April 15, 2025 – Nairobi/Abuja — The Central Bank of Nigeria (CBN) has thrown a wrench into Access Bank’s bid to acquire 100% of the National Bank of Kenya (NBK), demanding that the lender divest from its operations in the Democratic Republic of Congo (DRC) before the $100 million deal can proceed.
The surprise move comes despite regulatory clearance from Kenya’s Central Bank and National Treasury, underscoring how cross-border expansion plans by African banks are increasingly running into domestic regulatory roadblocks.
Further complicating the deal, the CBN is reportedly reviewing Access Bank’s London operations, adding another layer of uncertainty to the already-stalled transaction.
Access Bank — Nigeria’s largest bank by assets — had seen the acquisition as a strategic step toward deepening its East African footprint, complementing its existing regional network.
However, the CBN’s intervention reflects a more cautious stance toward international growth, particularly amid scrutiny over risk exposure in fragile markets like the DRC.
KCB Group, NBK’s current owner, has indicated a willingness to explore other options if the acquisition collapses, though analysts say the Access Bank deal offered a much-needed injection of capital and fresh strategic direction for the struggling Kenyan lender.
This latest development highlights the delicate dance between regulatory compliance, geopolitical risk, and regional banking ambitions — a growing theme in Africa’s increasingly interconnected financial landscape.
