE DELE ELIJAH OKPE JULIANA OKPE PAUL OKPEH FELIX OKPEKU OSEINOMA OKPOSIN COMFORT CHINYERE OKUBANJO BOLAJI OKUKU DAVID OKUNDAYE NOSAKHARE OKUNJEMIRUWA DEBORAH CHIDINMA, OKUNOLA ADEREMI SAKIB

2066 OKUNRINBOYE CHARLES ADEREMI OKUNRINBOYE 2067 OKUNRINBOYE IREOLUWAMITIDE ISAAC 2068 OKUNRINBOYE TANITOLUWA DANIEL 2069 OKWESILI, AUGUSTINE 2070 OKWOLI PETER IDOKO 2071 OKWUOKEI SIMON SUNDAY 2072 OLA BOLAJI OLUSEGUN 2073 OLA ISAAC AYOBAMI 2074 OLABODE OLUWATOBILOBA TOFUNMI 2075 OLABODE TEMILOLUWA AYOMIDE 2076 OLADEPO JACO BOLANLE 2077 OLADIPO DAMILOLA ELUBANKE 2078 OLADIPO HELEN EYEH 2079 OLADIPO MUDASHIRU BISI 2080 OLADIPUPO ADAM 2081 OLADOSU KAMARUDEEN KAREEM 2082 OLA-FADUNSIN AKINBOWALE OLUFEMI 2083 OLAGUNJU BUSHURA AJADI 2084 OLAIFA AKINTUNDE MODUPE 2085 OLAIYA ABIMBOLA BUKOLA 2086 OLAIYA SIKIRU 2087 OLAJIDE FRED O., 2088 OLALEKAN SEFIU OYEWOLE 2089 OLALEYE ABDULAHI 2090 OLALEYE LATEEF OLADAPO 2091 OLALEYE LUKE AJISAFE 2092 OLALEYE OLUFEMI AMOS 2093 OLANIYAN BUSAYO OMOWUMI 2094 OLANIYI OYELUKA VICTORIA 2095 OLAOYE OMODELE O 2096 OLAOYE OYENIYI LIADI, 2097 OLASOJI, AMOS ENIOLA 2098 OLASUPO, ADEREMI TAJUDEEN 2099 OLATEJU SARAFADEEN ADEKUNLE 2100 OLATOMIDE ADEWALE DANIEL 2101 OLAWOYE OLABISI O. 2102 OLAWUYI JOEL 2103 OLAWUYI OLUFEMI BABATUNDE 2104 OLAYENI ABIBU OGUNBIYI 2105 OLEBUNNE CHARITY CHIMMY 2106 OLEJEME PRINCE BOB OZUE 2107 OLELE, PAUL OMEOGOR 2108 OLIBALE SAMSON AJIBOLA, 2109 OLISA SAMUEL EKUNDAYO 2110 OLISAKWE GEOFFREY 2111 OLISE EMEKA VICTOR 2112 OLOGE, TITILOLA 2113 OLOJEDE FOLAKEMI YETUNDE 2114 OLOKOR OGHENEFEGRO EDWIN 2115 OLOKUNTOYE OLUWATOBI ABIODUN 2116 OLOLO PETER UKUORITSEMOFE, 2117 OLOMIDE OTITOJU 2118 OLOMO ADEBAYO KOLAWOLE 2119 OLOMU OLATUNJI ALAO 2120 OLONI FELIX A. TOLU 2121 OLONISAKIN OLUWATOYIN YEMISI 2122 OLORI TAJUDEEN ADISA 2123 OLORUNFEMI OLUDARE 2124 OLORUNLEKE, PAUL AYORINDE 2125 OLOWOYEYE OLUFUNKE TAIWO 2126 OLUBIYI SAFARA ADEKUNLE 2127 OLUBOYE FOLAKE BOLATITO 2128 OLUE MONDAY 2129 OLUFUNSHO ADESINA DOHERTY, 2130 OLUFUWA EMMANUEL AFOLABI 2131 OLUGBANI MOHAMMED SAHEED TOLANI 2132 OLUKA PHILIP 2133 OLUMESE FLORENCE EKELEOSEYE 2134 OLUMUYIWA OLUWOLE 2135 OLUSEGUN ADEKUNLE OYEBOLA 2136 OLUSEYI IKOTUN, 2137 OLUSUNBOLA OLUREMI JACOB 2138 OLUTIMEHIN OLUWATAMILORE

