25,000 PDP members defect to APC in Kano

Over 25,000 members of the Kwankwasiyya movement of the Peoples Democratic Party from Kano South have dumped the party for the  All Progressives Congress.

While receiving the new members, Governor Abdullahi Umar Ganduje, used the occasion to present flags to all candidates contesting for seats in the House of Representatives and State Assembly in the 2019 general elections.

According to the defectors, they were in Rano Local Government Area to witness the formal presentation of flags to Senator Kabiru Gaya and other candidates from Kano South by Governor Ganduje, during the final grand rally for all candidates from the zone.

It should be noted that Kano State, being the most populous state in the federation has 24 candidates for the House of Representatives and 40 gunning for the State House of Assembly seats.

At the Kano Central zone, the former two-term governor of the state and the former Minister of Education, Malam Ibrahim Shekarau, the Sardauna of Kano, was presented with a decorated flag.

Similarly, all other contestants from the zone for the 2019 general elections, were decorated with party flags, at another event, held at Kano Pillars Stadium, Sabon Gari, in the metropolis.

A one-time governor of the State, Senator Kabiru Ibrahim Gaya, who is currently representing Kano South, was also presented, with a decorated flag at Rano LG.

Prior to the zonal campaign rallies, Ganduje and the party stakeholders from the entire 44 Government areas of the State held a crucial meeting to map out strategies for the 2019 general elections, at Coronation Hall, Government House, Kano.

At the meeting, Ganduje made it abundantly clear that the impressive achievements of the APC, at both federal and state levels, were enough credentials for the party to emerge victorious in the 2019 elections.

He said that, “President Muhammadu Buhari’s unrelenting efforts in developing our dear country from all fronts, particularly in the areas he (Buhari) identified as his priorities, security, economy and employment, are platforms to give us more courage for 2019.”

At the three senatorial zones, Ganduje urged party supporters, to ensure that President Muhammadu Buhari secured the over five million votes he promised him in the forthcoming 2019 presidential polls.

“Nigeria has no any other serious candidate than President Muhammadu Buhari. We believe in his honesty, integrity, accountability and transparency attributes. That is why his good work as our President goes across the nation. Without considering any ethnic, religious or sectional lines, he is a true patriotic democrat and a sincere Nigerian” Ganduje said.

Governor Ganduje promised the decamping PDP/Kwankwasiyya defectors equal treatment in the party. He assured them that they have come to where they and their children would benefit from the abundant dividends of democracy.

Polytechnic lecturers, FG conciliation meeting deadlocked

It’s a long holiday for Students in Nigerian Polytechnics as a meeting between Academic  Staff Union of  Polytechnics (ASUP) and the  Federal Government held yesterday ended in a deadlock.

The meeting which lasted for five hours   was chaired by the Permanent Secretary Federal Ministry of Education, Mr  Sunny Echonu.

ASUP President Comrade  Usman Dutse told newsmen that the lecturers were not pleased with the body language of government which seems to be proposing second week of January 2019 for the continuation of the the meeting.

Recall  that ASUP resumed strike on December 12, 2018 following what it described as  government’s failure to keep to agreements reached on ‘NEEDS’ assessement  Earned acyademic Allowance among others.

BREAKING: Buhari set to leave Abuja for Niger Republic on Tuesday, December 18

The presidency, in a statement on Monday, December 17, said that President Muhammadu Buhari would use a one-day official trip to Zinder, Niger Republic, to “participate in the programme of activities marking the 60th anniversary of the formal Proclamation of the Republic of Niger.”

The statement, which was released by Femi Adesina, the president's special adviser on media and publicity, partly read: “At the invitation of President Mahamadou Issoufou, President Buhari will join fellow West African leaders as Special Guest of Honour as Nigeria’s northern neighbour commemorates December 18, 1958, the date of its founding as a Republic and the creation of the Presidency even before it gained complete Independence from France on August 3, 1960," Punch reports.

“The participation of the Nigerian leader is in furtherance of the deep historical and cultural relations between the governments and peoples of both friendly nations.

“Activities lined up for the celebrations in the ancient south-central town and former capital of Niger which lies 240 km north of Kano, include military parade, cultural and artistic displays.

“President Buhari will be accompanied by Governors Mohammed Badaru Abubakar, Nasir Ahmad el-Rufai and Adegboyega Oyetola of Jigawa, Kaduna and Osun States, respectively. Also on the delegation is the Minister of State, Foreign Affairs, Khadija Bukar Abba Ibrahim.”

NASS workers begin strike two days before Buhari presents budget

The Parliamentary Staff Association of Nigeria (PASAN), National Assembly chapter, has commenced a four-day warning strike.

The workers were seen around the second main entrance of the complex, asking other staff to go back.

Although the workers were not forcefully denying other workers access into the complex, many staff who were able to go in, were seen coming out, minutes later.

“No work today. We have cut down the water and electricity supply. No light, no water too. Nobody can stay there,” a worker, Sunday, told PREMIUM TIMES.

He explained that the protest was for the “same reasons.”

The protest comes barely 24 hours after the workers issued a four-day warning strike notice to commence on Monday, December 17.

The chairman of the association, Bature Mohammed, in a statement in Abuja on Saturday, said this decision was reached in an emergency congress held on December 14.

President Muhammadu Buhari is due to present the 2019 Appropriation bill to the joint National Assembly on Wednesday.

Mr Mohammed said that the warning strike which would run till December 20, was to press home the demands of the association.

Details later…..

Diamond Bank Confirms Access Merger

The Board of Diamond Bank Plc today announces that following a strategic review leading to a competitive process, the Board has selected Access Bank Plc (“Access Bank”) as the preferred bidder with respect to a potential merger of the two banks that will create Nigeria and Africa’s largest retail bank by customers.

