₦airaland Forum

The management of Diamond Bank on Monday announced its merger with Access Bank.

A statement by Uzoma Uja, the bank’s Secretary/Legal Adviser, said the transaction will be completed by the first half of 2019.

“The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger,” the disclosure, sent to the Nigeria Stock Exchange, said.

Read the full disclosure below:

STATEMENT REGARDING SCHEME TO MERGE WITH ACCESS BANK
The Board of Diamond Bank Plc (“Diamond Bank”) today announces that following a strategic review leading to a competitive process, the Board has selected Access Bank Plc (“Access Bank”) as the preferred bidder with respect to a potential merger of the two banks (“the merger”) that will create Nigeria and Africa’s largest retail bank by customers.

The Board of Diamond Bank believes that the merger is in the best interest of all stakeholders including, employees, customers, depositors and shareholders and has agreed to recommend the offer to Diamond Bank’s shareholders. Completion of the merger is subject to certain shareholder and regulatory approvals.

The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger. Based on the agreement reached by the Boards of the two financial institutions, Diamond Bank shareholders will receive a consideration of N3.13 per share, comprising of N1.00 per share in cash and the allotment of two (2) New Access Bank ordinary shares for every seven (7) Diamond Bank ordinary shares held as at the

Implementation Date. The offer represents a premium of 260% to the closing market price of N0.87 per share of Diamond Bank on the Nigerian Stock Exchange (“NSE”) as of December 13, 2018, the date of the final binding offer.

Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law. The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be cancelled, upon the merger becoming effective.

Diamond Bank expects the transaction to be completed in the first half of 2019.

GavelSlam:
Shop don close.

Emeskhalifa:
I don't know of others but anything wey make a woman am in love with disrespects my mom, and is instead of owing up she tries justifying that with whatsoever reason, you're a goner. I'd put you above my siblings and maybe even my dad but u see my mama, I don't joke with anything concerning that woman.



bring your mtn bulk airtime lets do business.

pyyxxaro:
Which won she con wear dark shade for night naaa



Abi she be thief

Barring last minute change, former Governor of kano state Rabiu Musa Kwankwaso have concluded plans to return to the All Progressive Congress (APC), from the opposition People’s Democratic Party (PDP).

Our reporter learnt on good authority that the Senator representing Kano central Kwankwaso, have been sending Emissaries to the Presidency to pave way for his return into the fold of the APC again. It would be recalled that Kwankwaso alongside 12 other Senators in July, 2018 defected to the PDP.

Kwankwaso vied for the office of the Presidency under the platform of the PDP and finished 4th in the presidential race. Impeccable source in the Kwankwassiyya camp told this newspaper that, the Senator is not happy with some developments in the PDP and feel uncomfortable.

The sources added that as at the time of filling this report the PDP Presidential candidate Alhaji Atiku Abubakar hasn’t not release a dime to campaign in kano, noting that Kwankwaso had allegedly submitted a proposal of over N1 Billion to Atiku. Since the request was tabled, Atiku have kept mum, after series of reminders were sent to him by Kwankwaso. Kwankwaso is equally angry, Atiku didn’t appoint him campaign cordinator in the North-west, considering his wealth of experience.

“ I can confirm to you that Oga is not happy about so many decisions that are not going his way, I don’t see him staying in PDP”. Miffed by this the former Governor have consulted widely and have concluded to return to the APC. The source revealed that the only obstacle on his way back to APC is the insistence of those in the Presidency that he (Kwankwaso) should ‘ go and mend faces with the state Governor Abdullahi Umar Ganduje.’ Kwankwaso is said to be very upset with that decision which he perceived as condescending low to plead with a man he installed who he felt betrayed him. Another factor troubling the former Presidential aspirant is the disquiet in his Kwankwassiyya camp, since he allegedly imposed his brother in-law Alhaji Abba Kabiru Yusuf as the PDP governorship candidate.

