Trading in the shares of Diamond Bank Plc has been placed on full suspension following the court sanction of the Scheme of Merger with Access Bank Plc.
The Nigeria Stock Exchange, in a notification to its dealing members posted on its website on Wednesday, said that the full suspension takes effect from March 20 (today).
“Dealing members are hereby notified that following the court sanction of the Scheme of Merger (Scheme) between Access Bank Plc and Diamond Bank Plc, trading in the shares of Diamond Bank has been placed on full suspension,” it stated.
The Exchange said that the suspension was required to prevent trading in the shares of the bank in order to determine shareholders who would qualify to receive the scheme consideration.
It noted that Diamond Bank obtained the court sanction of the scheme on March 19, being the effective date of the scheme.
The NSE stated that the bank’s shareholders passed a resolution approving the merger between Diamond Bank and Access Bank Plc at the court ordered meeting of the bank held on March 5.
The News Agency of Nigeria reports that the Exchange will de-list Diamond Bank from the daily official list at the exchange after the merger.
NAN reports that the shareholders of Diamond Bank and Access Bank at an Extraordinary General Meetings of both banks gave approval for the merger.
Access Bank Chief Executive Officer, Mr. Herbert Wigwe, told shareholders at the EGM that the merger enabled Access Bank to acquire a bank with 17 million retail customers and the most viable mobile payment platform.
Wigwe said that the expected revenue and cost synergies were material and promised significant long term value.
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He said the bank, after the merger, would attract more opportunities such as trade finance from international partners.
“With the final merger of both banks and the status of the resulting entity as ‘the largest bank in Africa’s largest economy,’ this greatly bolsters the bank’s brand, opening doors of opportunity both in local and international markets,” he said.
He said the merger was expected to produce the largest banking group in Africa based on its number of customers with more than 29 million customers.
“The resulting entity which will maintain the brand name Access Bank, but with Diamond Bank colors, will have more than 29 million customers, 13 million of whom are mobile customers,” he said.
(NAN)
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Lagos Govt defends racist Chinese restaurant as more victims speak up
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Eniola Akinkuotu, Abuja
The Lagos State Government, on Tuesday, cleared the Chinese restaurant accused by some Nigerians of racism, even as yet another Nigerian, who was barred from entering the restaurant, spoke to The PUNCH.
The Lagos State Government’s position, made known via a Press statement issued by the Commissioner for Tourism, Arts and Culture, Steve Ayorinde, said that findings by its officers sent to “investigate the veracity of the claim” showed that the allegations were false.
“The two officers who went there on Monday did so incognito, and found the allegations to be false.
“The officers were served without any questions or discrimination. They also took photographs without being noticed.
“Our officers also observed that the restaurant had a number of Nigerians working inside there and did similarly observe that pepper soup, a Nigerian delicacy, is also on the menu.
“More importantly, the restaurant has been registered with the Lagos State Ministry of Tourism Arts and Culture since 2016, as required by law.”
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The ministry which regulates eateries, restaurants, hotels, and other hospitality facilities in Lagos promised to conduct further investigations.
However, findings by our newspaper, which is standing by its report, showed that the restaurant relaxed its obnoxious racist policy after the initial outrage on social media on Sunday.
After our report on Monday, the restaurant threw open its doors to the public.
One of the workers of the company who spoke to our reporter after he was turned back, had admitted that the restaurant took notice of the outrage on social media on Sunday.
A director of the company, Niyi Adegbite, who spoke to our Correspondent on Monday, also refuted the allegations of discrimination but added that the restaurant had two sections: One of the sections is open to the general public, while the other is strictly for Chinese.
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According to Adegbite, “The restaurant is divided into two sections. There is one open to the public and there is one called Hot Pot.
“The Hot Pot is where you enter and cook on your own. All the ingredients are made available. But it’s only for Chinese nationals.
“Maybe it’s this one that some people tried entering and were disallowed and is now causing the outcry.”
Joshua Jenom Gidin, who said he was denied entry along with five of his friends last Saturday, said it all seemed like a joke at first when he was told that Blacks would not be let in.
Gidin, who is a journalist with Pulse TV in Lagos, said, “When we got to the gate, we saw some pretty Chinese girls going inside and we even laughed with them.
“When we attempted to go in, they refused to allow us in because we were Black.
“I first thought it was a joke, but when the guards repeated it almost five times, I knew they were serious.
“In order not to cause a scene, we left the place; but I made sure that I scored them low on Google reviews and let the whole world know that they are racists.
“I am sure it was after the negative reviews online and the condemnation on social media that they quickly decided to change their racist policy.”
Obianuju Uba, whose experience was published in one of our earlier reports, found it strange that the government could rush to defend the restaurant.
Uba said, “We know what we witnessed. The government cannot tell us otherwise. Why would I be making spurious allegations against a restaurant?
“If the guards had told us that the restaurant was a members-only establishment, we would have understood and left. But we were told that we would not be allowed in because we are Black. That is truly what happened.
“So, I was confused because I had never experienced such in my life.
“I was shocked that a Nigerian — and not a Chinese — was used as the security guard. The guard even spoke with a Yoruba accent, so I was sure that he was a Nigerian.
“I was pissed off and left, and I walked away while my friends continued to argue with him.”
Blessing Ukeje, a computer programmer who was part of a group that was turned back on Saturday, reiterated that she had visited the restaurant along with four other friends around 8pm on Saturday and that they were turned back because they were Africans.
Ukeje said, “When we were about to enter, a guard asked what we came for and we responded that we were there for Karaoke.
“He told us that they didn’t have a Karaoke bar, but his colleague said they have, and that anyone who wants to enter must enter with Chinese people.
“He said Blacks are not allowed. He said the Blacks that come must come with Chinese people.
“We were all shocked because, even when we travel, we never see such.
“So, I asked him again if he was sure and he said that was the management policy.
“I actually thought I was dreaming. I asked him if he was okay with it as a Black man and he said nothing.
“While we were standing there, we saw Chinese people going in. Two Chinese ladies and two Chinese guys went in. It was after our experience that we decided to expose these people.”
When asked if she was denied entry because of the way they were dressed, Ukeje said, “I was coming from a wedding and I was well dressed. Those people had no excuse for turning us back.
Also speaking with The PUNCH, Akpan Aniefiok, who was barred from entering the restaurant along with his friends, lambasted the state government for defending the restaurant.
Aniefiok, who is a student of Nnamdi Azikiwe University, Awka, said he and his friends visited many fun spots on the same day without issue.
He said they had no reason to tell lies or unjustly malign anyone’s business.
The final year student said, “We visited three lounges on that fateful day. Why would we unjustly tell lies against the Chinese restaurant? What do we stand to benefit from such?
“What happened on that day was that the security guard told us that we would not be allowed inside because we are Black and that he was following orders.”
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