Business
Access Bank Bidvest Deal Collapses Over Regulatory Hurdles
Access Bank Bidvest deal fails as Nigerian regulatory hurdles prevent approval, ending plans to expand into South Africa
Access Bank Plc’s proposed acquisition of South Africa’s Bidvest Bank has collapsed due to regulatory constraints.
Also read: Access Bank and the Rebirth of the National Theatre: Revitalising Nigeria’s Cultural Future
The Nigerian lender had completed the purchase agreement but required clearance from the Central Bank of Nigeria (CBN) to finalise the transaction, despite the deal being domiciled outside Nigeria.
Sources said CBN Governor Olayemi Cardoso’s insistence on strict compliance with regulatory processes prevented approval, ultimately causing the deal to lapse after contractual conditions were unmet by the agreed stop date.
Insiders says Cardoso’s approach was strictly procedural rather than commercially driven, emphasising regulatory orthodoxy over expediency.
It remains uncertain whether the acquisition can be revived if CBN clearance is eventually issued.
The acquisition had been seen as a significant step in strengthening Nigeria-South Africa economic relations, signalling renewed confidence between the two markets.
The failure, therefore, carries potential diplomatic sensitivity, though the transaction’s collapse was not due to South African regulators or any reluctance on the part of the banks involved.
Bidvest Group confirmed that customary conditions precedent, particularly related to regulatory approvals, were embedded in the sale agreement.
The strategic rationale for restructuring its financial services division and selling Bidvest Bank remains unchanged, despite the termination of the transaction.
Also read: Access Bank Novare Partnership Unveils Unforgettable Retail Banking Revolution
The deal was expected to enhance Access Bank’s footprint in South Africa, but regulatory constraints on the Nigerian side have stalled these expansion plans.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
UBA Foundation Drives Environmental Awareness with Tree Planting in Lagos Schools for WED 2026
UBA Foundation tree planting initiative marks World Environment Day 2026 with sustainability drive across Lagos schools to promote climate action
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