Why Nigerian Access Bank is leaving NBK off its group balance sheet ?
Zawya · Staff Writer ·
While regulatory authorities in Nairobi fully cleared the Ksh13 billion ($100 million) cross-border buyout, the deal is yet to secure vital unconditional sign-off in Lagos
Access Bank has excluded its Kenyan subsidiary, the National Bank of Kenya (NBK), from its consolidated financial statements due to the delayed approval of its buyout deal by the Central Bank of Nigeria (CBN). The delay was caused by unfulfilled conditions relating to its overseas investments.
While regulatory authorities in Nairobi fully cleared the Ksh13 billion ($100 million) cross-border buyout, the deal is yet to secure vital unconditional sign-off in Lagos, raising eyebrows among investors and financial analysts across the region.
The Nigerian lender’s decision to exclude NBK from its consolidated financial statements for the nine months period to September 30, 2026 has erased an estimated Ksh157.08 billion ($1.2 billion) in total assets and millions of dollars’ worth of revenues from the group’s balance sheet.