Access Bank’s proposed acquisition of South Africa’s Bidvest Bank has officially lapsed, highlighting the Central Bank of Nigeria’s renewed insistence on strict regulatory discipline. The deal, valued at about R2.8 billion or ₦245 billion, failed to receive final approval before its long stop date of January 26, 2026, bringing the transaction to a halt.
The development represents a setback for Access Bank, Nigeria’s largest lender by assets, but the bank has played down fears of a strategic retreat. Managing Director and Chief Executive Officer, Roosevelt Ogbonna, said the group remains committed to its expansion plans in Southern Africa and is still engaging relevant stakeholders to explore alternative routes to completing the transaction.
Industry sources say the delay did not stem from South African regulators but from the Central Bank of Nigeria’s intensified review process under Governor Olayemi Cardoso. Since assuming office, Cardoso has pushed a return to policy orthodoxy, placing greater emphasis on compliance, risk management, and procedural clarity, especially for cross border acquisitions involving Nigerian banks.
Despite the expiration of the agreement, Bidvest Group has not completely ruled out renewed talks. Although it has restarted the sale process, the South African conglomerate is said to be open to renegotiation should conditions become favourable, leaving room for Access Bank to re enter discussions at a later date.
For Access Bank, the strategic logic behind the deal remains intact. South Africa is still viewed as a critical entry point into the Southern African Development Community market. As such, the bank considers the setback a temporary pause rather than a closed chapter, as regulatory scrutiny continues to reshape the pace and structure of Nigerian banks’ continental ambitions.