Many of his allies are not happy with the alleged imposition of his In-law, which has since led to the exit of his staunch supporters of the duo of General Idris Bello Danbazzau (RTD), and Hajiya Balaraba Ibrahim who joined the APC recently. Our reporter gathered reliably that many of his close allies are on their way back to the APC, which include the national chairman of Kwankwassiyya movement former Secretary to the State Government Rabiu Suleiman Bichi, former national treasurer of the APC Alhaji Bala Gwagwarwa, former Deputy Governor Hafiz Abubakar among others all on their way back to APC and may soon be received by President Muhammadu Buhari. To this end, political pundits in the state are of the view that Ganduje’s re-election bid look like a walk in the park.

denko:
The man is loosing his mind Jare

Former military president General Ibrahim Badamasi Babangida has described President Muhammadu Buhari as an excellent leader and a role model whose personal qualities are worthy of emulation by young and aspiring politicians in the country.

This was contained in a congratulatory letter by the former Head of State to the President ahead of his 76th birthday.

President Buhari will turn 76 on Monday, December 17.

General Babangida, in his message, said:

“As we get over our mid-seventies, we can say with all sense of modesty that we should celebrate every birthday anniversary with prayers in order for us to thank Allah for all the blessings and the bounties He showered upon us.

“It is only fair that we pause and reflect in our own different ways on all the life’s challenges we face day by day and the positive strides we have been blessed to attain.”

He added that “a typical day in the life of a Nigerian President requires faith, poise, patience, tenacity, experience, strategic thinking and quality character for one to get through it.”

General Babangida stated that Mr Buhari has been “an excellent role model to many young aspiring politicians and even to the not too young, because of the way and manner you have managed to sustain the survival of our country as an indivisible one nation albeit in the face of many daunting diversions.”

The former leader was positive about the Buhari administration, citing and commending the president’s signature anti-corruption campaign.

“You achieved great success in the fight against corruption, terrorism and other forms of insecurity in addition to getting our country out of economic recession.

“It is heartwarming that at 76, in spite of the numerous onerous challenges of leadership, you have managed to remain focused and have shown tremendous energy and vibrancy in running the affairs of state with your acknowledged patriotism and commitment to serve our nation diligently with honesty and sincerity of purpose.”

“I wish to congratulate you for all the achievements you have recorded in your lifetime and particularly for your humility, deep sense of honesty and faith you have shown in the various aspects of governance, politics and democracy as our President.”

“I join the first lady, Aisha and all your children and grandchildren in wishing you many happy returns of your birthday. Aisha’s loyalty and support, as the home front commander, is invigorating since by our age we require much comfort, care and affection at home. Welcome to our club of the over 75,” the message concluded.

Yesterday was a perfect opportunity to say”we are sorry”for 16 years of looting spree unfortunately it wasn’t utilised.

IamAtikulate:
Rice was #8,000 but this morning it is #18,500

GlorifiedTunde:
You and I know that this forum has been submerged by PDP empathizers. Igbos

They are hardly objective and mostly insulting.

DrGoodman:
Oh! My illiterate friend, need I school you that government is a business?

Business is all encompassing, and government is just a tiny part of it. If an Igbo man like Obi rules Nigeria, countries with white skin will be coming to ask us for loans in 4 years.

DrGoodman:
A lot. Like keeping fuel down at 87 naira

DrGoodman:
Absolutely!

That's the best way we can run Nigeria, like a successful business and be making money to solve other problems, not borrowing to feed like your APC leaders.

DrGoodman:
Absolutely!

That's the best way we can run Nigeria, like a successful business and be making money to solve other problems, not borrowing to feed like your APC leaders.

DrGoodman:
How can you, we stay in the shop and battle criminals, selling and making profits to recover. We never run from the business because of challenges.

DrGoodman:
Igbo men have been running their shops with relative success in the last 50 years while the rest of the country depends on almajirinism to survive.

globemoney01:
Everything is about shops for peter obi being a trader, he has refused to seperate trading with governance despite being close to 16 years in politics

Citizen0:
Odee!!!

globemoney01:
Everything is about shops for peter obi being a trader, he has refused to seperate trading with governance despite being close to 16 years in politics

tesppidd:
Peter Obi probably had too much stout and nkwobi before showing up.