How Diamond Bank lost N6bn Unsecured Loan to UK Firm

The financial crisis that rocked Nigerian banks in 2008 may be far from over as indications have emerged that some banks hid unsecured loans in billions from the Central Bank of Nigeria (CBN) and as a result failed to sell same to the Assets Management Corporation of Nigeria (AMCON).
Specifically, YemojaNews investigation has revealed that Diamond Bank Plc lost N6 billion (N1.1 billion or 18.1 per cent above its PAT in its last financial year) to Allan Dick West Africa (ADWA) Limited, a telecommunications services firm promoted by its parent company in United Kingdom known as ADC.
The portfolio investors had obtained an unsecured loan amounting to N6 billion from Diamond Bank Plc in 2007.

Newswatch Editor Dies of Gunshot Wounds

Hours after he was shot twice in the stomach by suspected armed robbers, the Deputy Editor of Saturday Newswatch, Mr. Toyin Obadina, died in the early hours of yesterday.
Obadina, who was shot by suspected armed robbers at the Ikorodu area of Lagos on his way home after the day's work, was rushed to the Lagos State University Teaching Hospital (LASUTH), Ikeja, where doctors battled to save his life.