Banking
Anxiety as Access Bank, Diamond Bank Hold EGMs Tuesday
By Modupe Gbadeyanka
Tomorrow, Tuesday, March 5, 2019, shareholders of Access Bank and Diamond Bank will gather at two separate venues to deliberate on the proposed merger between both financial institutions.
While shareholders of Access Bank will meet at the Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos, those of Diamond Bank will converge few kilometres away at Grand Banquet Hall, Civic Centre, Victoria Island, Lagos.
The main purpose of the Extraordinary General Meetings (EGMs) is to give their respective boards the authority to make the banks a corporate entity.
Business Post reports that Diamond Bank will first hold its EGM tomorrow by 10am, while Access Bank fixed its for 1:00pm.
Information gathered by our correspondent has it that both lenders have put finishing touches to the preparations and are ready to convince the shareholders to approve the merger.
“I can tell you that we are ready for Tuesday’s meeting. We are very confident that our shareholders will approve this merger with Access Bank,” a source at Diamond Bank, who is privy with the preparations, informed Business Post at the weekend.
It is important to note that tomorrow’s meetings were ordered by Justice O Oguntoyinbo of a Federal High Court sitting in Lagos.
The judge held that Chairman of the board of Access Bank, Mrs Mosun Belo-Olusoga, Mrs Ajoritsedere Awosika, who is a director of the company or any other director appointed in their stead by the shareholders present at the meeting will act as Chairman of the said meeting, while for the Diamond Bank meeting, Chairman of the board, Mr Dele Babade; or Mr Chris Ubosi, who is a director of the lender, or any other director appointed in their stead by shareholders present at the meeting will take charge.
At the Access Bank meeting, shareholders will vote to consider if “the Scheme as contained in the Scheme Document dated the 24th, day of January, 2019, a printed copy of which has been submitted to the meeting and, for purposes of identification, endorsed by the Chairman, be and is hereby approved; and that the Directors be and are hereby authorised to consent to any modification of the Scheme that the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and or the Court shall deem fit to impose and approve.”
“That the Directors be and are hereby authorised to accept the transfer of all the assets, liabilities and undertakings including real properties and intellectual property rights of Diamond Bank Plc upon the terms and subject to the conditions set out in the Scheme Document, without any further act or deed.”
“That as consideration for the transfer of all the assets, liabilities and undertakings including real properties and intellectual property rights of Diamond Bank Plc, the Directors be and are hereby authorised to; allot the Scheme Shares to Diamond Bank Shareholders upon the terms and subject to the conditions set out in the Scheme Document, without any further act or deed; and pay the sum of N1.00 (One Naira) per share for each issued and paid-up Diamond Bank ordinary share held at the date of the Court-Ordered Meeting.
“That the Solicitors of the Company be and are hereby directed to seek orders of the Court sanctioning the Scheme and the foregoing resolutions, as well as such other incidental, consequential or supplemental orders as are necessary or required to give full effect to the Scheme.
“That the Directors be and are hereby authorised to take such actions as may be necessary to give effect to the Scheme including but not limited to the listing of the Scheme Shares on the Nigerian Stock Exchange.”
For Diamond Bank shareholders, they will vote, “That the Scheme as contained in the Scheme Document dated the 24th, day of January, 2019, a printed copy of which has been submitted to the meeting and, for purposes of identification, endorsed by the Chairman, be and is hereby approved; and that the Directors be and are hereby authorised to consent to any modification of the Scheme that the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and or the Court shall deem fit to impose and approve.
“That the transfer of all the assets, liabilities and undertakings including real properties and intellectual property rights of the company to Access Bank Plc, upon the terms and subject to the conditions set out in the Scheme Document, be and is hereby approved without any further act or deed.
“That all legal proceedings claims, litigation matters pending or contemplated by or against the company be continued by or against Access Bank Plc after the Scheme is sanctioned by the court.
“That in consideration of the (2) above, all shareholders of the company shall, after the Scheme is sanctioned by the court, be allotted two ordinary shares of 50 kobo each in Access Bank Plc ‘(credited as fully paid)’ in exchange for every 7 ordinary shares of the company of 50 kobo each (the share consideration); and be paid N1 for every share held in the company (the cash consideration) withi 10 business days of the court sanction of the scheme.
“That the entire share capital of the company be cancelled and the company be dissolved without winding up.
“That the solicitors of the company be and are hereby directed to seek orders of the court sanctioning the scheme and the foregoing resolutions, as well as such other incidental, consequential or supplemental orders as are necessary or required to give full effect to the scheme.
“That the directors of the company be and are hereby authorised to take such other actions and steps as may be necessary or required to give full effect to the scheme.”
Earlier this year, Business Post reported that Access Bank was considering changing its corporate identity after the ‘marriage’ with Diamond Bank, which should be officially consummated before the end of June 2019.
