• There are indications that Access Bank may soon acquire mid-tier financial institution, Diamond Bank as talks, according to some reports which emerged yesterday, are at the final stage for the acquisition. MD of Diamond Bank, Uzoma Dozie, is expected to surrender his position as one of the conditions by Q1 next year if the acquisition should be completed. The valuation of assets, with a view to determining the level of compensation and systems’ integration, is left for the final stage of the deal. The same report claimed that the impending acquisition was triggered by Diamond Bank’s directors who approached Access Bank for intervention in a bid to stave off a possible regulatory intervention that could lead to the withdrawal of the lender’s operating licence in the light of the bank’s depleting capital adequacy ratio on account of a huge Non Performing Loans portfolio put at over ₦150 billion. Late Monday, both banks denied the report, but some media sources stood by their story.
  • Nigerian consumer data analytics firm, the Terragon Group, has acquired Singapore based Asian mobile marketing company, Bizense, which has operations in India and Indonesia, in an undisclosed cash price and stock deal. Audience analytics, revenue optimisation, and white label SSP services are among the client offerings. Terragon’s software services, which gives its clients, primarily telecommunications and financial services companies, data on Africa’s growing consumer markets, has its headquarters in Lagos.
  • Teleology has formally taken over the management of 9mobile following the issuance of the final approval of no objection by the Board of the Nigerian Communications Commission. The company also said it had satisfied all the regulatory requirements 17 months after submitting both technical and financial bids for 9mobile, a new Non-Executive Director in Teleology, Mohammed Edewor, said on Monday. Edewor also said it had constituted a new board of directors for Nigeria’s fourth largest telecommunications company by subscribers, following the successful completion of the tenure of the former board appointed by the CBN and in fulfilment of the consequential transfer of final ownership to the new investors, Teleology. In February this year, Teleology beat 16 other firms that submitted Expressions of Interest to Barclays Africa, emerging as the preferred bidder for the embattled telco. Teleology made an offer of $301 million for the company, while Smile Telecoms Holding emerged as the reserved bidder having offered $300 million. The Board of Teleology is chaired by Nasiru Ado Bayero, with Abdulrahman Ado appointed an Executive Director; with Stephane Beuvelet acting as the Managing Director. The Non-Executive Directors of the telco are Asega Aliga, Adrian Wood, Mohammed Edewor, Winston Ndubueze Udeh and Abdulrahman Ado.
  • The Lagos Chamber of Commerce and Industry will hold a round-table on Friday to discuss Nigeria’s debt profile which has been generating concern recently. In a statement, the LCCI explained that the forum will provide the opportunity for stakeholders to deliberate on Nigeria’s debt sustainability as it is expected to serve as a veritable platform for a mutually beneficial exchange among stakeholders.