2139 2140 2141 2142 2143 2144 2145 2146 2147 2148 2149 2150 2151 2152 2153 2154 2155 2156 2157 2158 2159 2160 2161 2162 2163 2164 2165 2166 2167 2168 2169 2170 2171 2172 2173 2174 2175 2176 2177 2178 2179 2180 2181 2182 2183 2184 2185 2186 2187 2188 2189 2190 2191 2192 2193 2194 2195 2196 2197 2198 2199 2200 2201 2202 2203 2204 2205 2206 2207 2208 2209 2210 2211

OLUTIMEHIN TEMILOLUWA OLUWA TOYIN JIBRIL DUROSINMI, OLUWADARA IBIDAPO OLUWALOLOPE OLUWADARE JOSEPH AKINRINMADE OLUWAFEMI SAMUEL BUKOLA OLUWATUYI CALEB ADEREMI OLUWO PELADE OLAYINKA OLUWOYE TITUS AYOOLA OMACHI MARY OMACHOKO DAVID MARK OMAGE STEPHEN BABATUNDE OMAKUN , ESTHER OMATSOLA MOSES E. OMEOGA CHUKWUEMEKA THEOPHILUS OMETRACO INT'L LTD OMIDIYA OLUGBENGA, OMIGIE BEATRICE ABUODUBO OMOJOLA TOLULOPE BRIDGET OMOLASOYE CHRISTIANA ADEGBENGA OMOLEWA SESAN ADEMIJU OMOLEWU OLUGBENGA OMONAIYE ELIZABETH AINA OMOOBA VICTORIA OLAOLUWA OMORODION HUMPHREY OMOROGIEVA STEPHEN IDEMUDIA, OMOTOLA ALABA OMOTOSHO(DECD) MRS OMOTOSHO OLAYINKA(ADMOR) CALEB BABADIPO OMOTOSO ADEGBITE OLADIRAN, OMUDU MARGARET OGOLOINU OMUYA OZIGI JOSHUA, ONABANJO BIRIKISU AFOLAKE ONABANJO BUSOLA SAHEEDAH ONADIPE ONAGA ANTHONY IKECHUKWU ONAH EMMANUEL OBINNA ONAH JOSEPH NDUBISI ONAH ONYEBUCHI ONAHOR MICHAEL ONALO JANET OJOMA ONASANYA STEPHEN OLABISI, ONAYEMI OLUFEMI FELIX ONDO STATE GOVT, ONEJEME IFEATU CHINEDU, ONI AKINBIYI AKINTUNDE ONI JOHN FOLORUNSO ONI JOSEPH ODION, ONI JULIANAH KEHINDE ONI OLAYINKA ONI RAPHEAL SHOLA ONIFADE TINUOLA MOBOLAJI, ONIGBINDE ABRAHAM ISHOLA ONIGBINDE ISAAC OLADEPO ONODIPE LAWSON BADEJO ONOGWU CATHERINE O. ONOJA MUKASA S ONOJA PRISCILLA I ONONIWU PRINCE CHIMEZIE ONONUJU CHIEDOZIE FRANKLIN ONOYAKE KINGSLEY ONU JOHN EZE ONU JOSEPHINE CHIMEZIRI ONUCHE ADUKU EMMANUEL ONUH FRIDAY CYRIL ONUH KENNIS CHUKWUNWEOLU ONUKWUBIRI JOYCE NGOZI ONUMAJULU, BERNARD C. ONUMINYA PETER ONUNKWO BENJAMIN ONUNWA NDUKA ANTHONY ONUOGU RAPHAEL C ONUORAH REUBEN IKEY ONWENI, AMARACHUKWU ONWERE ADA

