₦airaland Forum

RALPHOW:
They don't need to inform anybody or dress elegantly otherwise they will invite men of the world.
EFCC supposed to educate their staff on such bank activities.

Well said - the EFCC is fully aware of these activities. The Nigerian customs as well as some airline operators are aware. I’m surprised they decided to act like clowns.

frank41:
Abeg...wch other bank does that? Just hearing such for the first time o. Conveying dollar to another country to the detriment of Nigeria/Nigerians.

Cash courier is done every day by Banks. I need to stress EVERY DAY. What the EFCC has done is to expose this services to the general public and that’s why you are hearing it for the first time.

Imortal001:
Union bank, you sure say that money no be atiku campaign bribing dollars? Let me come and be going before the atikulated atikulooter come for my head.

Shut up - this is a routine operation by Banks in Nigeria and even in the world. Bankers warehouse is very well known within the financial institutions in Nigeria and the services they provide is cash courier. Most of the bullion vans you see actually belong to Bankers warehouse.

Stop making ridiculous statements. Also, I am ashamed of the EFCC who could have easily conveyed a meeting to address the misunderstanding before rushing to the media to embarrass themselves.

As we can rightly see, the EFCC under Magu reflects his ignorance and stupidity. Little wonder it’s a circus without any conviction.

ipobarecriminals:
very true.Dat paul own is too much.They neva like Mou from the beginning. He win,nah war.He nor win ,nah wahala.Give the coaching to Paul/Rio and see MAN UTD struggle like Henry team,,Monaco

He never liked Van Gaal too. I think Scholes wants the job

hisexcellency34:
I pity Manchester United fans. They saw pure gold and threw it away

Mourinho is absolutely a great Manager no doubt, but his ego was too huge for United. I like the man and I feel bad about him losing his job. However, the toxicity at United was becoming uncomfortable. The players were not responding and as such there is only one thing to do. I wish Mourinho the best as well as United. This is the 3rd Manager now. Hope they 4th last longer

His statement seems like he had been promised a job in Access Bank

eleojo23:


Really? Why do you say so?

The proportion of Non performing loans and that also depicts poor credit risk management

eleojo23:
Firstbank is not strong?

Yup - Surprisely YES at the moment. They have some concerns but not as bad as Heritage Bank and now the defunct Diamond Bank

lonelydora:
They sacked Intercontinental bank workers

Of course - All EXCOs are gone. Followed by Top tier management team and some Unit heads. Those they maybe saved are exceptional top tier management team, Unit heads and most foot soldiers.

The advise I would recommend for Diamond Banks - start kissing the ass of the merger committee when they visit your branch

Warship:
What about those who have Diamond bank savings account. Will there be a need for them to update their bank details again with Access Bank.?

What happens to the Diamond mobile banking app used by Diamond Bank Customers. Will they be told to go and download Access Bank mobile banking app.?



Pls Enlighten Everyone.

I don’t think you need to be concern about this. For now things will remain the same whilst a merger committee would be form to implement the merger. I believe within a few months, but this is dependent on how quickly the management team of Access Bank want to conclude the Merger. For now Diamond Bank will operate independently and as a subsidiary of Access Bank. The merger committee will integrate processes (system and people) together and bottlenecks would be addressed along the way.

I am confident that the merger will be successful. Access Bank has the pre-requisite experience and have done it before. Also I believe the core banking software for both banks are the same - Flexcube. So the system integration may only experience little issues. Notwithstanding, customers for both banks do not need to experience much concern in terms of their money. The only concern should be customer banking experience due to different cultures and I think this can be resolved too.

The happy folks in this should be the shareholders of Access Bank - this is potentially a huge buy and an advantage for them to increase their wealth. Other stakeholders should be employees of access bank who would gain better recognition in delivery the acquisition as well as promotion to handle bigger portfolios.

The shareholders of Diamond Bank stand no Choice but to accept the merger offer. Shares in Access bank and cash offer too. Not too bad ehn

priceaction:
Well, their palava sha. Only in Nigeria will you see a bank owing another bank huge money and eventually acquire the one being owned. If no be for wickedness of sanusi , intercontinental bank would have being one of the top 3 banks in Nigeria now. There are ways to deal with error bank MDS and directors without injuring the bank and the depositors money. Hope the merger or acquisition will help boost access bank effectiveness sha and will absorb diamond bank staffs.

Chief - I understand where you are coming from, but I can assure you that the acquisition of Intercontinental Bank was the best thing to happen to that bank and Nigeria financial environment. The management team of Intercontinental Bank was one of the most selfish Management team I have witnessed in Business management. They ran that Bank to the ground and only provided opportunity to be acquired.

If you look at all Bank failures in Nigeria, one thing is common - Poor and Selfish Management decisions. Do your research properly.

