Tag Archives: Diamond

ACCESS–DIAMOND BANK M&A: Banks’ share prices skyrocket

Regulators feign ignorance, say deal not concluded….

Following the announcement of the acquisition of Diamond Bank Plc by Access Bank Plc yesterday investors have swooped on the shares of both banks pushing them to the top of the Nigerian Stock Exchange, NSE, top gainers and volume transaction chart at close of trading yesterday.

Diamond Bank shares which had been on free fall in the past few weeks rose 9.47 percent to N1.04 from N0.95, while Access Bank’s shares appreciated by 9.40 percent to N8.15 from N7.45 per share.

Also, 70.98 million units of shares were traded in 129 deals in Diamond Bank, making it the most active stock in volume terms in the banking sector, while 13.62 million units were traded in Access bank in 254 deals.

Meanwhile, capital market authorities, the Securities and Exchange Commission, SEC, and the Nigerian Stock Exchange, NSE, have both indicated that the deal is not yet approved adding that it is just a notice of intention to merge.

Responding to the enquiries from Vanguard NSE stated:

“As an operator of a market, The Exchange’s role is to ensure appropriate disclosures around the discussions between the two listed Banks and related matters in accordance with the rules and regulations of The Exchange.

“Our approval of press releases from listed companies does not extend to approval of the substance of such press releases unless we discern from the face of such intended release that information contained in it is manifestly inaccurate. “Otherwise, our role is to permit the release of information so that shareholders are empowered to form a view and make investment decisions based on such releases and all other information available in the public domain.

“In line with our process, as you may have seen, we approved press releases from both Diamond Bank Plc and Access Bank Plc earlier today (Monday).

“There is a clear process of approvals for mergers, including approval of shareholders of both entities at a court ordered meeting of shareholders, regulatory approvals of the Central Bank of Nigeria (CBN) as well as the Securities and Exchange Commission (SEC) since both companies are public companies.

“It is only when these approvals have been granted that an application can be filed with The Exchange.

“The Exchange will review such application when it receives it; taking into consideration its rules on such application, regulatory approvals, Board and shareholders approvals and any other relevant matter in line with its rules.

“As the required approvals for the continuation of the proposed merger are primarily from the shareholders of the two entities, CBN and SEC, we advise that you share your concerns with the two statutory regulators and, if you are a shareholder, raise your concerns also during the relevant approval meeting.”

Also SEC in a statement said, “The Securities and Exchange Commission (SEC) is aware of the intention of Access Bank and Diamond Bank to go into a merger. Access Bank and Diamond Bank have both notified the Commission and the general public. It is a notice to merge, they have not merged yet. SEC is awaiting their application on the matter.”

Shareholders reaction

Reacting, Shehu Mallam Mikaili, National President, Constance Shareholders Association of Nigeria, said, “To me, it is a welcome development because it will protect the interest of shareholders instead of the assets of the Bank (Diamond) being taken over by the CBN.”

Speaking in the same vein, Mr Patrick Ajudua, National Chairman, New Dimension Shareholders Association, NDSA, said, “We are not against the merger in this case because we still have our investment protected in the enlarged entity. Rather than face the unacceptable situation of Skye Bank, we are pleased with this development. Therefore, the take over of Diamond by Access Bank is okay by us. The banks in question will both seek the approval of their shareholders before the deal will be consummated since they are both listed on the exchange.”

Igbrude Moses, National Secretary, Independent Shareholders Association of Nigeria, ISAN, said, “If the board and management of Diamond Bank think that the only way to sustain the bank is to merge with another bank, so be it, but they should make sure that all the stakeholders are carried along to avoid litigation. CBN, NSE and any other regulator concerned should ensure that minority shareholders are carried along and not short changed in the whole arrangements. They should also ensure that the process is transparently carried out.”

He advised that the aim of building the biggest bank in Nigeria or Africa should not overshadow the consideration of ensuring that the acquiring institution has the capacity to manage the enlarged entity.

He said that shareholders are becoming weary and skeptical of banks stocks due to issues of constant take overs in the banking industry.

Access, Diamond Bank management speak

Uzoma Dozie, CEO, Diamond Bank, assured that the proposed combination, which is expected to be completed by first half of 2019, with Access Bank would create one of Africa’s leading financial institutions.

He said: “There is clear strategic rationale for the proposed merger and strong complementarities between the two institutions.”….

(Expecting The Deal To Be Completed By First Half Of 2019)


Tanzanian musical rivals Diamond and Ali Kiba in rare meeting at late socialite’s funeral

Both Diamond and Ali Kiba have been rumored to having beef with the other in the past. On Sunday, April 22, however, there were no signs of bad blood Just when everyone thought the new trend of rivals resorting to handshakes to bury the hatchet was over, another one comes up. This time, however, it was the showbiz scene which was treated to meeting between to personalities who have a long-standing rivalry.

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Diamond Smile: Terms and Conditions


The promoters are DIAMOND BANK PLC a company incorporated in Nigeriaand having its registered office at PGD’s Place, Plot 4, Block V, B.I.S Way, Oniru Estate, Victoria Island, Lagos (hereinafter referred to as “the Bank” with RC No. RC161996) AND SMILE COMMUNICATIONS NIGERIA, hereinafter referred to as ‘Smile Nigeria’. with RC No. RC722728, whoseregistered office is at 39C, Ahmed Onibudo Street, off Adeola Hopewell, Victoria Island, Lagos, Nigeria AND jointly referred to as the Parties.QUALIFYING PARTICIPANTS*.To qualify to participate in these promotions participants must be resident in Nigeria and must be over 18 years of age.*.Participants of these promotions hereby warrant that all information submitted is true, current and complete, and that they have full rights to the images and details that are uploaded, and that use of the said material shall not constitute a breach of any third party’s copyright or other intellectual property rights.*.The Parties reserves the right at any time to verify the validity of information provided by the participant (including but not limited to the participant’s identity and place of residence) and to disqualify all entries that are not in accordance with the terms and conditions.*.The Parties reserves the right to disqualify any individual if it has reasonable grounds to believe that the participant has breached any ofthe terms and conditions. It also has the right at any time to verify the validity of entries and the eligibility of all participants, not limited to just the information provided*.In the event that any participant is disqualified, the Parties, in their discretion discretion, may decide if a replacement for the said participant should be selected. In this event, any other participant can be selected based on the samecriteria as the original participant and will be subject to the same terms and conditions.*.Participation in these promotions is deemed to be acceptance of, and agreement to abide by, the terms and conditions of the promotion.*.If the Parties fail to implement any of its rights at any stage, this does not constitute a waiver of these rights.PROMOTION DATES*.The promotion will be run over an 8-week period untilThis offer will last till 30thof December 2015, withtwo offers being made:Offer 1:*.Pay N27,000 and get 10GB for 3 months (30GB) with Smifi device.*.Only the data is purchased (@9,000per GB)*.The Smifi is freeOffer 2:*.Pay 40,000 and get 10GB for 6 months (60GB) free with Smifi device.*.Data is discounted by 25%*.The Smifi is free*.All entries made after the stated deadline date will be void.*.HOW TO ENTER

Posted from Ikem Daniel Blog