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Tag: Diamond Bank

  • BREAKING: Diamond Bank founder, Pascal Dozie is dead

    BREAKING: Diamond Bank founder, Pascal Dozie is dead

    Renowned Nigerian entrepreneur and businessman, Pascal Dozie has passed away at the age of 85.

    Dozie, was a man of many parts, best known for founding Diamond Bank and serving as chairman of Pan-Atlantic University.

    According to a statement issued by the family on Tuesday, the business tycoon died in the early hours of Tuesday.

    The statement from his son, Uzoma Dozie, who represents the family, reads, “With deep sorrow, but with gratitude to God for a life well spent, we announce the passing of our beloved father, Pascal Gabriel Dozie, on 8th April 2025

    “He was a devoted husband, father, grandfather, and a man of unwavering Catholic faith. His life was marked by service to God, his family, and his country.

    “He is survived by his loving wife, Chinyere, his children, grandchildren, and all who were blessed to know him.

    “We thank God for the gift of his life and the legacy he leaves behind. May his soul rest in perfect peace.”

    Born on April 9, 1939, in Egbu, Owerri, Imo State, Dozie was raised in a Catholic home, with his father, Charles Dozie, serving as a catechist.

  • Ex-Chairman of defunct Diamond Bank, Seyi Bickersteth is dead

    Ex-Chairman of defunct Diamond Bank, Seyi Bickersteth is dead

    The former chairman of the defunct Diamond Bank Plc, Mr Oluseyi Bickersteth is dead.

    According to reports, Bickersteth was one of those who opposed the merger between the then Diamond Bank and Access Bank Plc.

    The transaction later metamorphosed into today’s Access Bank in March 2019.

    In 2018, the defunct Diamond Bank announced him as the new chairman of its board of directors, taking over from Prof. Chris Ogbechie, who retired after completion of his tenure.

    It was gathered that Bickersteth died peacefully in his sleep.

    Before his demise, the financial expert of over 40 years of experience was the Regional Managing Partner and Chairman of Andersen Tax Africa.

    Bickersteth was also a member of the Global Board, Andersen Global. He oversaw all Andersen Tax member and collaborating firms in Sub-Saharan Africa.

    The deceased, who started his career in Arthur Andersen and served clients in various industries in Nigeria, Africa and globally, attended the University of Ibadan for his first degree in Economics.

  • Access Bank discontinues old Diamond Bank cheques

    Access Bank discontinues old Diamond Bank cheques

    The management of Access Bank Plc has sent a notice to all customers of the defunct Diamond Bank Plc that it has discontinued cheques of the old financial institution from Sunday, March 1, 2020.

    Recall that in March 2019, Access Bank and Diamond Bank completed their merger, which commenced in late 2018. The marriage was done to give room for Access Bank to penetrate the retail side of the banking industry.

    Before the coming together of the two lenders into an entity, Diamond Bank was seen as one of the kings of the retail market, with Access Bank mainly as a corporate banking institution.

    But in order to make its presence known in the retail banking, which Guaranty Trust Bank (GTBank) was already dominating among the ‘big five boys’ of the banking sector in Nigeria, Access Bank had to lure Diamond Bank to become one.

    After the merger, customers of the defunct financial institution were integrated into the new organisation, while the services being enjoyed were continued, including promos and others.

    In a notice released, Access Bank informed customers of the defunct Diamond Bank that, “In order to process your transactions more efficiently, we wish to inform you that effective March 1, 2020, we will discontinue honouring all cheques bearing the logo of the former Diamond Bank.

    “This means that from March 1, 2020, the bank will no longer honour all cheques bearing the old logo of former Diamond Bank. This is to enable us process your transactions faster and more efficiently to ultimately serve you better.”

    For those who still have the old cheque book, Access Bank advised them to “walk into any branch to select your preferred pick-up branch (existing or other). You can also contact your Relationship Officer.”

    Access Bank further said those affected by this new development and have selected their preferred pick-up bank “will receive an SMS notification from your preferred pick-up branch. Please visit this branch to collect your new Access Bank cheque book.”

  • Buhari congratulates Diamond Bank founder, Pascal Dozie at 80

    Buhari congratulates Diamond Bank founder, Pascal Dozie at 80

    President Muhammadu Buhari has congratulated Mr Pascal Gabriel Dozie, Founder of Diamond Bank PLC and former Chief Executive Officer, on his 80th birthday.

    In a statement by his Special Adviser on Media and Publicity, Mr Femi Adesina, in Abuja on Thursday, President Buhari said he joined Dozie’s friends, family and business associates to celebrate his years of lofty achievements.

    He commended the astute businessman’s entrepreneurial spirit, resilience in pursuing investments and willingness to always serve the nation with his experience and wisdom in diverse fields.