Speaking at a customer forum in Lagos, CEO of Diamond Bank, Mr Uzoma Dozie while responding to a question on whether the enlarged bank will have a new name, had said, “I believe that the name will be Access Bank, but the identity will be the one that is recognised by both Access Bank and Diamond Bank.
“So, it will be……just as we have come here today to inform you of what we are doing and get your feedback, we are also going to have a customer forum to help us decide what is the best identity that when people see, they will say this is Diamond Bank, this is Access Bank.”
His counterpart at Access Bank, Mr Herbert Wigwe, had explained further that, “Let me just add to that point, if you go to global banks like Barclays Bank and HSBC that have gone through mergers and acquisitions, you can keep an identity, but you can also make sure you reflect the identity of the different institutions and what they do.
“So, the retail will look like what you see in Diamond Bank so you don’t lose your connection; that is how it happens.
“If you look at the corporate logo and how things will come out, you will not see that you’ve not lost anything.
“Same thing for Access Bank customers, because you know we were also at the corporate end. We also have to be mindful of these customers as well.
“So, we have to do something that will sit nice for Access Bank customers and also sit nice for the retail business of Diamond Bank.”
Some experts have said the merger between both lenders could help in saving over N150 billion as direct result of economies of large scale which will translate to returns on equity to shareholders.
They emphasised that the synergy will yield over N62 billion savings on the revenue side, adding that N40.9 billion would come from extended product offering while N8.4 billion from expanded digital channels.
They also hope that N6.7 billion is going to be saved from the extension of market share in corporate and retail banking markets, and another N6.2 billion to be dug from treasury sales.
That is not all the good side to what could be eked out from the merger. On the expenditure side, the managers believe that savings of N88.1 billion would be made; and from procurement and facility management a whopping N40.5 billion or about half of the savings is expected to come while N21 billion will accrue from cost of funds reduction through lower deposit pricing.
More savings of N12.6 billion from IT integration; N13.5 billion from branch consolidation; and another N500 million to be squeezed from support functions integration, bringing envisaged total integration savings to about N150.1 billion.
The merger managers were of the opinion that going forward the savings would improve investor’s equity returns as the merger would allow for both economies of scale and of scope as fixed costs would be shared over a much larger depositor and borrower base.
It was also stressed that those who would benefit more from the merger scheme are customers of the enlarged bank who stand the chance of achieving a lot more through the combination of Access Bank and Diamond Bank.
By Aduragbemi Omiyale
A new vehicle financing initiative designed to allow funding support of up to 90 per cent of a vehicle’s value and repayment tenures of more than four years has been introduced by Access Bank Plc.
This is part of the lender’s vehicle asset financing programme aimed at expanding access to vehicle ownership and mobility services across the country.
Application for the service is through a digital process, the bank’s Executive Director of Corporate and Investment Banking Division, Ms Iyabo Soji-Okusanya, disclosed.
Customers can access vehicles from top distributors like CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, CFAO and other mobility dealers. They can purchase both new and certified pre-owned vehicles through a single process, she added.
“You apply online, and you go home with the keys to your car already in your pocket,” Ms Soji-Okusanya stated, noting that for businesses, the initiative will provide access to vehicles needed for operations while helping dealers improve inventory turnover and unlock capital tied down in unsold stock.
While explaining how the process works, the Group Head of Access Bank Mobility, Mr Ishmael Nwokocha, said the bank spent the last six months engaging dealers and other stakeholders in the automotive value chain before rolling out the programme.
According to him, Nigeria records annual vehicle sales of about 100,000 units, with only about 10 per cent being brand-new vehicles, while the remaining 90 per cent are pre-owned vehicles, adding that rising vehicle prices have significantly reduced affordability for many Nigerians.
“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent,” Mr Nwokocha said, noting that customers would also have access to insurance, after-sales services, and a digital loan application process that allows applicants, dealers and the bank to monitor progress.
He said the initiative extends beyond individual consumers to corporate organisations, schools, hospitals and other businesses requiring vehicle fleets, revealing plans to expand financing access to operators in the ride-hailing and transport sectors that are currently outside the formal banking system.
On her part, the Group Head of Product and Segment at Access Bank, Ms Chizoba Iheme, said the bank had put measures in place to support customers who encounter financial difficulties during the repayment period, explaining that affected borrowers could seek loan restructuring rather than risk losing their vehicles immediately.
“So long as the vehicle is still valid, it’s still running on the road, we can look at your finance, and then we’ll repackage your loan,” she said, also clarifying that customers are not required to maintain loans for the full approved tenor and can repay outstanding obligations earlier if they choose.
On the scope of the programme, she said financing is available to individuals, corporates and small businesses seeking vehicles for commercial or operational use.
