In a move that underscores the Central Bank of Nigeria’s (CBN) shift toward “policy orthodoxy,” Access Bank’s proposed 100% equity acquisition of South Africa’s Bidvest Bank has officially lapsed.
The transaction, valued at approximately R2.8 billion (₦245 billion), hit a “long-stop” deadline on January 26, 2026, without securing the final regulatory nod from the CBN.
While the termination marks a temporary setback for Nigeria’s largest lender by assets, leadership remains optimistic.
Access Bank MD Roosevelt Ogbonna reaffirmed the bank’s commitment to the Southern African market, noting that the group remains “constructively engaged” with stakeholders to find a potential path to closure.
The “Cardoso Factor” Sources indicate that the hurdle wasn’t with South African authorities but within the CBN’s rigorous vetting process.
Under Governor Olayemi Cardoso, the apex bank has prioritized process over commercial speed, ensuring that multi-jurisdictional deals comply with every facet of Nigerian banking regulation.
The Glimpse of Hope Despite the expiration of the current agreement, Bidvest Group has not shut the door entirely.
While they have relaunched the disposal process, they remain open to renegotiation if terms align. For Access Bank, the strategic intent to use South Africa as a gateway for the SADC region remains unchanged, signaling that this is a “strategic speed bump” rather than a dead end.
Source: ThisDay
