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ACCESS–DIAMOND BANK M&A: Banks’ share prices skyrocket,

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Following the recent  declaration  of the acquisition of Diamond Bank Plc by Access Bank Plc yesterday investors have swooped on the shares of both banks pushing them to the top of the Nigerian Stock Exchange, NSE, top gainers and volume transaction chart at close of trading yesterday. Diamond Bank shares which had been on free fall in the past few weeks rose 9.47 percent to N1.04 from N0.95, while Access Bank’s shares appreciated by 9.40 percent to N8.15 from N7.45 per share. Also, 70.98 million units of shares were traded in 129 deals in Diamond Bank, making it the most active stock in volume terms in the banking sector, while 13.62 million units were traded in Access bank in 254 deals. Meanwhile, capital market authorities, the Securities and Exchange Commission, SEC, and the Nigerian Stock Exchange, NSE, have both indicated that the deal is not yet approved adding that it is just a notice of intention to merge. NSE equity trading begins December on bearish note Responding to the enquiries from Vanguard NSE stated: “As an operator of a market, The Exchange’s role is to ensure appropriate disclosures around the discussions between the two listed Banks and related matters in accordance with the rules and regulations of The Exchange. “Our approval of press releases from listed companies does not extend to approval of the substance of such press releases unless we discern from the face of such intended release that information contained in it is manifestly inaccurate.  “Otherwise, our role is to permit the release of information so that shareholders are empowered to form a view and make investment decisions based on such releases and all other information available in the public domain. Investors’ speak: Mutual funds are good and less risky “In line with our process, as you may have seen, we approved press releases from both Diamond Bank Plc and Access Bank Plc earlier today (Monday). “There is a clear process of approvals for mergers, including approval of shareholders of both entities at a court ordered meeting of shareholders, regulatory approvals of the Central Bank of Nigeria (CBN) as well as the Securities and Exchange Commission (SEC) since both companies are public companies. “It is only when these approvals have been granted that an application can be filed with The Exchange. “The Exchange will review such application when it receives it; taking into consideration its rules on such application, regulatory approvals, Board and shareholders approvals and any other relevant matter in line with its rules. “As the required approvals for the continuation of the proposed merger are primarily from the shareholders of the two entities, CBN and SEC, we advise that you share your concerns with the two statutory regulators and, if you are a shareholder, raise your concerns also during the relevant approval meeting.” Also SEC in a statement said, “The Securities and Exchange Commission (SEC) is aware of the intention of Access Bank and Diamond Bank to go into a merger. Access Bank and Diamond Bank have both notified the Commission and the general public. It is a notice to merge, they have not merged yet. SEC is awaiting their application on the matter.” Shareholders reaction Reacting, Shehu Mallam Mikaili, National President, Constance Shareholders Association of Nigeria, said, “To me, it is a welcome development because it will protect the interest of shareholders instead of the assets of the Bank (Diamond) being taken over by the CBN.” Diamond Bank records N142bn gross earnings in nine months Speaking in the same vein, Mr Patrick Ajudua, National Chairman, New Dimension Shareholders Association, NDSA, said, “We are not against the merger in this case because we still have our investment protected in the enlarged entity. Rather than face the unacceptable situation of Skye Bank, we are pleased with this development. Therefore, the take over of Diamond by Access Bank is okay by us. The banks in question will both seek the approval of their shareholders before the deal will be consummated since they are both listed on the exchange.” Igbrude Moses, National Secretary, Independent Shareholders Association of Nigeria, ISAN, said, “If the board and management of Diamond Bank think that the only way to sustain the bank is to merge with another bank, so be it, but they should make sure that all the stakeholders are carried along to avoid litigation. CBN, NSE and any other regulator concerned should ensure that minority shareholders are carried along and not short changed in the whole arrangements. They should also ensure that the process is transparently carried out.” He advised that the aim of building the biggest bank in Nigeria or Africa should not overshadow the consideration of ensuring that the acquiring institution has the capacity to manage the enlarged entity. He said that shareholders are becoming weary and skeptical of banks stocks due to issues of constant take overs in the banking industry. Access, Diamond Bank management speak Uzoma Dozie, CEO, Diamond Bank, assured that the proposed combination, which is expected to be completed by first half of 2019, with Access Bank would create one of Africa’s leading financial institutions.