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ONWOCHEI CHRSTIE CHIEDOZIEM ONWUAKPA OBIAGELI, ONWUANYI BONIFACE ANUKWU ONWUBOLU ANNE NGOZI ONWUCHEKWA AKOBUNDU ONWUDIKE OGBONNAYA CHIKWE ONWUEGBUCHI OSONDU CHIEMEKA ONWUGBENU CHUMA OBUM ONWUKA SAMUEL, ONWUKA SAMUEL, ONWUKANJO NWAMARA ONWUMERE LORETA NKECHI ONWURAH HENRY CHINEDU ONWUSA ANDY EZENWA ONWUZULIGBO MICHAEL IKECHUKWU ONYEAGUSI ANTHONY ONYEAGWU FESTUS EZEKWEM ONYEAKAZI NGOZICHUKWU CLARA ONYEBU FRANK IKECHUKWU, ONYEBUCHI JOSIAH NDUBUISI ONYEGBUCHULEM LILIAN ONYIYICHUKWU ONYEGBULE MARY ADAURE ONYEJEOCHA, KINGSLEY ONYEJEOCHA, KINGSLEY ONYEKABA JULIE AMA ONYEKACHI GOODNESS ONYEKAONWU VICTOR OBINNA ONYEKWERE EZEKIEL ANOCHIRI MONYEANYA ONYEMA CHIJIOKE GILBERT ONYEMA CHRISTAIN ONYEMENEM FELIX EGBULEM ONYEMEREKWE OKECHUKWU ONYENANU TIMOTHY UGOCHUKWU ONYENSO S.O C ONYENUCHEYA LINDA NJIDEKA ONYEONAGU BASIL ONYEONAGU CHIKA ONYERERI JONES CHUDI ONYEUKWU JOVITA KELECHI ONYIA JOSEPH SUNDAY OPANA MARGARET OPARA AUSTIN, OPARA CHIWENDU MISHAEL OPARA COMFORT NNENNA OPARA STEPHEN IKE OPARA UGOCHUKWU OPARA, HERBERT C OPARAH EMEKA MARKATHAN OPENE ANTHONY CLIFFORD UGBOMA OPEODU OLANREWAJU IGE OPIEGBE IJEOMA LILIAN OPTIONS SECURITIES-DEPOSIT OPUOFNI STEPHEN ORABUEZE EUNICE ORAGWU JENNIFER OGECHUKWU ORAGWU PAUL CHUKWUEMEKA ORAH ELIZABETH NKIRUKA ORANWUSI RAPHAEL OBIORA ORAUKWU MICRO FINANCE BANK LTD, OREAGBA, ABIOLA MUTIAT OREDIA OMORUYI OREDIA OMOZEEL LISA OREDIA OSAGIE LAWSON OREKAN-OLAGUNJU OLAKUNLE AJADI ANUOLUWAPO OREKE MICHAEL EFE ORHORHORO EMUOBOR IDOWU ORIADE CHARLES ADEKUNLE ORISHADIYA, BOSEDE FUNMILAYO ORJI CHINEDUM ENYINNAYA, ORJI CHUKWUEMEKA OGONNA ORUKPE AUGUSTINE ORUKPE BLESSING ORUKPE GRACE

128

DIAMOND BANK UNCLAIMED DIVIDEND

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ORUKPE MERCY ORUKPE PEACE ORUKPE PIUS OSADEBAY CECILIA UMEADI OSAIGBOVO OKHIONKPAIMWONYI OSAGIE OSAKA DANIEL OSANYINPEJU OLALEKAN SAHEED OSARENKHOE EDDIE AGHAMIOGHO OSEGHALE GABRIEL O. OSEMEKE ANIEMEKE GIBSON OSEMEKE NGOZI NEVILLE OSEMENAM C A OSEMENAM NDIDI OSEMENAM WARINGA OSHAI VICTORIA OSHIEMETE MONDAY UZEZI OSHOGBE VERONICA ONOSHORERE OSHUNLEYE AINA OSHUPORU FRANCIS OLUFEMI OSIDIPE VICTOR SOLARIN OSIKOYA OLUFUNMIKE ADEFOWOKE OSIMEN PHILIP OSINEME NGOZI BENEDETH OSINOWO JOHNSON OLUGBENGA SUNDAY OSIVWENU MERCY OGHENEKEVWE OSOBAJO OLUSEGUN OSOFISAN OLOLADE OSOMO FOLORUNSO OMOTOLA OSONAIKE JOHNSON OLUDARE OSONGBESAN OLUFUNMILOLA MORENIKE OSOTIMEHIN BABATUNDE OSSAI BONN PAUL, OSSAI GEORGINA CHINYERE OSSUETTA JANET OMANYOGHA OSUAGWU MOSES IKECHUKWU OSUAGWU, MAGDALENE OSUAGWU, MAGDALENE NKECHINYERE OSUAGWU, NKECHI MAGDALENE OSUCHUKWU AZUBUIKE A OSUCHUKWU SAMUEL CHIDIEBERE OKEZUO OSUIDE, ROSE OSUJI STELLA CHINYERE OSUJI UZOMA HERBERT OSUNKOYA LANRE DAYO OTAFU ADEKA ONYEMA OTARU ABILOYE OTEGHERI LUCKY (JP) OTI K. C. OTIEDE GODWIN O. DAVID OTOH DANIEL OCHOCHE OTONO, GAVENTA AGBUBUIKE OTUNBA AYOORA, DR. BOLA KUFORIJI- OLUBI OTUNYO BRIDGET OTUNYO VINCENT OTUSANYA GABRIEL ADEIYE OVAT VICTOR & SYLVIA JACOB OVBA ADEBIYI OVILI GODDEY OWENS JANE NKEIRUKA OWO CHUKWUDI OKORO, OWOADE GLADYS OLADUNI OWODUNNI & SONS MOTORS, LTD. OWOEYE KAYODE MOSES OWOEYE OLADOYIN OMOLABAKE OWOEYE OLAWANDE DANIEL OWOFADEJU OLABODE OLUBAMIJI OWOH, OKEKE IKECHUKWU OWORELU SAMUEL EMUYENMANO OWOTOKI ABRAHAM OLUWAFEMI OWUNNA DANIEL OBIOMA NNABUGWU OYAGBILE ALARAPE OYAGBILE ALARAPE ADISA OYAWOYE OLUSOJI OLATEJU OYEBODE OLUSESAN OYEFESO OLUKAYODE OYEBODE

