• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, July 24, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Access Bank Acquires Kenya’s Sidian For N15bn

by Bukola Idowu
3 years ago
in Business
Access Bank
Share on WhatsAppShare on FacebookShare on XTelegram

Access Holdings Plc has said, it plans to acquire 83.4 per cent of Kenya’s Sidian Bank Limited, a deal which it is spending N15 billion to close.

Advertisement

The deal was announced to investor in a letter to the Nigerian Exchange Group yesterday. This transaction is subject to the fulfillment of conditions precedent including regulatory approvals in Kenya and Nigeria.

The bank, in the letter signed by its company secretary, Sunday Ekwochi, has entered into a binding agreement with Kenyan-based Centum Investment Pic for the acquisition of the entire 83.4% equity stake held by Centum in Sidian Bank Limited.

The purchase consideration is approximately up to N15 billion, representing a price to book multiple of 1.1x based on the audited 31 March 2022 shareholders’ equity of Sidian.

Sidian will be merged with Access Bank’s subsidiary in Kenya, Access Bank Kenya, to create a stronger banking institution better positioned to serve the Kenyan market.

RELATED

CBN Intervention Funds Boost Non-oil Export Earnings

LCCI Bemoans CBN’s Rate Retention

18 hours ago
SEC Urges Young People To Avoid Ponzi Schemes

Commodities Exchanges, Warehouses Can Unlock $500bn – SEC

18 hours ago

Commenting on the transaction, the group chief executive, Access Corporation, Mr. Herbert Wigwe, said: “this growth transaction being implemented in Kenya represents the relentless focus and execution of our strategic objectives within our banking subsidiary even as we grow the other businesses within Access Corporation’s core segments.

“The acquisition of Sidian is a significant step-up in scale and potential for Access Bank in Kenya which represents the largest market and trade corridor in East Africa.

“The significant increase in scale and customer base presents us with enormous opportunities to support growth in the various ecosystems we are building in our trade and payment business. The economies of scale that derive therefrom will continue to drive and enhance contributions to all stakeholders.”

Chief executive officer of Access Bank, Mr. Roosevelt Ogbonna, also said: “this transaction builds on our earlier acquisition of the former Transnational Bank Plc (now Access Bank Kenya) and underscores our resolve to strengthen our presence in Kenya, a key African market that fits into our strategic focus for geographic earnings growth and diversification.

“The acquisition and intended subsequent merger will create a strong and competitive balance sheet for Access Bank in Kenya, positioning us to be well-placed to promote regional trade finance and other cross border banking services in the East African Community (EAC) and broader COMESA region.

“The proposed combination with Access Bank Kenya would undoubtedly propel Access Bank into a strong contender in the Kenyan market with enhanced capacity to play a more impactful role in the growth of its economy while delivering increased profitability for our shareholders.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Access bank
SendShareTweetShare
Previous Post

Stocks Market Halts 3-Day Positive Trend, Sheds N42bn

Next Post

Chinese Firm Invests $50m In Fibre Cement Boards Factory In Abuja

Bukola Idowu

Bukola Idowu

You May Like

CBN Intervention Funds Boost Non-oil Export Earnings
Business

LCCI Bemoans CBN’s Rate Retention

2025/07/23
SEC Urges Young People To Avoid Ponzi Schemes
Business

Commodities Exchanges, Warehouses Can Unlock $500bn – SEC

2025/07/23
Concerns As UN Antonio Guterres Seeks Reform Of UN Security Council
Business

UN Secretary General Laments Low Investment In Africa’s Renewable Energy

2025/07/23
CBN Intervention Funds Boost Non-oil Export Earnings
Business

External Reserves Rise By $200.3m To $37.938bn In 30 days

2025/07/23
CSOs Laud FIRS Boss, Adedeyi On Nigeria’s Crypto Tax
Business

Federal Gov’t Steps Up Fight Against Illicit Financial Flows

2025/07/23
Petrol Price Rises To ₦937 Per Litre In Jigawa
Business

Nigeria Targets West African Bloc For Coordinated Fuel Prices

2025/07/23
Leadership Conference advertisement

LATEST

Kwara Gov Launches Fresh Women Empowerment Policy

EFCC Arrests 25 Suspected Internet Fraudsters In Kano

Security Agents Rescue 11 Kidnap Victims In Sokoto

Expert Identifies Visionary Leadership, CSR For Business Success

Tinubu Meets APC Govs Ahead Of Crucial NEC

Ekitike Joins Liverpool On 6-Year Deal From Eintracht Frankfurt

Court Voids Removal Of Benue Chief Judge Ikpambese

Senate Lauds Tinubu Over $3bn Allocation To Reconstruct Eastern Rail Line

Police Arrest 3 Suspected Kidnappers In Cross River

Cholera Claims 13 Lives In Niger

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.