In ANYTHING on March 17, 2011 at 1:39 pm

World Bank: New Strategies for Nigeria


The World Bank will in March release a new strategy, outlining how it plans to revise its approach and deepen its partnership with Nigeria and other African countries in the five years to 2016.


The strategy known as  “Africa’s future and World Bank support to it” has been informed by consultations, input and feedback provided by more than two thousand Africans and others who participated in an eight-month-long series of face-to-face and on-line consultations.


From June-December 2010, the Bank invited stakeholders—government officials, development experts, legislators, policy makers, Diasporans, representatives of civil society, the private sector, the media, and academia, etc.—to participate in the revision of the strategy which the Bank has been using since 2005, known as the Africa Action Plan, to foster development on the continent.


Input was provided by close to a thousand stakeholders gathered in face-to-face meetings and workshops in 36 countries, 31 of them in Africa. In addition, comments and suggestions provided by more than 540 on-line participants during the first phase of consultations (June-September 2010) informed the initial draft of the strategy.


During the first phase, stakeholders raised a series of issues related to their countries, their sub-regions and the continent. Concerns ranged from promoting the private sector as a driver of growth, to the capacity of governments to manage resources, to the role of sub-regional economic organizations in delivering regional solutions.


Following the release of the draft strategy in November 2010, the second phase of consultations enabled the Bank to calibrate whether the inputs from the first round had been incorporated, as well as to receive and incorporate further comments to the document. A solid majority (76 percent) of the 880 respondents reported that the draft accurately captured the development challenges facing Africa.



Diamond Bank’s Transparent Gestures

  • Appoints New MD



In keeping with its tradition of being upright and transparent in its operations, Diamond Bank has published its tariffs and service fees for all its products and services to show that there are no hidden charges in all its transactions. The Tariff and Service Fees publication is a guide for customers indicating the applicable charges for every product and service offered by the Bank.


The bank’s Head of Corporate Communications, Charles Udoh, explained that the measure is part of the bank’s philosophy of being a customer centric bank, adding that the organisation does not only advertise its products but also goes further to ensure that its customers are better informed about the actual fees payable even before the transaction takes place.


According to Udoh, “Diamond Bank is issuing a tariff and service fees guide in keeping with our tradition of being a Bank of choice for our customers. Our focus is to ensure that our customers are better informed about our products and services and this includes knowing the fees that they pay, even before deciding on any transaction. Because we feel the pulse of our customers, we do not want them to have any surprises, hence we use every opportunity to not only advertise our products and services but also provide vital information concerning the fees charged for very transaction up front, so the customer knows what is involved.”


He further stated that Diamond Bank strives to always live up to the tenets of its banking culture, etched on the tripod values of transparency, accountability and professionalism. “We are transparent and upright in our operations, giving our best as professionals in every aspect of our businesses. In Diamond Bank, our operations are transparent and we report our fees openly, so that the quality of our operations can also be assessed by customers,” he stated.


According to him, the published fees cuts across trade products, savings account products, cash management, commission on bond’s guarantees and indemnities, foreign exchange commission, travelers’ cheques and sight bills for negotiation. Other includes legal, discountable instruments, Bancassurance, current account products, Visa Credit card, mortgage and retail assets and investment management and share trading.


Meanwhile, the board of Diamond Bank Plc has announced the retirement of Emeka Onwuka effective April 30, 2011 after 19 years of dedicated service to the Bank and marking the end of his second term in office as the Group Managing Director/CEO. Alex Otti has been appointed to take over from him, subject to Central Bank of Nigeria, CBN,’s approval.


According to an internal Memo by the Chairman of the Board, HRH Igwe Nnaemeka Alfred Achebe, the Obi of Onitsha, announcing the changes, the appointment is part of a robust succession plan which the Board of Diamond Bank Plc commenced a while ago to ensure that the long term strategic goals of the Bank remain sustainable, despite major financial and operational challenges facing the industry presently.



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