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OYEGBOLA ADEBAYO JOHN OYEJOBI PETER OLUWOLE OYEKOLA AZEEZ OYELOWO, THOMAS KOLAWOLE OYENOLA OLUYEMI OYESILE CLEMENT OLUSOJI OYESILE OYESOLA TUNDE OYETUNJI LAWRENCE, OYEYINKA BABAJIDE OYETAYO OYEYINKA OYEDELE OLANIYI OYEYINKA OYEFUNKE MONILOLA OYOBIO ANGELA MAYEN OYOM JOYCELYN NNENNA OZEGBE, LARRY NDIDI OZI-AKANDE SUNDAY OZIENGBE AUGUSTINE OSEME OZIGIADAMS- TRADING ACCOUNT OZILLY JOY OZOEKWE OKEZIE SAMUEL OZOEMENA EMMANUEL AMOBI OZOEMENA GEORGINA I OZO-ESON PETER OZOMALIE CHIJIOKE EMMANUEL OZOR CHIKA ANTHONY, OZOR CHRISTIAN OLUCHUKWU OZORDI, JOHN U. PACIFIC NEST COMPANY LIMITED, PAM EUGENE DUNG PAM GWOTT, MICHEAL PAM PIUS DUNG PAML/GUARDIAN TRUST INSUR CO. LTD, PAUL & GRACE PROPERTY & INVST. COY LTD, PAUL CHUKS ITF FAVOR OJUH PAVINA GLOBAL SERVICES LTD PEACE CAPITAL MARKET LIMITED, PEACE CAPITAL MARKET LTD., PENO ERA COMPANY NIG. LTD PETER, GREGORY ONWUBUASI OBI PETERSIDE ATEDO NARI ATOWARI, PININEE, B. STANLEY PIUS PETER OMOLUWABI PLATAEU STATE POLYTECHNIC B/LADI, PLATEAU COOPERATIVE FEDER, ATION LIMITED. PLATEAU INDUSTRIAL, DEVELOPMENT AUTHORITY PLATEAU STATE WATER BOARD, . PLATEAU, INVESTMENT-DEPOSIT PLUMMAGE MANAGEMENT LIMITED POPOOLA, ADEDOTUN TAJUDEEN PORTFOLIO MANAGER ACCOUNT, PRINCE JO - BAM INTERNATIONAL LTD PRINCE NWOSU IFEANYI PRODOS LIMITED, PROFS. STOCKBROKERS LTD TRADED-STOCKA/C PUDENS, JONATHAN PUDENS, JONATHAN D. PWAJOK, SIMON Q-TREASURE INVESTMENT LTD RABIU BAKARE ADEREMI RAHEEM TEMITOPE ESTHER RAJI BURAIMOL ABUDU RAJI RAFIU AROWOLO RAJI-SHABI JEMINAT ABIOLA RALPH , O. EKPEH RASAK TAOFIK RATNANI MINAL ANIL, RAVI MAHALINGAM, RAYMOND AKOKO & CO RAYMOND VINCENT JASPER RCCG (ALL SAINT'S CHURCH) REGINA ADEFEKE ODIMAYO REHOBOTH ASSETS LTD, REMDIET KIEMALAK