If you also look at successful Nigerian Banks, you will identify one thing - strong management commitment and good corporate governance. I can tell you in honesty, that there are only 4 strong Nigerian Banks - UBA, Zenith, GTbank and Access Bank. Don’t take my word for it, go and look at the share price of these Banks

airsaylongcon:
A hostile takeover sef

It wasn’t hostile. It was discussed extensively with the major shareholders of Diamond Bank and agreed by all parties including the CBN that Access Bank was the right entity to take over the Bank. Regardless of the acquisition of the shares, without CBN backing, it won’t be successful.

Hostile takeovers are not usually successful because the Board can engineer takeover defense and thereby discredit the acquisition. The only successful hostile takeover I can remember in Nigerian Financial Institution is the takeover engineered by Aig Imoukuede and Herbert Wigwe during the management takeover of the infant Access Bank. This happened in the early 00’s. This is to let you know how purposeful those guys are and they are still acquiring. There was even a point in time they intended to acquire Union Bank, but it was not ratified by CBN. This was prior to the Intercontinental Bank Acquisition. The Union bank acquisition deal had been brokered but did not get CBN buy-in/agreement.

GavelSlam:


Asset stripping more like.

Asset stripping is what Diamond Bank did to it international branches. Selling off your asset for cash is Asset Stripping

thesicilian:
Access Bank keeps swallowing distressed bank's like a shark. From Marina Bank to Capital Bank, Omnifinance Bank, Bancor SA, Finbank, BPC, to Intercontinental Bank.

Respect to their seasoned management professionals.

Yup - They are Cow Boys. The only experienced financial institutions management team to successfully undertake series of acquisitions. It was not by accident, they went for rigorous training on Acquisition.

For those saying why use the word Merger rather than Acquisition, you are right. It’s a brutal acquisition. However, to calm tensions, I believe Merger was used to avert tension. In fact, the word Business Combination should have been used.

The rumor of the acquisition having be on for a while and both Banks issued a press release denying it. I think Access Bank acquired the shares of the Dozies’ Who are the major shareholders in the company. This was done as a result of the Dozies’ inability to repay back a loan taken to buy out a major foreign investor - ACTIS. Rumor had it that the buyout scheme was financed by GTbank and Pascal Dozie’s MTN shares was the collateral. How Access Bank got into the picture is the vague part, but Access Bank bought the debt from GTbank after there were signs that the loan won’t be repaid.

As a result of the economic downturn and Naira devaluation, the value of the MTN shares were not sufficient enough to cover the loan and there was a Margin Call. Access Bank negotiated for shares in Diamond Bank (the stock held by Pascal Dozie). Hence, it is typical that since the major shareholder of the Bank has relinquish his shares to another Entity, there should be a restructuring. Hence, the brokering between CBN, Access Bank and Diamond Bank to ratify the deal. The deal was ratified on the basis of the Business Combination experience of Access Bank management team, the in-house fighting in Diamond Bank which has resulted to the Chairman of the board as well as two other directors to resign, the poor management leadership of the CEO, Uzoma Dozie, the incessant of the Carlyle Group - another foreign investor in Diamond Bank, that Uzoma should leave and they too are pulling out their investment, due to poor share price of Diamond Bank.

Infact, rumor had it that the former CEO of Diamond Bank, Alex Otti, engineered to take over the Bank prior to his gubernatorial election in Abia State. He made a too good to turn down proposal, using an anonymous financial brokering team, to the initial foreign investor, ACTIS. However, Pascal Dozie had the first right of refusal to buy the shares of ACTIS in the event they intend to sell. The offer price from the Alex Otti team was a tough one and ACTIS will only accept such price from Pascal. Hence Pascal Dozie had to go borrow the money on tough terms to save his Bank. Rumor had it that the Alex Otti brokering team were very confident that they would secure the deal and were surprised to find out the Pascal Dozie found the money - however, this was the beginning of the death of Diamond Bank.

Uzoma Dozie was installed as CEO despite his naivety and unserious attitude. He was charged to rescue the Bank, but there was only one outcome - FAILURE. Uzoma was never ready to become CEO and he exemplified such actions by making strategic decisions that would only get the Bank into further trouble.

Anyways there is still more to the story and acquisition and my ears are on the ground. My concerns now is those who would be affected by the bad business decisions of their management. Staff would lose jobs and families may never recover. I think this would greatly affect Pascal Dozie in all ramifications.

I think Nigerians really do not like Cuppy and I don’t think it has to do with the fact that her dad is Femi Otedola. She is just not likeable

pocohantas:
Lol, I knew there were 3 banks that can comfortably acquire Diamond. GTBank, First Bank and Access.

I knew the first two won't, but I was almost sure Access will. Access is beginning to look like those diabolic uncles in Nigerian movies. Those ones that wait for you to sell your only inheritance/land

Those two you mentioned do not have merger and acquisition experience. Only Access bank has that experience. You can say Heritage Bank too, but that Bank is the next to go down

Awoo88:
This news is dubious. According to the report, diamond bank will still be diamond but can not do international transaction with out help

That was how they handled Intercontinental bank

Glad your mother had sense

Yewandequeen:
What kind of church allowed her in with almost all her breast on display? Mtcheeew

A church more interested in money than morality. When it comes to poor people, the church would frown and dismiss them. However, because the individual involved has money, compromises are being made.