The Board of Diamond Bank believes that the merger is in the best interest of all stakeholders including, employees, customers, depositors and shareholders and has agreed to recommend the offer to Diamond Bank’s shareholders. Completion of the merger is subject to certain shareholder and regulatory approvals.

The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger. Based on the agreement reached by the Boards of the two financial institutions, Diamond Bank shareholders will receive a consideration of N3.13 per share, comprising of N1.00 per share in cash and the allotment of 2 New Access Bank ordinary shares for every 7 Diamond Bank ordinary shares held as at the Implementation Date. The offer represents a premium of 260% to the closing market price of N0.87 per share of Diamond Bank on the Nigerian Stock Exchange (“NSE”) as of December 13, 2018, the date of the final binding offer.

Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law. The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be cancelled, upon the merger becoming effective.

Diamond Bank expects the transaction to complete in the first half of 2019.

Uzoma Dozie, the Chief Executive Officer of Diamond Bank, said: “The proposed combination with Access Bank will create one of Africa’s leading financial institutions.

There is clear strategic rationale for the proposed merger and strong complementarities between the two institutions. While Diamond Bank has pioneered Nigeria’s largest technology-led retail banking platform, Access Bank is one of Nigeria’s leading full-service commercial banks. Consolidation in the Nigerian banking industry is an inevitable, natural progression in a sector where the gap between Tier 1 and Tier 2 banks has been widening and scale has become critical; where technology will disrupt the traditional business model while enabling broader financial inclusion.

The board of Diamond Bank believes that the proposed combination of the two operations provides an exciting prospect for all stakeholders in both businesses and will create a financial institution with the scale, strength and expertise to capitalise on the significant opportunities in Nigeria and sub-Saharan Africa more broadly.”

Herbert Wigwe, CEO of Access Bank, said: “Access Bank has a strong track record of acquisition and integration and has a clear growth strategy. Access Bank and Diamond Bank have complementary operations and similar values, and a merger with Diamond Bank, with its leadership in digital and mobile-led retail banking, could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion. Access Bank has a strong financial profile with attractive returns and a robust capital position with 20.1% CAR as at 30 September 2018. We believe that this platform, together with the two banks’ shared focus on innovation, financial inclusion and sustainability, can bring benefits to Access Bank and Diamond Bank customers, staff and shareholders.”

Exotix Capital acted as international financial advisor to Diamond Bank, and Templars acted as Nigerian legal counsel.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU 596/2014) (“MAR”) and is disclosed in accordance with Diamond Bank’s obligations under Article 17 of MAR.

BREAKING: IT’S OFFICIAL – Diamond, Access Banks merge

The management of Diamond Bank on Monday announced its merger with Access Bank.

A statement by Uzoma Uja, the bank’s Secretary/Legal Adviser, said the transaction will be completed by the first half of 2019.

“The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger,” the disclosure, sent to the Nigeria Stock Exchange, said.

Read the full disclosure below:

STATEMENT REGARDING SCHEME TO MERGE WITH ACCESS BANK

The Board of Diamond Bank Plc (“Diamond Bank”) today announces that following a strategic review leading to a competitive process, the Board has selected Access Bank Plc (“Access Bank”) as the preferred bidder with respect to a potential merger of the two banks (“the merger”) that will create Nigeria and Africa’s largest retail bank by customers.

The Board of Diamond Bank believes that the merger is in the best interest of all stakeholders including, employees, customers, depositors and shareholders and has agreed to recommend the offer to Diamond Bank’s shareholders. Completion of the merger is subject to certain shareholder and regulatory approvals.

The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger. Based on the agreement reached by the Boards of the two financial institutions, Diamond Bank shareholders will receive a consideration of N3.13 per share, comprising of N1.00 per share in cash and the allotment of two (2) New Access Bank ordinary shares for every seven (7) Diamond Bank ordinary shares held as at the

Implementation Date. The offer represents a premium of 260% to the closing market price of N0.87 per share of Diamond Bank on the Nigerian Stock Exchange (“NSE”) as of December 13, 2018, the date of the final binding offer.

Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law. The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be cancelled, upon the merger becoming effective.

Diamond Bank expects the transaction to be completed in the first half of 2019.

We will keep the market updated with any new development.

Osinbajo in Austria for Africa, Europe Heads of Government meeting

Vice President Yemi Osinbajo will participate in the Africa-Europe High-Level Forum with other African and European Heads of States and Government in Vienna, Austria.

Vice President’s spokesman Laolu Akande, in a statement on Monday in Abuja, said the forum was hosted by the Austrian government on behalf of the European Union and the African Union.

Osinbajo would be speaking on the theme of the forum, ‘Taking Cooperation to the Digital Age’ holding from December 17 to December 18.

According to the organisers in the EU and AU, the forum would promote innovation and digitalisation as important enablers of future development, so that everyone can benefit from the ongoing digital transformation.

It would assess how the partnerships between Africa and Europe contribute to this goal and complement the ongoing implementation of the joint declaration of the 2017 Abidjan Summit between the AU and the EU.

The declaration among other things highlighted the importance of unlocking the potential of the digital economy for Africa and Europe.

It also aimed at contributing to the Africa-Europe Alliance for Sustainable Investment and Jobs.

In Vienna, Osinbajo would hold a town-hall meeting with the Nigerian community in Austria; and also attend several bilateral meetings with European government leaders.

Some of the European government leaders are the Prime Minister of Czech Republic, Andrej Babis; Prime Minister of Finland, Juha Sipilä; the Federal Chancellor of Austria, Sebastian Kurz; and the UK Minister for Africa, Harriet Baldwin.

Osinbajo would also meet with top officials of the Bill and Melinda Gates Foundation.

(NAN)