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

Bidvest Bank Limited is part of South Africa-based Bidvest Group Limited.

The agreement is part of Access Bank’s plan to strengthen its footprint in South Africa and consolidate its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.

Founded in 2000, Bidvest Bank is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products. As of its financial year ended June 2024, Bidvest Bank reported total assets equivalent to $665.0 million and audited profit before tax of $20.0 million.

The acquisition is expected to close in the second half of2025, subject to regulatory approvals. Upon conclusion of this acquisition, Bidvest Bank will be merged with the Bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.

Commenting on the acquisition, Roosevelt Ogbonna, the managing director and chief executive of Access Bank Plc, said:

‘This acquisition supports our ambition to expand across Africa and solidify our presence in key markets, with South Africa being a top priority. It underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs. Bidvest Bank provides a unique opportunity to blend its strong local expertise with Access Bank’s robust trade and retail banking capabilities, creating a platform for long-term growth and value creation.”

Also commenting, chief executive of Bidvest Group, Mpumi Madisa said:

“As a well-respected, experienced, and prominent financial services entity, I am pleased that Access Bank meets our objectives and provides reassurance for the continued sustainability and prosperity of the bank. It will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector.”

The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market.

By leveraging Bidvest Bank’s robust local capabilities and Access Bank’s established pan-African presence, the Bank will have increased capacity for intra- and inter-Africa trade, connecting businesses and creating new opportunities for regional integration.