Nigeria, March 20 -- As part of the ruling on the joint petition by Access and Diamond banks towards their planned merger, the Federal High Court in Lagos approved the transfer of all assets, liabilities and undertakings by Diamond Bank to Access Bank.

In a judgment delivered by Justice O.O. Oguntoyinbo on Monday, the court said Access Bank was authorised to issue and allot to all Diamond Bank shareholders two fully paid ordinary shares of 50 kobo each.

The issue and allotment, the court said, will be in exchange for every seven ordinary shares of equivalent value held by all Diamond bank shareholders.

Justice Oguntoyinbo said the cash consideration of N1.00 for every Diamond Bank share be paid by Access Bank within ten business days o...