 

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How Nestlé and the Swiss Consulate in Nigeria are upskilling and creating job opportunities for Nigerian youth

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How Nestlé and the Swiss Consulate in Nigeria are upskilling and creating job opportunities for Nigerian youth

For the thirteenth consecutive year, Nestlé Nigeria has empowered more than twenty young Nigerians through the Technical Training program in its factory at Agbara.

The participants received scholarships and training to attain the highly recognized City & Guilds certifications.

In addition, the top five students were given the opportunity to conclude their training with an eight-week apprenticeship at two of Nestlé’s technical sites in Switzerland (Orbe and Broc).

Equipped with their newly acquired skills, the graduating batch are ready to embark on their engineering careers with Nestlé in Nigeria.

The Nestlé Technical Training Program in Nigeria is part of Nestlé’s global Needs YOUth initiative. Its objective across the three centres in Agbara, Abaji and Flowergate is to enhance the employability of young Nigerians by providing them essential skills in Mechanical, Electrical, and Automation Engineering. The Agbara training centre is run in collaboration with the Swiss State Secretariat of Migration (SEM).

“Africa has the largest population of young people globally, with 70% of sub-Saharan Africa under the age of 30,” commented Remy Ejel, Nestlé Executive Vice President and Chief Executive Officer for Zone Asia, Oceania, and Africa. “It is crucial to help the younger generations reach their full potential and support economic growth by offering opportunities for skill development and employment.

Nigeria is an important country to Nestlé. We’ve been there for more than 60 years and are proud of our contributions to its development.

This partnership not only helps meet the demand for skilled labor in Nigeria but also supports the local economy and aligns with Nestlé’s broader objectives of enhancing youth employability.”

Since its inception in 2011, the program has received an overwhelming response, with an average of 10,000 applications annually. Each year, up to 60 apprentices are selected through a rigorous assessment process to ensure quality training and personalized attention.

The program includes 18 months of intensive theoretical and practical training for participants, who receive certifications in level 3, 4 and 5 of City & Guilds of London upon completion.

Dolapo Adedoyin Okunola, 25, is a program graduate aspiring to become a Technical Manager. The highlight of her experience was participating in impactful projects aimed at improving energy efficiency and machine validations, while collaborating with a diverse and talented team.

She also enjoyed the opportunity to learn basic French and explore the picturesque Swiss landscapes. “The Nestlé Technical Training Program has significantly enhanced my abilities and expanded not just my skills and academic knowledge but also my experiences of different cultures and languages,” Dolapo explained. “The comprehensive training I received in Nigeria, combined with my internship in Switzerland provides me a competitive edge in the corporate world. I am confident that this program has laid a strong foundation for my career.”

The program not only enhances the technical skills of talented young Nigerians but also fosters cultural understanding and knowledge sharing between Switzerland and Nigeria.

His Excellency Osuobeni Rawlings Krobari, Chargé D’Affaires of Nigeria to Switzerland and Liechtenstein added: “I am delighted to see the program’s success in enhancing the employability of young people in Nigeria. A skilled workforce is vital for our long-term growth.

I extend my heartfelt congratulations to the graduates on their achievements. I encourage them to view their new skills as not only a foundation for their careers but also an opportunity to be ambassadors for their generation, by sharing knowledge and best practices with their peers.”

To date, the program has benefited close to 230 trainee graduates, with 98% securing employment at Nestlé Nigeria. Nestlé and SEM jointly invest in the program, reflecting their commitment to provide more economic opportunities to youth.

Ms. Valérie Gass, Policy Advisor, State Secretariat for Migration SEM, said: “This program was launched the same year as the migration partnership between Switzerland and Nigeria, which aims, among other things, to create greater economic opportunities locally.

The program is an excellent example of a successful Swiss public-private partnership that effectively addresses challenges and creates meaningful opportunities. We take great pride in this initiative and remain committed to supporting youth in Nigeria.”

