The Central Bank of Nigeria (CBN) has stalled the acquisition of National Bank of Kenya (NBK) by Access Bank.
This is despite approval from Kenyan authorities, including the Central Bank of Kenya (CBK).
The delay stems from a CBN condition requiring Access Bank to divest its subsidiary in the Democratic Republic of Congo (DRC) before proceeding, alongside a review of its London operations.
This has put the deal, valued at 1.25 times NBK’s book value (approximately Sh16.2 billion), at risk.
KCB Group, NBK’s parent company, is prepared with a contingency plan if the deal collapses, as stated by CEO Paul Russo.
The delay follows Access Bank’s earlier capital-raising efforts to meet Nigeria’s new regulatory requirements and support its expansion, including the NBK acquisition
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