Banking
Diamond-Access Bank: A New Dawn for Investors, Shareholders
A sound and competent banking sector is essential for a stable macroeconomic environment; therefore, the importance of commercial banks in a country cannot be overemphasized.
This is because they occupy key positions in a country’s financial system and are essential agents that would lead to the growth of any economy.
They also provide the bulk of money supply as well as the primary means of facilitating the flow of credit and so it is submitted that the economic well-being of a nation is a function of advancement and development of her banking industry.
As a result, the banking sector in Africa especially Nigeria has improved significantly due to impact of globalization in terms of technology, regulations and structure.
In achieving enhancement of capacity to support growth in the real sector, there is ample evidence that the Central Bank of Nigeria (CBN) relied heavily on bank capital reforms in tackling problems of under-performance in the sector.
Implementation of these reforms has often led to strategies which include merger and acquisitions –the two common strategies adopted in the implementation of consolidation programmes.
According to Investopedia, Mergers and Acquisitions have been shown to promote synergy in business operations as the performance of the emerging organization is often better than the sum of individual performances prior to the consolidation.
Hence, the fusion of two or more banks into a unified entity is expected to promote operational performance through improved competition, exploitation of economies of scale, facilitation of adoption of advanced technologies and higher level of operational efficiency.
Ultimately, the goal is to strengthen the intermediation role of banks and to ensure that they are able to perform their traditional role of enhancing economic growth as well as increasing customer base alongside palatable product offerings.
This clearly influences the ongoing corporate marriage between Access Bank Plc and Diamond Bank Plc.
The deal which is expected to be completed in the first half of 2019, is set to birth over 29 million customers which is basically the largest customer base of any bank in the continent which might constitute about 600 branches, about 33,000 Point of Sale (POS) terminals as well as 13 million mobile customers.
Also, the two banks is set to have the largest alternative network channels even as both financial institutions can now use their combined total of 3,100 Automated Teller Machines (ATMs).
Following the signing of the Memorandum of Agreement and announcement of headline terms, which valued Diamond Bank at approximately N72.5 billion (about $200 million), will see Diamond Bank shareholders receive N3.13 per share in cash and shares. This means that Diamond Bank shareholders would receive a consideration of N3.13 per share, comprising N1 per share in cash and the allotment of two New Access Bank ordinary shares for every seven Diamond Bank ordinary shares held as at the Implementation Date.
Group Managing Director, Access Bank, Herbert Wigwe, noted that the combination of the two businesses will create the largest retail bank in Africa by customer base and a very significant player in the Nigerian market while adding that this represents a huge step towards the delivery of the bank’s goal to bring the power of banking to millions of people across Nigeria and an exciting transaction for Access Bank and Diamond Bank’s customers, staff and shareholders.
Corroborating him, Chief Executive Officer, Diamond Bank Plc, Uzoma Dozie, said that the merger is positive for all of Diamond Bank stakeholders, including customers, employees and shareholders adding that customers will benefit significantly through the unrivalled combination of the best of Diamond Bank’s retail and digital leadership with the size of Access Bank’s balance sheet, corporate names and geographical reach.
“Customers are at the heart of our decision to create one of Nigeria’s leading banks. The combination of Access Bank and Diamond Bank will result in real benefits. The products and services that Diamond Bank’s clients enjoy, including its commitment to digital innovation, will continue unchanged and will be backed by Access Bank’s own commitment to customers, financial inclusion and sustainability, and the bank’s corporate expertise and strong balance sheet.”, Dozie said.
With the deal in place, the investing community remains skeptical as they await the outcome of the merger even as customers of both banks are worried about longevity of product offerings afforded to them.
For instance, Former President, Noble Shareholders Association, Sir Timothy Adesiyan, said, “Instead of CBN throwing all our shares into the lagoon, at least we are going to have in exchange, Access bank shares and we appreciate it rather than having nothing”
National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, called for calm amongst the investing community.
Okezie said, “If Diamond bank is operating 200 branches, considering the merger, Access bank will be a mega bank. I do not think there is any reason to panic as Access Bank is not new to the terrain, they know what they are doing and they must have done their homework to find out whether after the whole merger thing is done, they will still remain solid,
Also speaking, Head, Retail Banking, Diamond Bank Plc, Robert Giles while assuring Nigerians that the merger between Diamond and Access bank will bring the best of strong core print in treasury platform as well as the best of retail banking, noted that uique products such as Diamond Xtra, Xclusive Plus, High Interest Deposit Account (HIDA), Diamond Business Advantage (DBA) and Diamond Beta will remain even after the merger is completed.
By Modupe Gbadeyanka
Some top foreign exhibitors participating in the much-anticipated Ecobank Adire Lagos Experience commencing on Thursday, June 11, 2026, are already in Nigeria.
The four-day event, closing on June 14, will witness participation from notable African fashion brands from Ghana, Sierra Leone, Senegal and the Benin Republic.
Among the international exhibitors confirmed for this year’s edition are Creative Hub Africa and Shades of Class from Sierra Leone, Drame Khadidatou from Senegal, Tampoori from Ghana, and Naylah Collection from the Republic of Benin. Their participation highlights the growing continental appeal of the Ecobank Adire Lagos Experience as a platform for cultural exchange, business collaboration and market access across Africa.
More than 100 exhibitors and vendors, including leading Nigerian brands such as Obida Design Associates, This Is Us, Imani Kids, Ashabi Fads, E25Dresses, Miné by Ejiro Amos Tafiri, Buss Fabrics Store, Aina Aladire and many others, will participate, showcasing the richness of African craftsmanship, innovation and entrepreneurship.
It was gathered that organisers are putting finishing touches to the venue of the exhibition, the prestigious Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos.
