Who is now lying? Is it those that had earlier reordered that Access Bank is on the verge of acquiring troubled Diamond Bank and which was promptly denied by the officials of the banks and as usual branded the report as fake news. Or the bank officials who knew that the report is nothing but the truth but chose to deceive Nigerians, their customers by pretending that all was well with the bank and would not be taken over Access bank? Well, no matter who gets the knock, it is now crystal clear that Herbert Wigwe led Access Bank has taken over Diamond Bank, which was formerly led by Uzoma Dozie, a young Nigerian and for the bank, diamond is no longer forever as the saying goes.
Details of the merger deal as well as how everything was eventually consummated, despite the barefaced initial denial by both parties, have also started emerging.
In a statement signed by Uzoma Uja, company secretary/legal adviser of Diamond said “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 N1 per share in cash,” he added.
Explaining that the transaction would include the allotment of two new Access Bank ordinary shares for every seven Diamond Bank ordinary shares held as at the implementation date, “The offer”, according to him, “represents a premium of 260 per cent to the closing market price of 87k per share of Diamond Bank on the Nigerian Stock Exchange as of December 13, 2018, the date of the final binding offer.
“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 canceled upon the merger becoming effective.
“The board of Diamond Bank believes that the proposed combination of the two operations provides an exciting prospect for all stakeholders in both businesses”.
Taking over from him, Access Bank’s Mr. Herbert Wigwe had this to say about the issue which had been on many lips, especially in the banking sector for weeks now: “Access Bank has a strong track record of acquisition and integration and has a clear growth strategy.
“Access Bank and Diamond Bank have complementary operations and similar values, and a merger with Diamond Bank with its leadership in digital and mobile-led retail banking.
“This could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion,” ended Wigwe whose bank had earlier acquired Erastus Akingbola’s Intercontinental Bank amidst controversy.
Access Bank, no doubt one of Nigeria’s leading banks, is the baby of Wigwe and his friend cum business partner, Aigboje Aig-Imoukhuede.