Hypocrisy is all I see. The baby is innocent and just a victim, but he is bastard and the mother is not married and yet the priests are more happy to carry out the dedication. I only hope if such would be applicable to normal Nigerians. I also wonder if these priest would be able to call out immoral members in their churches

Shame on money loving churches

Money certainly rules this world. When a bastard is being blessed in a church, you begin to wonder if morality has been murdered

Happy Ending Nko?

Skyfornia:
Funny how Linda is loved by many celebrities, and some of these celebrities are the people the public think Linda offended with her blogging. They still love Linda yet the public are the ones carrying the matter/hatred for head.

They don’t love her. They just want her close under their warps. Keep your enemies close so you can anticipate their moves

Weak women will always find a way to blame a man for their misfortunes

Nnemuka:
Linda never said she was engaged...
Laura the loud one, the aproko in the house started the engagement stories ooo then Sandra decided to follow but never did Linda say anything about her engagement.

Y'all should free her abeg.

Who then told the sisters. At some point I’m beginning to believe Kemi, the other loud speaker. The story does not follow through. I find it hard for a man to become Eratic after hearing he is having a baby. Only poor men behave this way and it’s because of money. Even at that, they somehow come around. However, the man doesn’t want anything with Linda, I find that strange.

Probably he was just a sperm donor or maybe Linda stole his sperm that’s why he was mad with her. Regardless of the story - Linda is a hypocrite and a disgrace. Once a bush girl, always a bush girl. Money can never buy class

If women want men to take them serious, they ought to call out these prostitutes. They are disgracing women

He is thanking God - Na wa o

IamD18:
Mbaka is a scam.

More like being intoxicated by power and seek relevance via his cult followings

Goshen360:
So which kind award we go give him naw?

Church Enemy Award �

In all honesty, I salute his bravery and relentless effort in pursuing his cause even in the midst of adversity. Only courageous people are able to do what he is currently doing.

In some cases, I do not agree with him on some of his messages and his modus operandi. However, he has been able to tackle headon one of the most controversial issues in Christianity and he does it with so well using the Bible.

What’s amazing is the fact that all the GOs, Church founders and leaders are yet to refute his teachings. Some of these church leaders have even agreed with him, others choose to attack his person and the rest decide to remain quiet.

Things like this make me get tired with Nigerians. When we attribute things to supernatural forces we create room for more mishaps. Typically, in sane countries, an investigation commences to ascertain why there was a collusion - the driver is questioned and tested to ensure he was not driving impaired or tired. The vehicle is assessed for good driving conditions and the quality of the road is reviewed to so that proper recommendation can be provided to avoid such circumstances in the future.

What has God, the Devil and a Church Crusade got to do with this is what baffles me. A quick glance at the vehicle gives one a glimpse that it may not be in good driving condition and equally not safe to be on the road.

Staceyjohnsn:
Hi,

Please I need some information.

I’m from London. My boyfriend and I were both living in London until he was deported back to Nigeria. We dated for 2 years so due to love we continued dating. We eventually got married two years later in a registry in Nigeria. I was willing to move to Nigeria permanently and forget about London completely. It was time to do the traditional marriage now, he said he’s not doing anymore. Long story short he has the marriage certificate with him in Nigeria. He said he will just tear it up and that’s that and no1 will ever believe me without the certificate that we are legally married.
Obviously I need to one day move on with my life, by Gods grace and remarry. I’m only 26, I cannot come and die because of one man. I don’t want to deal with this issue when I have someone new etc. I don’t want to comit polygamy as that is highly illegal in the UK. Personally, I cannot date another man while I’m legally married. Ko make sense.
Does anyone know how I can obtain a copy of the marriage certificate myself in order to proceed with a legal divorce?
In the UK you can look up marriages online, is there a website for Nigerian marriage information to be looked up online?
Please help me because if you understand the heartbreak I’m going through right now, you will cry for me.
I jus want to begin to legally escape this situation and move on with my life.

Who is this person writing this grossly irresponsible and fake story??

Xinzu:
If he defaults, he should be banned from the Catholic church. No individual is greater than the church.

I think he is a necessary evil for the Catholic Church. Banning him would only set him up as a competition and the loss of revenue he generates for the church. The Catholic Church is fully aware of his antics. This is not the first time they are cautioning him. As a matter of fact, his present parish was to punish him for expressing his political views during the 2015 election.

Unfortunately for the Catholic Church, Fr. Mbaka has a cult following ready to go to the extreme to prove their loyalty. Mbaka understands religiosity and how to tap into the spiritual underfed. The Bromance between Mbaka and Politicians is nothing new, but an Avenue to key into his followers and the Rev Fr is smart about it, requesting for monetary exchange to grant access.