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Include us in Merger Process, Shareholders Tell Diamond Bank

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Diamond Bank
  • Include us in Merger Process, Shareholders Tell Diamond Bank

Diamond Bank Plc shareholders on Monday expressed mixed reactions to the news of its merger with Access Bank Plc.

The News Agency of Nigeria reports that the board of Diamond Bank finally confirmed its merger with Access Bank Plc which is expected to be completed in the first half of 2019.

Both banks recently denied media reports of any business merger or combination.

Mr Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria, while reacting to the development, told NAN in Lagos that the merger would benefit the shareholders.

“I am happy about such an arrangement because it is good for the shareholders.

“It is not an issue of bridge bank where they fizzle out the minority shareholders,” Nwosu said.

He said that the arrangement would add value for the shareholders and would require some payments and resolutions by the shareholders to approve the deal.

He said that shareholders would be involved in passing resolutions to perfect the deal.

Nwosu called on both banks to ensure that their shareholders approve the deal by calling for an extraordinary general meeting.

“It is from a quoted company to a quoted company not in the hands of NDIC or the Central Bank of Nigeria, who behave as if they are sole owners of the bank.

“And it is not within the powers of the CBN to take away our investment and call it bridge bank. This is a better deal for us and I know everybody should be involved,” he stated.

Mr Moses Igbrude, ISAN Publicity Secretary, told NAN that shareholders would support the merger if the board and management of Diamond Bank foresee it as the only option to sustain the bank.

“If the board and management of Diamond Bank deem it fit that the only way to sustain the bank is to merge with another bank so be it,” Igbrude said.

He said that the bank should ensure that all the stakeholders were carried along to avoid litigation.

“It is unfortunate that the young man that is running the affairs of Diamond Bank could not manage and grow it for the benefits of all and even to sustain his father’s legacy.

“CBN, the Nigerian Stock Exchange and any other regulators concerned should ensure that minority shareholders are carried along and not short-changed in the whole arrangements,” Igbrude stated.

He said that the whole merger process should be transparent, noting that “their aim of building the biggest bank in Nigeria or Africa should not get into their heads without there being a consideration for what it’s will take to manage such an entity.”

Alhaji Gbadebo Olatokunbo, former National Publicity Secretary, Nigerian Shareholders Solidarity Association of Nigeria, called for the sanctioning of the board and management of Diamond Bank.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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