Banking
Diamond-Access Bank Merger: What’s in it for Stakeholders?
By May 31 this year, technical details of Diamond-Access Banks’ merger would have been finalised, all things being equal.
Subsequently, the process for integration of both banks would commence in earnest leading to a rebranding of what will eventually emerge by end of September or beginning of October as Nigeria’s biggest, and perhaps one of Africa’s largest lender by capitalisation and geographical spread.
Anxiety of some shareholders and other stakeholders in some quarters is understood given the fact that many are wondering how the merger can squeeze value and guarantee competitive returns on equity (ROE). In fact, the underlying interest of an average investor is returns on equity, ultimately profit.
Therefore, the question on the lips of a cross section of stakeholders has been: What will this merger deal offer? The single straight answer lies in the theory of economies of larger scale.
Information gathered from recent interactions with key management staff of both deposit money banks spearheading the business combination processes indicate that over N150 billion could be saved as direct result of economies of large scale which will translate to returns on equity to shareholders.
According to the business combination experts, the synergy will yield over N62 billion savings on the revenue side. They said 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.
How realistic are the permutations?
As to how this permutation will be realized and ultimately translate into good returns to shareholders, financial analysts at Proshare said they believed the merger would yield good returns to shareholders but cannot say for certainty how much returns.
Proshare Managing Director and Chief Executive Officer, Mr Femi Awoyemi, told Nigerian Tribune that integration of the two banks is one of the best deals ever in Nigeria’s financial industry, stressing that the adoption of cutting edge technology platform of Diamond Bank and the ability to deliver seamless services to generations of customers would be of competitive advantage for Access Bank which he said is being run efficiently.
As to what place the integrated Diamond-Access Bank will occupy in Africa financial markets, the financial analyst said technology and efficient service delivery makes all the difference in competitive financial markets of today.
He said: “Let us just concentrate on building and integrating the bank. I have been to Access Bank in Kigali, Rwanda. Access Bank in Kigali is as efficient as anything. In fact, services they offer there are far better than what they offer in Nigeria.
So, being a big bank in Africa is about services, it is about customers, it is about integrating regions. That is why I am keen about what they do with technology. Generally, the bank will do well because it is being run efficiently,” Mr Awoyemi concluded.
Former Chief Economist/Group Head, Research & Economic Intelligence Group at Zenith Bank Plc, Mr Marcel Okeke, said it is going to be a good deal for all stakeholders.
For the shareholders of Diamond Bank, he noted, a mark-up in the share price at the Nigerian Stock Exchange (NSE) already guarantees them instant returns compared to what the value had been pre-merger talks.
Besides, for those of them who may choose to remain shareholders post-merger, they are going to be part of the bigger financial institution, probably the biggest in Africa in terms of customer base.
He said that the role cutting edge technology and size can play in the banking market of today is tremendous, adding that going by the credibility of Access Bank, stakeholders are in for impressive returns.
“So, they are going to operate as the biggest in Nigeria if not the African sub-region. This implies that they are going to become more profitable even though there are significant liabilities outstanding which I believe would be resolved,” said the financial analyst.
Customer-client savvy as driving motive
But of greater importance in the merger scheme are customers of the bank who stand the chance of achieving a lot more through the combination of Access Bank and Diamond Bank.
“The products and services that Diamond Bank’s clients enjoy, including its commitment to digital innovation, will continue unchanged and will be strengthened by Access Bank’s extra-ordinary commitment to customers, financial inclusion and sustainability, bolstered by the bank’s corporate expertise and strong balance sheet.
“Together, we will bring the power of banking to millions across Nigeria, focused on speed, service and security. We are determined to ensure that both Access Bank and Diamond Bank customers will experience no disruption to normal banking services while we join forces to create Nigeria and Africa’s largest retail bank by customers,” a source at Diamond stated.
With 3100 automated teller machines (ATMs), over 600 branches, supported by Diamond Bank’s bouquet of technology-driven products offerings including Diamondxtra and XclusivePlus, over 29 million customers of Diamond Bank and Access Bank, more than 13 million mobile customers are going to enjoy some reward scheme for using Diamond or Access Bank POS terminal, as well as same day clearing of cheques for Diamond and Access customers in both banks.
Of greater comparative advantage to customers of both banks is the AccessAfrica initiative which guarantees service in all Access Bank subsidiaries – Nigeria, Ghana, The Gambia, Democratic Republic of Congo, Rwanda, Zambia and Sierra Leone.
“The AccessAfrica service is available in all Access Bank subsidiaries – Nigeria, Ghana, The Gambia, Democratic Republic of Congo, Rwanda, Zambia and Sierra Leone. Our customers can now enjoy instant borderless banking from any access bank branch.
“When they walk into any Access Bank branch and initiate payment in their local currency, the beneficiary will receive an instant direct credit to their account or cash in their local currency,” said senior management staffers of Access and Diamond spearheading the merger processes.
By Aduragbemi Omiyale
The chairman of Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, has reaffirmed the organisation’s long-term commitment to shareholders, expressing confidence in the company’s strategic positioning, which he said is underpinned by disciplined execution, a diversified business model, a strengthened capital base, and a clear focus on sustainable value creation.
Speaking at the 4th Annual General Meeting (AGM) of the firm on Wednesday, he explained that the temporary suspension of dividend distributions was a consequence of regulatory compliance requirements rather than any deterioration in the group’s financial performance.
Mr Aig-Imoukhuede reaffirmed that the financial institution’s earnings capacity remains strong and that the board’s position reflects adherence to supervisory expectations and prudent capital management principles.
He assured shareholders of the board’s commitment to resuming dividend payments as soon as the relevant regulatory conditions are satisfied, noting that, “Our approach is clear: capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders.”
The Chairman reiterated the strategic imperative underpinning the company’s next phase of growth, saying, “Our strategy, From Scale to Value, reflects the natural evolution of our journey. Scale created opportunity; value creation is how we fully realise it.”
He noted that while the organisation continues to generate strong returns, ensuring that earnings per share consistently exceed the cost of capital remains central to unlocking sustainable shareholder value.
The retired banker also acknowledged the significant unrealised value embedded within the firm’s international subsidiaries and reiterated management’s focus on improving market recognition of that intrinsic value over time.
Commenting on the financial performance of the group in 2025, he said Access Holdings accelerated provisions on legacy and regulatory forbearance credit exposures, resulting in elevated impairment charges.
He explained that the group consciously prioritised balance sheet strength and long-term resilience over short-term earnings optimisation.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth. Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings,” he stated.
Last year, the financial services organisation delivered pre-tax profit of N1.007 trillion, underscoring the strength of its diversified platform and expanding earnings base across key markets. Total assets increased to N51.56 trillion, while customer deposits grew strongly, reflecting sustained franchise momentum and deepening customer trust.
By Modupe Gbadeyanka
A new report highlighting the transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers has been launched by HabariPay Limited.
The report, known as the HabariPay Impact Report 2025, provides stakeholders with a comprehensive evolution, innovation journey, business performance, and impact of the fintech subsidiary of Guaranty Trust Holding Company (GTCO) Plc on the digital payments landscape.
The company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions were also captured in the piece.
The HabariPay Impact Report 2025 also highlights the organisation’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions.
The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.
It showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.
“As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators.
“The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy,” the Managing Director of HabariPay, Ms Eduofon Japhet, said.
“The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders.
“As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive,” she added.
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.
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