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The Securities and Exchange Commission (SEC) of Nigeria has confirmed that it is aware of the merger plan between Access Bank and Diamond Bank.

According to a statement released by SEC on Monday evening, Access Bank and Diamond have both notified the commission and the general public of their plan to merge. However, it is only a notice, they have not merged yet.

The statement reads, “The SEC received on Monday, December 17, 2018, a notice of intention by Diamond and Access Bank to merge. The Commission is currently waiting for their formal application.”

Earlier this morning, both the traditional and digital media outlets were awash with the news that Access Bank has acquired Diamond Bank. This is similar to the news spread last month, which both banks later debunked as a rumour.

In November, Diamond Bank ceased to operate as an international bank after receiving a national operating licence from the Central Bank of Nigeria.

“The re-licencing as a national bank supports Diamond Bank’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and the economy as a whole,” said Uzoma Dozie, the CEO of Diamond Bank.