Access Bank Plc’s planned acquisition of South Africa’s Bidvest Bank has collapsed after failing to secure timely regulatory clearance from Nigerian authorities.
Sources indicate that while Access Bank had completed the acquisition, the deal required approval from the Central Bank of Nigeria (CBN) under the transaction agreement. Despite the deal being domiciled outside Nigeria, CBN approval was mandatory given its role as primary regulator of the banking group and holding company.
According to insiders who spoke with THISDAY, CBN Governor Olayemi Cardoso’s commitment to regulatory orthodoxy meant Access Bank had to follow proper procedures and comply fully with all regulatory requirements, both in form and substance.
“He is a stickler to process,” one source said, noting that Cardoso prioritizes regulatory compliance over commercial considerations between parties.
Without the required approval, the transaction stalled and was ultimately terminated after Access Bank failed to meet certain contractual conditions by the agreed deadline. Whether the deal can be revived if CBN eventually grants approval remains uncertain.
The failed acquisition carries significance beyond its commercial value, with potential implications for Nigeria-South Africa economic relations. Many viewed the transaction as a positive signal of renewed cooperation and confidence between the two markets, particularly given previously strained bilateral relations. The deal’s collapse may therefore carry diplomatic sensitivity.
Importantly, the transaction’s failure stemmed entirely from regulatory constraints on the Nigerian side—not from issues with South African regulatory authorities or lack of willingness from either party to proceed.
Bidvest Group confirmed that the sale and purchase agreement included standard conditions precedent, primarily related to regulatory approvals. Despite months of engagement to secure necessary clearances, the parties were unable to complete the deal.
Bidvest disclosed that its strategic rationale for reorganizing its financial services division and divesting Bidvest Bank remains unchanged, bringing an end to what would have significantly expanded Access Bank’s footprint in South Africa.
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