All necessary arrangements to ensure a seamless, secure and memorable experience for exhibitors and attendees are being put in place by the bank, further underscoring its commitment to promoting African creativity, entrepreneurship and intra-African trade.
The Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, said attendees can look forward to a vibrant showcase of fashion, craftsmanship, art, music, culture and entrepreneurship, with participants drawn from Nigeria and several other African countries.
“We are fully prepared and excited to welcome guests from across Nigeria and the African continent to another edition of the Ecobank Adire Lagos Experience. From exhibition spaces and cultural showcases to networking opportunities and customer engagement activities, every necessary arrangement has been put in place to ensure a seamless and rewarding experience for all attendees,” she stated.
“The Ecobank Adire Lagos Experience continues to evolve as a unique platform that connects creatives, entrepreneurs and consumers from across Africa. Attendees can look forward to exceptional products, interactive sessions, entertainment, cultural exhibitions and valuable opportunities to build relationships, explore new markets and expand their businesses,” Mrs Odu added.
Beyond the exhibition, participants will have opportunities to network, explore business partnerships, discover unique products and experience the diversity and vibrancy of African culture.
The event is open to the public, and visitors can look forward to an immersive experience that seamlessly blends tradition, innovation, fashion, enterprise and entertainment in a grand celebration of Africa’s creative economy.
Over the years, the Ecobank Adire Lagos Experience has grown into one of Nigeria’s foremost platforms for promoting indigenous textile production, supporting small and medium-sized enterprises, and showcasing the ingenuity of African creatives.
The programme has also played a significant role in expanding market access for businesses while preserving and celebrating Africa’s rich cultural heritage.
By Modupe Gbadeyanka
Union Bank of Nigeria has again stressed the importance of education to the nation, saying it is a strategic investment and not a social obligation.
The Chief Brand and Marketing Officer of Union Bank, Ms Olufunmilola Aluko, said this is why the company continues to throw its full weight behind quality educational programmes.
According to her, education is central to the financial institution’s purpose rather than a peripheral cause.
She was speaking in respect to the bank’s partnership with Nigerian Breweries Plc and the Felix Ohiwerei Education Trust Fund for the organisation of the 12th Maltina Teacher of the Year Competition.
The flag off of this year’s programme was held in Lagos on Monday, and it is the third consecutive year Union Bank has served as a partner.
“At Union Bank, we believe education is not a social obligation. It is a strategic investment. A nation that does not invest in its teachers and its learners is borrowing from its own future, and we are in the business of building futures, not mortgaging them,” Ms Aluko stated.
She pointed to Edu360, the bank’s flagship education initiative under the UnionCares platform, as the practical expression of that conviction.
Edu360 spans the full education value chain, from widening access for children in underserved communities and investing in the teachers who multiply learning outcomes, to building digital literacy and STEM capability, and preparing young people for employment or enterprise.
On the role of the financial sector, Ms Aluko challenged her peers to think differently.
“Financial institutions need to stop thinking of ourselves as donors and start thinking of ourselves as ecosystem builders. We can embed financial literacy into school curricula, design products that help parents save for their children’s education, and convene policymakers, educators and the private sector around shared goals. Above all, we can show up consistently, not only when it suits our brand calendars,” she disclosed.
She noted that lasting change requires sustained collaboration between the public and private sectors, and pointed to the strength of the signal sent when institutions commit to teachers at scale, citing the competition’s N100 million grand prize. With twelve editions and more than three hundred teachers recognised to date, she described MTOTY as a model of the consistency Union Bank embodies through Edu360.
Her closing message was directed at educators across the country, stating, “To every teacher in this country, what you do is not small. Your story deserves to be told, and Nigeria needs to know your name.”
By Adedapo Adesanya
The African Energy Bank (AEB) will now officially launch in September in Abuja after failing to meet its targeted first-half 2026 commencement date, marking a fresh timeline for the continent’s energy financing institution.
The Secretary General of the African Petroleum Producers’ Organisation (APPO), Mr Farid Ghezali, as per Argus Media, acknowledged “several postponements” but said the new deadline is “to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view”.
A planned April start was pushed back to June before APPO members were again mobilised around a third-quarter deadline. At a recent meeting, the Nigerian government reiterated the country’s commitment to the African Energy Bank’s formal commencement of operations.
The bank was established by the APPO and the African Export-Import Bank (Afreximbank) to address the critical financing needs of Africa’s oil, gas and broader energy sectors and mitigate the global funding pressure against hydrocarbon investments in Africa.
The APPO scribe said funding has remained a major challenge even when the Nigerian government said the headquarters of the bank was ready since 2025.
Mr Ghezali called on APPO members to redeem their pledges towards the $500 million start-up capital before the end of June.
Argus quoted sources as saying that 91 per cent of the capital had been raised and that the Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Content Development and Monitoring Board (NCDMB) would make up the balance.
Mr Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60 per cent of its oil products consumption and producing only 12 per cent of global upstream liquids while being home to many of the world’s largest national oil and gas reserves.
He stated that the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40 per cent of AEB’s loan book, and priority will be given to projects that contribute towards the creation of “500,000 to 1 million direct and indirect jobs in the energy value chain”.
Speaking at a Nigerian energy summit in February, Mr Ghezali said the bank plans to raise $15 billion in its first three years of operations to fund strategic energy projects.
He also unveiled the three-phase road map for the AEB, including “Phase one, which, as I said in the first half of 2026, launches the African Energy Bank platform with 10-pillar projects involving countries such as Nigeria, Angola, and Libya. APPO certification and integration of IOCs such as Shell or ENI.”
“Phase two, in 2027, we plan to start a regional gas-oil trade, integrating the principles of the Bassari Declaration for 15 per cent local content.”
Phase three, reaching 2030, the African Energy Bank will be a true African financial hub, with $200 billion mobilised.”
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