2009

DIAMOND BANK UNCLAIMED DIVIDEND

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RFASEYIKU OLAUYI NELSON RICHMOND SECURITIES-DEPOSIT RIMDAP ABDULKAR BIN RINTA, IBRAHIM RINTA, ZAMANI IBRAHIM ROHVEN, ZEMNA'AN ELISHA ROHVEN, ZEMNA'AN ELISHA ROSTRUM INVESTMENT AND SECURITIES LIMITED ROTIBI OLUREMI SAAD BIOLA SALAMAT SABO JEREMIAH SABO NJAM J SABO TIFATO J SABO, EMMANUEL BOYI SABO, EMMANUEL BOYI SABO, EMMANUEL BOYI SADARE FOLASADE OMOLARA SADIK SULEIMAN AYINLA SADIQ OMOLOLA MANSURAT SADIQ RASHEED GBOYEGA, SADO MICHEAL SAFELINE NIGERIA LIMITED, SAHEED WAHAB OLAIWOLA SAID AISHA SAKA AREMU SALAMI ABUDU GANIYU SALAMI IBRAHIM SALAMI QASIM OLAYINKA SALAUDEEN DAUDA OLADENI SALAUDEEN S. ADEYEMI SALIFU BLESSING E. SALIHU ADAMA SALIHU BELLO SALIHU, YAHAYA OGAH SALISU, YUSUF OKUBA SALIU ABDULFATAI BAMIDELE SALIU OLAIDE TEMITOPE SALIU, LAWAL KEMI SAMBO TIMAI SULEIMAN SAMUEL ANNA JONAH SAMUEL OKE SAMUEL, EZEH SANI AHMED/ RAMCE, SANI, IBRAHIM SANI, IBRAHIM SANI, IBRAHIM SANKEY, CHARLES SAMSON SANNI OLUWAFEMI WAHEED TIMOTHY SARO UMAR A. SCENIC REALTY VENTURES SCM INVESTMENT LTD, SCOTT-EMUAKPOR ISAAC AFONS SDS/ODEBO YEMI, SEASONS TRUST AND INV LTD A/C KAS BELLO SEBABS NIG LTD SEBASTINE NSE ABASI .O SEED MEDIA LIMITED, SEEM TRUST LIMITED, SELCHANG, IBRAHIM SELESI OLUSOJI OYEBOLA SERIKI HAKEEM ABIOLA SERIKI MUBIN IBIKUNLE SERIKI OLUTOYIN ABOLANLE SHAGAYA, JOHN NANZIP (RTD.) SHAREEF AMIR MUSTAPHA SHEHU SULE SHEHU, IDRIS MUHAMMED SHEICK KEFAS SHEIKH HUSSAIN E SHEKAROU, SULAIMAN M. SHENDAM LOCAL GOVERNMENT, COUNCIL. SHESHI DANIEL TSADO SHEYIN, CHECHET SHITTU OLASHILE N KARIMOT