The Nestlé Technical Training Program consists of three programs run by Nestlé Nigeria in its factories in Agbara, Flowergate, and Abaji. In 2024, a total of 70 top-performing young Nigerians from these programs completed apprenticeships.

This initiative is just one example of how Nestlé is helping youth become more employable across Asia, Oceania, and Africa. Drawing inspiration from the Swiss dual education system to combine theoretical and practical training, Nestlé aims to create a positive impact in the countries where it operates by leveraging global expertise alongside local insights.

The global Nestlé Needs YOUth program was launched in 2013 and aims to help 10 million young people around the world access economic opportunities by 2030. As part of this ambition, it aims to reach more than 5 million youth across Asia, Oceania and Africa.

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ACCESS BANK PLC SIGNS AGREEMENT TO ACQUIRE 100% EQUITY STAKE IN SOUTH AFRICA-BASED BIDVEST BANK

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Holdings Plc (“Access Holdings”) is pleased to announce that its banking subsidiary, Access Bank Plc (“the Bank”), has entered into a binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank Limited (“Bidvest Bank”).

This agreement reflects the Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.

Founded in 2000, Bidvest Bank is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products. As of its financial year ended June 2024, Bidvest Bank reported total assets equivalent to USD665.0 million and audited profit before tax of USD20.0 million.

The acquisition is expected to close in the second half of 2025, subject to regulatory approvals. Upon conclusion of this acquisition, Bidvest Bank will be merged with the Bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, commented:“This acquisition supports our ambition to expand across Africa and solidify our presence in key markets, with South Africa being a top priority.

It underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs. Bidvest Bank provides a unique opportunity to blend its strong local expertise with Access Bank’s robust trade and retail banking capabilities, creating a platform for long-term growth and value creation.”Mpumi Madisa, Chief Executive of The Bidvest Group, added:

“As a well-respected, experienced, and prominent financial services entity, I am pleased that Access Bank meets our objectives and provides reassurance for the continued sustainability and prosperity of the bank.

It will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector.”The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market.

By leveraging Bidvest Bank’s robust local capabilities and Access Bank’s established pan-African presence, the Bank will have increased capacity for intra- and inter-Africa trade, connecting businesses and creating new opportunities for regional integration.

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Alleged Blackmailing of GTCO, CEO: Bloggers’ trial moved to January

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Adenle Ahmed Abiola

The trial of four bloggers: Precious Eze, Olawale Rotimi, Rowland Olonishuwa, and Seun Odunlami, charged with allegedly blackmailing Guaranty Trust Holding Company and its Group Chief Executive Officer, Segun Agbaje, was on Thursday adjourned to January 13 and 14, 2025.

They were dragged before Justice Ayokunle Faji of the Federal High Court, Lagos by the Special Fraud Unit of the Nigeria Police Force.

They are facing a 10 count amended charge for allegedly publishing false information about GTCO and Agbaje through various social media platforms.

They had pleaded not guilty to the charges and were denied bail because Eze was accused of being a serial offender.

However, Justice Faji ordered an accelerated trial of the four bloggers.

At the resumed hearing of the matter on November 13 and 14, 2024, Justice Faji dismissed their bail applications, citing the serious nature of the alleged offences, which included charges that could lead to up to 14 years in prison.

The judge also held that Eze has shown the tendencies of committing the offence again if let out as he is currently charged with a similar offence in another court and was only out on bail when he went ahead to commit the alleged offence for which he is now standing trial.

He also highlighted the potential destabilising impact such actions could have on the banking sector, particularly since some of the charges involved cross-border activities on the internet.

He also noted that the defendants’ actions challenged the authority of regulatory bodies, including the Central Bank of Nigeria, which had approved GTCO’s audited statements.

At the resumption of trial on Thursday, the defence counsel, O. A Afolabi, called Eze, the 1st defendant, to the witness box to give his testimony concerning the circumstances surrounding the recording of his statement at the police custody after his arrest.

The witness said: “I was arrested on September 21, 2024 at Gbagada and was taken to the SFU office in Ikoyi.

“When we got there, I was taken to the office on the first floor by the right, where we met someone called Abu, who later called Mr. Yakubu to conduct my interrogation.

“He then took me to another office where there were many files.

