The acquisition of National Bank of Kenya (NBK) by Nigeria’s Access Bank had yet to be completed by the end of 2025, eight months after the buyout received approval from the Central Bank of Kenya (CBK).

Disclosures in Access Holdings Plc’s 2025 financial results show that as of December 31, 2025, the lender was still awaiting unconditional approval from its primary regulator, the Central Bank of Nigeria (CBN), for the acquisition valued at 1.25 times NBK’s book value, which is estimated at about $110 million.

The delay meant NBK’s performance for the year ended December 31, 2025 could not be consolidated into Access Holdings’ results, which showed gross earnings of $4.03 billion and net profit of $542.93 million.

During the period, NBK posted total operating income of $100.1 million and net earnings of $18.54 million.“On May 30, 2025, the Group announced completion of its acquisition of the entire issued share capital of National Bank of Kenya from KCB Group following regulatory approvals by the Central Bank of Kenya by Gazette Notice No. 4667,” Access Bank said in its filings.“However, the transaction remains subject to receipt of unconditional regulatory approvals from the Group’s primary regulator as at December 31, 2025.”Capital hurdleThe NBK acquisition is Access Bank’s second transaction in the Kenyan market after its purchase of Transnational Bank in February 2020.

The sale agreement for NBK was signed in March 2024, with the parties initially targeting September 30, 2024 for completion.

But the recapitalisation of Nigeria’s banking sector disrupted that timeline after Access Bank prioritised a rights issue to comply with tougher capital rules imposed by the CBN.

In a circular issued on March 28, 2024, the Nigerian regulator raised minimum capital requirements for banks, citing mounting domestic and external economic pressures.“The prevailing macroeconomic challenges and headwinds occasioned by domestic and external shocks have underscored the need for banks to raise and maintain adequate capital to enhance their resilience, solvency, and capacity to continue to support the growth of the Nigerian economy. Consequently, the Central Bank of Nigeria hereby announces upward review of the minimum capital requirements for commercial, merchant and non-interest banks,” the CBN said.

For international commercial banks, minimum capital thresholds were increased from ₦50 billion ($36.6 million) to ₦500 billion ($365.8 million).

Access Bank conducted its rights issue between July 8 and August 23, 2024, raising ₦351 billion ($256.6 million) and becoming the first Nigerian lender to meet the new capital requirement ahead of the March 2026 deadline.

Access Holdings’ filings also show that only its Kenyan and South African subsidiaries closed 2025 in loss territory.

Access Bank Kenya posted a loss of $8.8 million, while Access Bank South Africa reported a loss of $20.5 million.

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