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SHOFOLA KAMORUDIN O.O. SHOGBESAN BABATUNDE ABIODUN TUNJIOLA SHOKANLU OLUWOLE SHONAIKE VICTOR ODUBAYO SHUAIBU , HABIBU SHUAIBU MOHAMMED GULANI SHUAIBU TAHIRU GYATTE SHUAIBU USMAN MADABO SIC PROPERTY AND INVESTMENTS, SIENE KASARACHI SAMUEL SINGH SARITA SKY INDSTRIES NIG. LIMITED SKYEBANK PLC/READINGS INV LTD -TRADING SKYEBANK PLC/TOWER SECURITIES - TRDG SLIL SECURITY & TRUST LTD, SMITH OLANREWAJU SOAGA RAUFU OLADIMEJI SOBUKOLA ANTHONY SOFIDIYA FUNMILAYO OLAJUMOKE SOFUNDE OSAKWE OGUNDIPE & BELGORE, SOKEFUN ESTHER ALAKE SOLAJA IBILOLA, SOLE SURVIVER LTD, SOTOYINBO SHYLLON ONATOLU SOUN NIMIBOFA ALFRED SOVEREIGN TRUST INSURANCE PLC, SOWHO UFOMA IGHO SOYANNWO, MODUPE OYINLOLA SPARKLE PROPERTY & TRUST CO. - OCCAM, SPRG/SOBODU OLATUNJI OLUGBENGA SSCM-OKE ENIOLA ST NOMINEES 2, STANLEY MBANU STB FINANCE LIMITED. STEPHENS, EL-SHADDAI ESQ STERLING ASSET MGT & TRUSTEES LTD, STERLING CAPITAL MARKET LIMITED, STERLING CAPITAL MARKETS LTD, STERLINGBANK/MUTUAL BENEFITS/TFS-TRDG, STI/ECOBANK-TRADING A/C, STIIF A/C, SUBAIR NURENI ADEDEJI SULAIMAN ADEDOTUN, SULAIMAN KEHINDE FOLAKE SULE SURAJUDEEN ADISA SULE, BWANDI YUSUF SULEIMAN, MUSA SUMMIT INVESTMENT & PROP LTD, SUNDAY VITALIS SUNDAY, SALEH STEPHEN SUNMONU ABRAHAM OLABODE DADA SUNMONU SHAKIRAT OLARINRE SUNNY ASEMOTA MOTORS & CO, SUNNY EZECHINYERE SUOWARI BALA SUSPENCE, TACHIO, ILIYA TADE ADEDOLAPO OLAJUMOKE TAIWO BAMIDELE ADESINA TAIWO ELIJAH ADETAYO TAKON, PHILOMENA ANYA ONWANYI TALI, LAMAK LANGNAP TAMAL IND. LTD, TANIMU ABDULLAHI IDRISS TAPGUN, DONGJAP TAPGUN, IRENE TAPGUN, JANE YENHEN TAPGUN, JANE YENHEW TAPGUN, PATRICIA TAVERTEX NIGERIA LIMITED, TEBIRA EMMANUEL TEDDIZ ELECTRICAL COMPANY TEETEEJAY ENTERPRISES TEMLONG, IBRAHIM WANGFA TETMUT TAHIRU GAMBO

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THAANDA S R THE INVESTOR GROUP THE PLAY PEN, THE SHELL EAST STAFF INV.CO.SOCIETY LTD, THOMAS FASETIRE KATE ADENIRAN THORPE PHILOMINA FEYISARA TIAMIYU RASHEED ADISA TIDDO UNIVERSAL SEC.FIN.TRADED-STOCKA/C TIJJANI AHMED TIKARI INTEGRATED INVESTMENT, TIMINIMI GEORGE, TIMKAT, VICTORIA NANRE TIMLOH BUTVEN NKEM TISSING, SAMUEL TITUS, EMMANUEL TANMICIT TOMORI LATEEF LAYIWOLA TOMORI LATEEF LAYIWOLA TOMPANG(DECD) TOMPANG(MRS) RHODA(ADMOR), SUNDAY TONY GANGER INVESTMENT CO. LTD., TONYIA, ROSELINE TOPMOST FIN.& INV. LTD.TRADED-STOCK-A/C TORO, LUKA DANLADI TORO, LUKE DANLADI TOWRY-COKER OLAOTAN TRANSGLOBE INV.-DEPOSIT TREETES LIMITED, TRENDS VENTURE LIMITED TRENDS VENTURES LIMITED TRUSTFUND PENSIONS PLC, TURAKI ANTHONY SANI TUTEJA VINAY, UBA CHIDI UBA UBA CHISOM UBA UBA GLOBAL MARKETS LTD, UBA NOMINEES LTD - MAIN A/C, UBA PLC/DE-LORDS SECURITIES LTD- TRDNG, UBA PLC/EURO COMM/UC NETWORK TRADNG, UBA STOCKBROKERS{REC}., UBAKA KENNETH EMENIKE UBAPT UBA PLC/PARTNERSHIP INV COTRADING, UBOH SAMUEL S, UCHE KAOSISOCHUKWU BRYAN UCHE OTUTU UDE UCHE STANISLAUS IKECHUKWU UDEAGULU CELESTINE UDEBU VICTOR OMONIYI UDEGBUNAM, EMMANUEL E UDEH CHRISTIAN OGBONNA UDEH IFEANYICHUKWU UDEMBA CHARLES NMADUKA UDENSI NGOZI BENITA UDENWA, ACHIKE UDEOGU AMAECHI PAULINUS UDEZE CHINYERE UDO CHRISTOPHER CHUKWUDI, UDO EFIONG OKON UDO MOSES JAMES UDOFIA HENSHAW EKANEM UDOH MFON PETER UDOH UDO AKPAN UDOH VICTOR FRIDAY UDOH, SAMUEL HENRY UFFONDU, BARTHOLOMEW EBEDIKE UFFONDU, JOY ADANNA UFOEZE, EUNICE UNAKU UFONDU ANSLEM UGBAJA IKECHUKWU PETER UGBEBOR NDIDI VIVIAN UGBEHE UJIRO FORTUNE UGBOMA CATHERINE OBIAGELI UGBOMA IJOMA