The Managing Director of CIG Motors, Ms Eniola Olutimilehin, whose company is one of the participating dealers, said the partnership would help connect vehicle buyers with financing while supporting mobility and business operations.
She said the collaboration is expected to improve access to vehicles for individuals and entrepreneurs requiring transportation assets for personal and commercial activities.
By Adedapo Adesanya
African payments infrastructure giant, Paystack, has taken an early step into AI-driven commerce with the launch of Paystack Index, a platform that allows users to complete transactions through AI assistants.
The move signals the company’s ambition to power payments in an emerging era where chatbots could become a primary channel for shopping and financial services. It makes Paystack among the first African fintechs attempting to integrate payments directly into AI workflows.
In a statement on Thursday, the payments giant announced the experimental product developed by Paystack with product support from TSG Labs, the venture studio and emerging technology arm of The Stack Group.
Paystack Index builds on existing Paystack products, such as Paystack Checkout, by giving Zap users in Nigeria a new way to check out with supported Paystack merchants via AI agents.
The product is launching in early access as Paystack learns how people want to use AI agents to get things done, starting with familiar tasks like buying airtime and mobile data, funding wallets, sending money, and paying for food.
Paystack Index is live in Nigeria and currently works with supported AI clients, including Claude, ChatGPT, and OpenClaw. At launch, it supports airtime and mobile data purchases across major Nigerian networks, transfers via Zap, and food ordering through Chowdeck.
With Paystack Index, users can ask a supported AI agent to complete a task. Index interprets the request, routes it to the right provider or supported Paystack merchant, processes the transaction through Zap and Paystack’s payment infrastructure, and helps the user complete checkout securely within the AI experience.
Users remain in control of what they authorise. Index only acts on requests that users send through their chosen AI agent and within the permissions and limits they set. Index does not store card numbers, CVVs, PINs, or bank account credentials, and transactions are processed through Paystack’s secure payment infrastructure.
“Paystack has always focused on helping businesses get paid safely and reliably, wherever their customers are,” said Mr Shola Akinlade, CEO of Paystack. “As AI agents become a more common way for people to search, decide, and take action, we think checkout has to evolve too. Paystack Index is an early experiment in extending Paystack’s checkout infrastructure into AI experiences, starting with users in Nigeria and a few supported merchants and services.”
“The goal is simple: help users complete everyday transactions more easily, while keeping authorisation, permissions, and payment processing on trusted Paystack rails,” he added.
Paystack said since the product is not fully due for general rollout, it will continue to test how users interact with AI agents for commerce, how merchants can safely participate in AI-led checkout experiences, and what infrastructure will be needed as this behaviour evolves.
Paystack Index is now live in Nigeria in early access, with more features, supported merchants, billers, and African markets coming soon. Users in Nigeria can get started with Paystack Index at paystack.com/index.
By Aduragbemi Omiyale
To deepen financial inclusion and bring financial services to underserved persons in the country, Zenith Bank Plc has opened a new branch in Osubi in the Okpe Local Government Area of Delta State.
This has made Zenith Bank the first commercial bank to establish a presence in the Osubi community. The branch is the 19th of Zenith Bank in the Niger Delta state.
The chief executive of Zenith Bank, Ms Adaora Umeoji, during the commissioning of the branch on Wednesday, June 24, 2026, thanked Governor Sheriff Oborevwori of Delta State for supporting business operators.
She described the Osubi branch as a milestone in Zenith Bank’s enduring relationship with the state, reiterating the company’s commitment to serving underserved communities and to empowering individuals, businesses, women entrepreneurs, and SMEs through innovative banking solutions, access to finance, and capacity-building initiatives.
The banker expressed optimism that the new branch would serve as a catalyst for economic activity in Osubi and its surrounding communities, supporting the broader development of Delta State and Nigeria at large.
“We are deeply grateful to Governor Sheriff Oborevwori for his unwavering support and partnership, and for finding time to personally commission the branch today.
“His generous donation of the land on which this branch is built is a testament to his administration’s commitment to fostering private sector investment and creating an enabling environment for businesses to thrive.
“Since assuming office, the Governor has driven significant infrastructure and socio-economic development across the state, and Zenith Bank is proud to contribute to that progress through this new branch in Osubi,” Ms Umeoji stated.
In his remarks, Mr Oborevwori described the new branch as “a clear vote of confidence in the economic potential of our state, pointing out that it shows that the investments we have made in infrastructure, economic development, and ease of doing business are producing tangible results.
“When a leading financial institution such as Zenith Bank expands its presence in Delta State, it sends a powerful message that Delta State is open for business and ready for greater investment.”
He also underscored the branch’s significance to the host community, noting that “this branch is the only bank in the whole of Okpe Local Government as it is today. The significance of this bank to our people cannot be overemphasised, because of the impact it will have on the economy of this local government.”
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