Banking
Merger: Access Bank, Diamond Bank Shareholders Meet March 5
By Modupe Gbadeyanka
A Federal High Court sitting in Lagos has directed the board of Diamond Bank and Access Bank to convey separate meetings to allow their respective shareholders to make decisions on the proposed merger between both financial institutions.
Diamond Bank, a tier-2 company, and Access Bank, a tier-one lender, are planning to become one entity for improved services and earnings.
However, before that can come to fruition, shareholders of the two companies must approve the ‘marriage.’
On Thursday, Justice O Oguntoyinbo fixed Tuesday, March 5, 2019, for shareholders of the banks to hold their respective court-ordered meetings.
Business Post gathered that its own meeting will take place at Grand Banquet Hall, Civic Centre on Ozumba Mbadiwe Avenue, Victoria Island, Lagos at 10am.
For Access Bank, its meeting is scheduled for Balmoral Convention Centre, Federal Palace Hotel on Ahmadu Bello Way, Victoria Island, Lagos at 10am also.
The court said for the Access Bank meeting, Chairman of the board, 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.
At the meeting, shareholders would be required to vote to either approve or disapprove the proposed merger between both organisations.
It was emphasised that voting will be by poll and shareholders may vote in person or appoint another person to exercise their rights.
Thereafter, details of proceedings must be sent to the court for appropriate actions.
For the Diamond Bank meeting taking place simultaneously, 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.”
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has clarified that both the standard N100 banknote and the commemorative N100 banknote remain valid legal tender across the country, urging members of the public and businesses to accept both notes for all transactions amid reports that the standard version is being rejected in some quarters.
In a release signed by its Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, “the CBN reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide. The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.”
The apex bank warned that rejecting the standard N100 banknote violates the provisions of the CBN Act and undermines public confidence in the national currency.
According to the bank, individuals, businesses, financial institutions, and other economic agents who reject the note could face appropriate enforcement measures.
The CBN reiterated its commitment to safeguarding the integrity of the naira, ensuring confidence in all duly issued banknotes, and promoting seamless currency circulation throughout the economy.
The central bank also advised members of the public to accept all banknotes legally issued by the bank and encouraged anyone seeking clarification to use its official communication channels.
First introduced on December 1, 1999, the N100 note which features the portrait of Chief Obafemi Awolowo on the front and Zuma Rock on the reverse, was last updated in 2014, when the CBN issued a commemorative version to mark Nigeria’s centenary, introducing enhanced security features such as a Quick Response (QR) code, window micro-optics, improved tactile markings for the visually impaired, and stronger anti-counterfeiting elements.
Unlike the N200, N500 and N1,000 notes, which were redesigned in 2022 under former CBN Governor Godwin Emefiele, the N100 note has remained unchanged since the centenary update, with both the standard and commemorative versions continuing to circulate.
By Modupe Gbadeyanka
First Bank of Nigeria has been directed to pay one of its staff members, Mr Joseph Simeon Akor, a total of N5.2 million for wrongfully terminating his employment.
This order was given by Justice Zaynab Mohammed Bashir of the Port Harcourt Judicial Division of the National Industrial Court, Business Post learned.
The judge held that the claimant successfully established that the lender breached the terms of his employment by failing to comply with the disciplinary procedure contained in its Staff Employee Handbook after commencing investigations into allegations of misconduct and by paying him less than the prescribed half of his basic salary during suspension.
The court found that although the bank retained the contractual right to terminate the employment, the action was wrongful for failing to comply with its own contractual obligations and disciplinary framework.
Justice Bashir further held that, having elected to terminate Mr Akor’s employment on the ground that his services were no longer required rather than dismissing him for misconduct, First Bank of Nigeria could not rely on alleged misconduct to deny him the financial entitlements accruing during his suspension.
In delivering the judgment, the judge ordered the financial institution to pay N3.2 million as the balance of the claimant’s salaries and allowances withheld during his suspension, and N2 million as general damages for the breach of the terms of his employment.
From the facts, Mr Akor informed the court that he was employed by First Bank of Nigeria in May 2005 and rose to the position of Deputy Manager before his employment was terminated in December 2018 following allegations of misconduct.
He argued that the allegation was never substantiated. Yet, he was suspended, paid only about N31,000 monthly instead of half of the basic salary prescribed by the Bank’s Staff Employee Handbook, and eventually had his employment terminated. In contrast, the investigation into the allegation was still ongoing.
He further maintained that First Bank of Nigeria breached the provisions of its Staff Employee Handbook by failing to conclude investigations before terminating his employment and by withholding part of his salaries, allowances and other benefits during his suspension despite the allegation not being established.
In defence, First Bank contended that Mr Akor was accorded a fair hearing through disciplinary proceedings, that his employment was lawfully terminated because his services were no longer required, and that he was not entitled to the unpaid balance of his suspended salary, having left the bank’s employment while still on suspension.
The company further claimed that the reason stated in the termination letter that the services of Mr Akor were no longer required was sufficient in law and that the court could not import any other reason into the letter.
In opposition, Mr Akor’s counsel, O. G. Tony Ogidi, submitted that First Bank failed to comply with its disciplinary procedure under the Staff Employee Handbook, terminated the employment of his client before the conclusion of investigations, and failed to justify the termination in accordance with the provisions of the Handbook.
The counsel further argued that the termination letter merely stated that the services of Mr Akor were no longer required without assigning any reason and maintained that the bank acted contrary to the provisions of its Staff Employee Handbook by paying Mr Akor substantially less than half of his basic salary during his suspension.