    The President saluted Mr Dozie’s deep sense of patriotism, visionary leadership, and lifestyle of showing love for humanity, particularly the underprivileged.

    He also acknowledged his leading roles in co-founding and partnering at African Capital Alliance, founding Kunoch Limited and serving as Chairman, Board of Trustees of African Development Foundation.

    Buhari believed Dozie’s investments in the country and its citizens would always be remembered by posterity, praying that God would continually grant him good health and wisdom.

  • Court seals Access, Diamond Banks merger

    Court seals Access, Diamond Banks merger

    The Federal High Court (FHC) has sanctioned the approved scheme of merger between Access Bank Plc and Diamond Bank Plc, the final seal that effectively brings the merger of the two commercial banks into effect.

    Consequently, the Nigerian Stock Exchange (NSE) yesterday suspended trading on the shares of Diamond Bank Plc, which will be dissolved without being wound up and subsequently delisted from the Exchange.

    The court sanction, statutorily the final phase of a pre-merger process, which was filed at the NSE, affirmed all the key headlines of the transactions, which had earlier been approved by shareholders of the two banks, the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC).

    The Nation had on Monday reported that financial regulatory authorities had given final approvals to the scheme of merger, paving the way for submission to a Federal High Court for the final court sanction.

    Under the terms of the merger, Diamond Bank will transfer all its assets, liabilities and undertakings to Access Bank and the entire issued share capital of Diamond Bank shall be cancelled and Diamond Bank shall be dissolved without being wound up. In exchange, Diamond Bank’s shareholders shall receive a cash consideration of N1 per share and two ordinary shares of the enlarged Access Bank for every seven ordinary shares of Diamond Bank held as at the effective date.

    Access Bank will be the post-merger entity while its Group Managing Director, Herbert Wigwe will continue to lead the post-merger management as chief executive. The business combination is expected to leapfrog post-merger Access Bank as Nigeria’s largest bank by total assets and one of Africa’s largest retail banks.

    The NSE explained that the full suspension on Diamond Bank, which took effect yesterday March 20, 2019, was sequel to the court sanction, which brought the business combination into effect on Tuesday March 19, 2019.

    “The suspension is required to prevent trading in the shares of the bank in order to determine the bank’s shareholders who will qualify to receive the Scheme consideration,” NSE stated.

    The NSE noted that the scheme of merger will result in the delisting of Diamond Bank Plc from the Daily Official List of the Exchange.

    Directors and management of the banks said the merger will create significant values for all stakeholders, underlining the inherent synergies and value accretion in the business combination.

    The business combination is expected to form a leading Tier 1 Nigerian bank and the largest bank in Africa by number of customers, spanning three continents, 12 countries, 3,100 Automated Teller Machine (ATM), more than 33,000 Point of Sales (PoS) terminals, 27 million clients and more than 10 million mobile customers.

    Diamond Bank and Access Bank share many of the same areas of focus, including women, youth, entrepreneurs and the financially excluded and will be able to further develop their positioning and market leadership in these growth sectors. Diamond Bank’s corporate customers will also be able to benefit directly from Access Bank’s corporate expertise in trade finance, cash management, treasury and corporate finance.

    Group Managing Director, Access Bank Plc, Mr Herbert Wigwe, said the two banks share several common values and technologies that make the business combination a seamless one.

    According to him, the merger of the banks will create significant opportunities and benefits to customers, shareholders, staff and other stakeholders.

    He noted that the combination of Diamond Bank’s strong retail customer franchise and Access Bank’s proven risk and capital management expertise will create a post-merger bank with strong value creation potential.

    He pointed out that while the merger will lead to 19 per cent shareholding dilution, the business combination accelerates Access Bank’s plan to become a leading bank in Nigeria and gateway to Africa.

  • CBN, SEC formally approve Access, Diamond merger

    CBN, SEC formally approve Access, Diamond merger

    The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved the merger of Access Bank Plc and Diamond Bank Plc, the last major regulatory hurdle for the consummation of the business combination.

    Both banks at the weekend confirmed receipt of the final approval from the financial services authorities.

    The final go-ahead came on the heels of the recent approval of the merger by shareholders of both banks at a meeting specially convened by the order of the Federal High Court (FHC). The CBN and the SEC had earlier granted “approval–in-principle”, a no-objection approval, to the merger.

    With the final approval of the scheme, the banks will now submit the scheme of merger to the FHC for its judicial sanction, which seals the merger.

    Under the merger terms, Diamond Bank will transfer all its assets, liabilities and undertakings to Access Bank and the entire issued share capital of Diamond Bank shall be cancelled and Diamond Bank shall be dissolved without being wound up.

    In exchange, Diamond Bank’s shareholders shall receive a cash consideration of N1 per share and two ordinary shares of the enlarged Access Bank for every seven ordinary shares of Diamond Bank held as at the effective date.