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2009

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UGBOMA KATE WILHEMINA UGBOMA PATRICK CHIKE UGHERAKPOTENI ARHO VERA UGOCHUKWU, CHIGOZIE D. UGOCHUKWU-OBI IFUNANYA UGOKWE PATRICK UCHECHUKWU UGONOH ALHASSAN UGORJI, CHUKWUMA CHUKWUEMEKA UGORJI, SCHOLARSTICA CHINYERE UGORJI, UZOMA KELECHI UGURU PAUL UCHENNA UGWU FESTUS SUNDAY UGWU FRANCIS I UGWUANYI GODWIN CHUKWUEMEKA UGWULALI NGOZI ANN UKAEGBU CHINALU WISDOM UKAIBE REGINALD CHIMA UKAIGWE KENNETH ASSUMPTA UKAIGWE, ASSUMPTA ADAKU UKANDU OBINWANNE NWABUKO UKASANYA NNAMDI DARLINGTON UKAWUBA CHARLES A.C. & JULIE U. UKEJE EMMANUEL CHUKWUDI UKOBASI MADUKA PETER UKOH GREGORY EDET UKONU CHINASAPKERE UKOR OMOHEFE E. UKPABIO ADIAHA UKPAI ANIETIE JOHNSON UKPANA NENE PHILLIP UKPE CHIOMA DEBORAH UKPE EMMANUEL NWABUEZE UKPE ONOME GLORY UKPEBOR GODWIN OTAIGBE UKPONG PAULINA SUNDAY UKWUNNA SYNCLAIN MARTINS ULU OGBONNAYA K., UMANA, UMANA OKON UMAR ALTINE MOHAMMED UMAR SALAMA UMAR YAHAYA (ALHAJI), UMAR, ABDULLAHI BASHAR UMAR, FARUQ ANATE UMAR, ISA WAKASO UMAR, MARYAM HAMID UMARU SHAGALINKU, UMARU, LYDIA AMINA UMBUR VIASHIMA UME NGOZI CHRISTIANA UMEH CHINEDU VINCENT UMEH FELIX ALFRED UMEH GERADINE CHINASA UMEH SUNDAY OKEKE UMEH, BONIFACE OZO UMEJI BARTHOLOMEW IZUCHUKWU, UMEMBA IYKE UMENNADI JOHN UMENSOFOR GABRIEL E UMENWALIRI NGOZI BETTY (MRS), UMEOKOLI GODWIN CHIGOZIEM UMEUGOJI EBERE CHUKWU UMEWENI, TIMOTHY UMOH SATURDAY UNAEGBU AMOS IZUAZU UNEX SECURITIES & INVEST.LTD, UNITY BANK/CENTRE POINT INV LTD-TRDG, UNOBUNJO OGBUGU DONALD UNOGWU ALEYI GABRIEL UNUIGBE, SAMUEL UNUKEVWERE DIAKPAROMRE CYRIL UPUU JULIET URBAN-BASE REALTORS LIMITED, URUBUSI JANET USIKALU KOLA USMAN ALIYU YALWA

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DIAMOND BANK UNCLAIMED DIVIDEND

