Access Bank Nigeria, biggest lender by assets, has failed in its plans to acquire Sidian Bank, a controlling stake in Centum Investment Co. – a Kenyan bank.
The holding company had on June 8, 2022, announced that its subsidiary, Access Bank Plc Nigeria haD entered into a binding agreement with Kenyan-based Centum Investment Plc for the acquisition of the entire 83.4 per cent shareholding held by Centum in Sidian Bank Ltd worth 4.3 billion shillings ($34.7 million) – equivalent to 15 billion Naira.
Although regulators have been in support of the acquisition, Access’ initial plans to acquire Sidian however rebounded because, the parties involved in the deal failed to agree on the terms that applied, hence, were unable to meet the deadline for completing the transaction.
“The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement.
“Although regulators have all been supportive in engagements around the transaction, certain conditions precedent, which were needed to prudently complete the transaction have not been met and the parties were unable to reach agreement on the variation of these conditions, in a manner to deliver the desired outcome for the parties.”
Access Bank Plc, Nigeria
Consequently, Access notified the Nigerian Exchange Ltd and the investing public of its inability to acquire Sidian.
“The Bank however remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.”
Access Bank Plc
Moving forward as a bank, Access Bank Nigeria rewarded more customers with cash prizes in the second batch of AccessMore Mega Reward Scheme (AMRS) for 2022.
Mr Oluremi Gabriel, the Head of Digital Channels, Access Bank Nigeria, said, the reward was part of the bank’s strategy to drive easy, effective and rewarding banking, using its AccessMore mobile app.
A customer earns a point for every transaction done using the App, which can be converted to Naira, Mr. Oluremi said. Adding on, he also mentioned that in August 2022, the bank rewarded 11 winners, with one person receiving N1 million and 10 others receiving N100,000 cash prizes.
“Today’s ceremony is the second batch of 2022 edition. The star winner is going on all expense paid to Kenya, which is the destination of his choice and we are rewarding another 10 winners with N100,000 each.”
Mr. Oluremi
The Reward Scheme Has Attracted More Customers
Gabriel stated that the bank’s initiatives have attracted more customers, and one way to earn points is by referring new customers to the bank.
“Each complete referral you make earns you additional 100 points. Once you onboard 20 to 30 new people onto the AccessMore app, you get 2000 to 3000 points, respectively, and this qualifies you the chance to win cash prizes of up to N1 million. The great thing is, the more you transact, the more points you earn.”
Gabriel Oluremi
The 2023 promotion will be even bigger and more inclusive, with the goal of reaching more customers and having more winners, Mr. Oluremi assured.
The Head of Digital Channels, Access Bank Nigeria, also mentioned that the previous year’s star winner, Mr. Colin Egemonye, a lawyer, expressed his appreciation to the bank, commending its technology-driven approach.
Mr. Egemonye further encouraged all customers and Nigerians to open an account with Access Bank and to use the AccessMore app, which he thinks is a unique payment application that offers tailored and personalized services and excellent customer experience.
READ ALSO: IBF Petitions Gov’t For The Exemption Of Individual Bondholders From The DDEP