    Access Bank will be the post-merger entity with its Group Managing Director Herbert Wigwe continuing to lead the post-merger management as chief executive. The business combination is expected to leapfrog post-merger Access Bank as Nigeria’s largest bank by total assets and one of Africa’s largest retail banks.

    At the separate court-ordered meeting in Lagos, shareholders had overwhelmingly approved the scheme of merger for the business combination and authorised the directors of the banks to take such actions as may be necessary to give effect to the scheme including listing of the scheme shares on the Nigerian Stock Exchange (NSE).

    Directors and management of the banks believed the merger will create significant values for all stakeholders, underlining the inherent synergies and value accretion in the business combination.

    The combination is expected to form a leading Tier 1 Nigerian bank and the largest bank in Africa by number of customers, spanning three continents, 12 countries, 3,100 Automated Teller Machine (ATM), more than 33,000 Point of Sales (PoS) terminals, 27 million clients and more than 10 million mobile customers.

    Diamond and Access bank share many of the same areas of focus, including women, youth, entrepreneurs and the financially excluded and will be able to further develop their positioning and market leadership in these growth sectors. Diamond Bank’s corporate customers will also be able to benefit directly from Access Bank’s corporate expertise in trade finance, cash management, treasury and corporate finance.

    Wigwe said the two banks share several common values and technologies that make the business combination a seamless one.

    According to him, the merger of the banks will create significant opportunities and benefits to customers, shareholders, staff and other stakeholders.

    He noted that the combination of Diamond Bank’s strong retail customer franchise and Access Bank’s proven risk and capital management expertise will create a post-merger bank with strong value creation potential.

  • Union threatens to picket First Bank, Diamond Bank, six others

    Union threatens to picket First Bank, Diamond Bank, six others

    Eight banks operating in Nigeria have been accused of being unprofessional for refusing to return money mistakenly paid into accounts of former workers of the defunct Nigeria Airways Limited (NAL) domiciled with the affected financial institutions by federal government last year.

    As a result of this, the union representatives of the former airline workers have given the concerned banks one-week ultimatum which ends this week to return the money or be ready for a showdown.

    Former workers of airways said should the banks fail to return the money this week, they will picket the banks first thing next Monday.

    The refusal of the banks to refund the money is said to be slowing down the ongoing payment of the last batch of the former workers entitlements.

    A report by The Nation said the Office of Accountant General is also at loggerheads with the eight banks for the alleged unauthorised withholding of over N700 million paid in error into the said accounts.

    The N700 million represented the extra money that was mistakenly paid into the account of some of the former workers who were paid twice by the government.

    The payment came after a verification exercise on the former workers of the defunct national carrier. The N700 million overpayment was part of the N22 billion approved by government as the final N45 billion severance entitlements approved for former workers of liquidated Nigeria Airways Limited.

    Quoting a source, The Nation said efforts made by the Accountant General and the National Union of Pensioners (NUP), representatives of the workers to make the banks refund the money to the Accountant General’s office have not yielded positive results.

    Rather than return the N700 million into the accounts of the affected workers, the banks have failed and are allegedly trading with the money.

    The eight banks affected include the First Bank which is said to be in possession of the lion share of 80 percent of the money in question.

    Other banks include: Diamond Bank, Fidelity Bank, Polaris Bank, Zenith Bank, Stanbic IBTC Bank and Ecobank.

    However, while the eight banks failed to comply with the agreement to refund the money, few others are said to have voluntarily returned the money mistakenly paid into the accounts and they are GTBank, Keystone Bank, Standard Chartered Bank, Unity Bank and UBA.

     

  • CBN, SEC grant approval in principle to Access, Diamond banks’ merger

    CBN, SEC grant approval in principle to Access, Diamond banks’ merger

    Access Bank and Diamond Bank Plc have obtained approval in principle from the Central Bank of Nigeria and the Securities and Exchange Commission on their proposed merger plans.

    Access Bank Executive Director, Personal Banking, Mr. Victor Etuokwu, said in Lagos that CBN and SEC had granted both banks approval in principle for the merger process.

    Etuokwu said that the banks were awaiting the final approval which would be granted after convening shareholders meeting.

    “So far, we have gotten approvals up to approval in principle. There are three approvals that we need for this process.

    “The first one is the pre-order approval which is like the first approval, the next approval is the approval in principle.

    “The final approval comes after approval in principle and it will come after you have convened your shareholders meetings,’’ Etuokwu said.

    He said that the banks would convene shareholders meetings in February, noting that the approval would be taken to court once approved by the shareholders.

    Etuokwu said all the processes including final approval would be completed in the next 60 days.

    He said that the new bank would remain committed to retail and corporate banking to drive financial inclusion for desired growth and development.