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USMAN BABAN SARA USMAN BUKAR USMAN GARBA USMAN TAHIRU UTO ESTHER UTUKPE OGHENEKOME GODWIN UWAGBOE SAMSON OMORUYI UWAKWE FRANCA CHIDINDU UWAKWE NNADOZ IE ETHELBERT UWANOGHO FELIX OGHENEVWERO UWAZIE MICHAEL NDUBISI UWUORUYA KOLOFF UYIGUE MOSES UZOAGWA CHUKS SUNSHINE UZOECHI NNAEMEKA OBI UZOH OLIVER UZOIGWE CHIOMA UZOIGWE PRINCESS UZOIGWE STELLA UZOKA EDITH OYIBOKA UZOKA, JOSEPHINE UZONWUNE EPHRAIM EJIKE UZOR CLIFFORD UCHENNA UZOR, IJEOMA PATRICIA UZORKA MICHAEL CHUKWUMA UZORKA OBIA BENEDICT UZOWURU UGOCHUKWU JOHN UZU MERCY CHIKA UZUNMA CHIGBU S VALUE MATRIX LTD VALUEMART LIMITED, VENTURES AND TRUST LIMITED, VENUS CONSTRUCTION COMPANY LTD, VENUS CONSTRUCTION LIMITED, VETIVA CAPITAL MANAGEMENT LTD, VETIVA CAPITAL MANAGEMNET LTD 4, FIRST BANK OF NIG PLC VETIVA GRIFFIN FUND, VETIVA LIMITED, VETIVA NOMINEE "AFDEV TRUST A/C", VETIVA NOMINEE HAJIYA HAJARA, VETIVA SECURITIES LIMITED, VICTOR UKANA EDEM O VIRGIN FOREST INVESTMENT LTD, VITAL DEVELOPMENT LIMITED, VIVA SECURITIES-DEPOSIT W.G. CDR OYERINDE KET WAHAB BELLO, WAHEED AYINDE WALAMA ABUBAKAR IBRAHIM WALTON MACKAY INTERNATIO- NAL LIMITED WANG, DUNG MARKUS WAYA, ILIYA KANZE WAZIRI ZAINAB ROH WEAFRI WELL SERVICES CO LTD, WILKIE ARUNREYE DORA WILLIAMS EMMANUEL OLADAPO WILLIAMS MARTIN LUTHER WILLIAMS WILLIAMS WILLIAMS, BABATUNDE OLATUNJI WILLIAMS, EUNICE M WILLIAMS, STEPHEN TANZE WONOSIKOU ABIMBOLA BOLAJOKO WSTC NOMINEE LIMITED CLIENTS' ACCOUNT, WUYA, HENRIETTA ANASTASIA XIRANT LIMITED XTOGET NIG ENT YADUA JOY CHINAKA YAHAYA, MOHAMMED YAKI, AUDU ABASHE YAKUBU AYUBA ABOZEH YAKUBU BITRUS ALLU YAKUBU IBRAHIM KAULA (CAPTAIN), YAKUBU IBRAHIM YUDUWADA YAKUBU TIRMIDHI MUHAMMAD

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YAKUBU YUNUSA, YAKUBU YUSUF BARRY YAKUBU, ALANS ABDULKARIM YAKUBU, SAMUEL BATURE YAKUBU, SARAH AYO YAKUBU, SOLOMON EBUGA YAMBA, EZEKIEL C. YARO YUSUF YAROSON, GARBA A., YEKO BENJAMIN CHARLES O. YIBIS, KAMWOK GOTAR YILSHUUT, CECILIA YIOLOKUN CHRISTIANAH OLUWAYEMISI YOBE INVESTMENT CO. LTD, YOHANNA, EZEKIEL BOTSON YUGUDA (RSM RTD) MOHAMMED YUGUDA MOHAMMED (RSM RTD) YUNUSA ABDU YUSOOF MODINAT MOJI YUSUF M. LAMIDI YUSUF MUSIBAU OLUSEGUN YUSUF NURUDEEN YUSUF SALIF HASSAN YUSUF SULAT OMOTAYO YUSUF, FELICIA YIJIMWA YUSUF, IBRAHIM YUSUF, SALISU OKWBA ZAN COSMETICS INDUSTRIES LTD, ZANG, ANNE JIKIRIT ZANG, CHRISTIANA C ZANG, DALO D. B. ZANG, PAM DARLINGTON ZANG, PAM GEOFFREY ZARIA, MUSA ZEEKFORD SERVICES LIMITED, ZENITH BANK/PIVOT TRUST & INV.-TRDG, ZITTA HOLDINGS LTD,, ZITTA HOLDINGS NIG LTD., ZPC/IPML/UNILEVER RETIREES FUND -MAIN, ZPC/TRUST FUND/NNPC PENSION FUNDTRDNG, ZSL FMC ACCOUNT, ZTC LTD A/C ZAM-OPUS SECURITAS FUND, ZTC/1ST TRUSTEES/CRS RES FUND NO.2TRADG, ZTC/1ST TRUSTEES/CRS RES FUND NO.3TRADG, ZUBAIRU, ATTAHIRU BAMAT