“He then asked me if I knew why I was arrested and I answered that I had no idea.

“A file was then shown to me and I didn’t know how the file applied to me.

“Yakubu then replied that it was a petition written against me and a few others from GTB.

“We sat down and discussed.

“He told me my name was mentioned that I wrote a story against the bank and he said if I should cooperate with him, the issue will be settled seamlessly.

“He said if I give the full details of the issues, I’d be free to go.

“He said I should write my statement and I asked that my lawyer has to be here before I write and he replied that it doesn’t matter since all that he asked was for me to write what happened.

“I was insistent on having my lawyer around and he got offended.

“He said I should write my statement If I want to leave the station that same day.

“I agreed eventually and he brought a sheet of paper for me to write.”

On whether the interrogation room captured in the video played for the court was the same room he was taken to immediately he got to the SFU office, the witness replied that he had seen the video and the room was different from the initial one he was taken.

Afolabi further asked the circumstances surrounding the writing of the two statements shown in court.

Eze replied: “The statement I wrote in the first office I was taken to was the same one I was given to rewrite the same thing in another form.”

Objecting, the prosecution counsel, Chief Ajibola Aribisala (SAN), urged the court to play the video recording of the statement to ascertain the authenticity of the witness’s claims that he copied his first statement in his second.

Chief Aribisala informed the court that the two statements, in contrast to what the witness said, were two different statements without same narration and meaning.

In continuation of his cross-examination, the prosecuting counsel urged the court to allow the witness to read out a few lines from the two statements to determine if it was copied or rewritten.

The defence counsel raised an objection to the suggestion of reading out the content of the statements to the court by the prosecuting counsel.

Aribisala insisted that the statement is yet to be admitted before the court and as such cannot be read out.

After few deliberations, the trial judge admitted the statement as evidence to be used in the trial within trial.

The prosecuting counsel, after the careful comparing and contrasting of the two statements, asked the witness the similarities between the two statements to ascertain it as being copied or rewritten.

The witness replied: “I’m not a child and I’m learned to know that I’m not expected to write the statement verbatim.

“And as a writer, I can write on the same subject matter or topic with different approaches or words.”

Eze added that the initial part of the second statement he was seen writing in the video played in the court was dictated to him by Investigating Police Officer Yakubu, who later gave him the first statement to copy into the second one he wrote.

Opposing, Chief Aribisala told the court that the two statements are the original thoughts of the witness and not dictated as the witness had alleged in his testimony.

Justice Faji thereafter adjourned the case until January 13 and 14, 2025 for further cross-examination of witnesses.

The Eagle Online recalls that at the resumption of trial on Tuesday, a police witness, M. Yakubu, who was still under oath, was cross-examined by the defence counsel.

Adeniyi had asked him: “Are you familiar with international laws and practices that guide investigators and the implications of not adhering to such laws and practices?”

The witness replied: “I am aware,” adding that he had been an investigator since 2001.

On whether he knew that each column in a statement form has its importance to the investigator and the suspects and as well familiar with his right to guide and not induce or promise the suspect through the process, the witness replied that he was certainly aware.

Adeniyi further asked for the starting and ending time of each statement recording of the defendants from the 1st to the 4th and the reason for the process without the presence of their lawyers

The witness replied that the maximum time spent in recording the statement of each defendant was an hour and it was done in the absence of their legal representatives, which he said was as the defendants agreed to do.

He further probed: “How many interrogation rooms do you have at your station?”

Witness replied: “We have only one.”

Defence counsel: “How did you record the statement of the four defendants?”

Witness: “It was done one after the other and I was the one who conducted it.”

Defence counsel: “Do you have an observation room at your station? How many?”

Witness: “We only have CCTV footage of the interrogation room, which can only be viewed from the office of the CP, DSP and ACP.”

The defence counsel then prayed the court to give room for more witnesses for cross examination.

Opposing the application, Chief Aribisala urged the court to reject the request or mandate the defence counsel to make available the list of witnesses before they appear in court.

In delivering his ruling, Justice Faji ordered the defence counsel to update the prosecuting counsel on the list of the witnesses that will be summoned at the next hearing slated for Thursday, December 12, 2024.

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