    “We need to invest in retail market to drive economic growth, this is what the new bank will do, a strong corporate and a strong retail bank,’’ he said.

    On staff retrenchment, Etuokwu said that members of staff would be retrained for different roles in case of overlapping.

    “Staff will be retrained for new roles where there are overlaps, one of the branches can be converted to an e-branch or Automated Teller Machine gallery,’’ he added.

    Mr Robert Giles, in charge of Retail, Diamond Bank said that integration of both banks had commenced for seamless service delivery.

    Giles said that ATMs of both banks could be used by customers at no cost, noting that they were committed at taking costs away from customers.

    Access Chief Executive Officer, Mr. Herbert Wigwe, at a joint news conference recently said it had already finalised terms and obtained regulatory approvals for a Tier II capital issuance to raise $250m available for draw down in January 2019.

    He said that the bank had also obtained “No Objection’’ from the CBN to undertake a Rights Issue to raise up to N75bn or $207m in the first half of 2019.

    Wigwe said that shareholder approvals and other regulatory approvals to that effect would be obtained before the offer opens.

    He noted that the fund raising exercise would accelerate the capital management plan to support retail growth previously set out in the bank’s five-year strategy.

    Wigwe said that the bigger entity was ready to absorb the staff of Diamond Bank at the completion of the deal by end of Jun, without any disengagement.

     

  • Diamond Bank, two others lose NSE CG Index status

    The Index Governance Committee of the Nigerian Stock Exchange (NSE) has removed three companies trading their shares on the exchange from the NSE Corporate Governance Index.

    The three affected companies are Diamond Bank, NEM Insurance and Continental Reinsurance and from Tuesday, January 1, 2019, they cease to be on the NSE CG Index.

    A statement issued by the management of the NSE explained that Diamond Bank and NEM Insurance lost their NSE CG Index status because of corporate governance issues.

    However, for Continental Reinsurance, it lost its status as a result of the firm’s application to voluntarily delist its shares from the NSE.

    “The Index Governance Committee of the Exchange resolved to remove NEM Insurance from the NSE CG Index following the suspension of the CGRS rating of the company by the Steering Board of the CGRS on Monday, November 19, 2018.

    “Additionally, in view of the recent governance issues with Diamond Bank, the Index Committee has decided to remove the bank from the NSE CG Index.

    “The Index Committee also decided to remove Continental Reinsurance Plc from the NSE CG Index following the company’s application to The Exchange to delist from the Daily Official List of The Exchange,” the statement said.

    Recall that on Thursday, February 22, 2018, during the inaugural Corporate Governance Rating System (CGRS) certification ceremony held in Lagos, launched the Corporate Governance Index of the NSE.

    The NSE CG Index tracks the performance of CGRS-rated companies using their market capitalisation, free float and corporate governance rating scores.

    The Index is reviewed on a bi-annual basis during which other companies that have become CGRS-rated in the interim may be added to the Index or companies that have had their ratings suspended or withdrawn may be removed.

    The NSE CG Index is expected to be an important tool for investors keen on investing in well-governed companies as well as corporates eager to distinguish themselves on the ground of governance. The Corporate Governance Rating System (CGRS), launched on November 3, 2014, is a joint initiative between the NSE and the Convention on Business Integrity (CBi). It was developed to rate the corporate governance and integrity practices of all companies listed on the NSE.

     

  • Merger: Access, Diamond Banks offer free ATM services to customers

    Merger: Access, Diamond Banks offer free ATM services to customers

    Access Bank Plc and Diamond Bank Plc customers will from today have access to 3,100 Automated Teller Machines (ATMs) that will provide free and seamless banking services to them.

    This follows the planned merger of the two Systematically Important Banks (SIBs) which is expected to be concluded in the first half of this year. The merger of the two lenders will give their customers access to the largest ATM network in the country.

    According to the two lenders, starting from today, their customers will have access to 3,100 ATMs free of charge.

    “Access Bank and Diamond Customers now have access to over 3,100 ATMs free of charge. This means that from January 1, 2019, you can use any Diamond Bank ATMs without paying the usual charges that apply on withdrawals from other banks’ ATMs. We are closer to you than ever before,” the bank said in a statement released on Monday.

    The Central Bank of Nigeria (CBN) had last month, gave a “No Objection” nod to the merger plans of Access Bank Plc and Diamond Bank Plc, the boards of both banks said yesterday.

    The deal is expected to be completed in the first half of this year.

    The merger will form a leading Tier 1 Nigerian bank and the largest bank in Africa by number of customers, spanning three continents, 12 countries and 29 million clients.

    The combination of our two businesses will create the largest retail bank in Africa by customer base and a very significant player in the Nigerian market. This is a huge step towards the delivery of our 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.