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NEWS YOU CAN TRUST I**FRIDAY 25 JANUARY 2019 I VOL. 15, NO 232 I N300
Download e-copy of Women’s Hub from www.businessday.ng
... as Access cancels planned N75bn rights issue ENDURANCE OKAFOR & OLUWASEGUN OLAKOYENIKAN
I
n a deal that would create Africa’s largest bank by customers, the synergy opportunities for Access-Diamond Bank deal are estimated at N150.3 billion, managements of both lenders revealed yesterday. The synergy gains will span Continues on page 34
Inside How Nigeria can raise N45trn to fund infrastructure – Mustafa Chike-Obi P. 2
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Nigeria’s decline shows as Ethiopia shines at WEF A LOLADE AKINMURELE
Access-Diamond Bank merger to lead to N150bn in synergies
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ny Nigerian who listened to Ethiopian Prime Minister Abiy Ahmed in Davos must have looked on with envy as the 42-year-old spearheading a raft of investment-
friendly reforms in East Africa’s fastest growing economy sold his nation to an elite gathering of business leaders and politicians at this year’s World Economic Forum (WEF) in Switzerland. Ahmed’s speech at Davos is something you would have expected from the leader of
Africa’s largest economy, President Muhammadu Buhari, only that the 76-year-old, who seeks a second term at next month’s elections, wasn’t even present at the gathering for the second year running. Critics say Buhari’s distaste for private capital may be why he
has not seen the need to be a part of the Davos gathering. Buhari’s absence does little favours for a country badly in need of foreign investment, but is nowhere near attracting the required amount. A 2019 report by the United Continues on page 34
L-R: Umaru Ibrahim, MD/CEO, Nigerian Deposit Insurance Corporation (NDIC); Ronke Sokefun, chairman, NDIC Board; Zainab Ahmed, minister of finance, and Aghatise Erediauwa, executive director, operations, NDIC, during the inauguration of the NDIC board members by the minister of finance in Abuja, yesterday. Pic by Tunde Adeniyi