Access Bank has sent invitations to its major shareholders to attend a court-ordered meeting to approve merger with Diamond Bank. On March 5th, I will vote YES for the merger since there is no alternative. Access Bank few weeks ago noted that it was merging with Diamond Bank. I want to wish Access Bank CEO, Herbert Wigwe, my 2018 Businessperson of the Year, the best of luck as he executes to create values for all stakeholders (not just us the shareholders).
Bloomberg and local news have reported that Access Bank had acquired Diamond Bank in Nigeria. It is a very painful one, personally, because Diamond Bank seeded my career. As I have written, it was the only company I ever-interviewed in Nigeria, and the only one I sought employment: other jobs had come without applications or interviews. With a category-king leading innovative spirit, Diamond Bank was a peerless institution at its peak. It pioneered Nigeria’s modern banking with the best banking product ever in Nigerian history. Yes, the Diamond Integrated Banking System (DIBS) transformed Nigeria and solved the menace of armed robbery against traders than all the contributions of Nigerian Police. Yet, the Diamond lost the sparkle
For students of finance, you can read the Scheme of Merger document sent to shareholders.