Access Holdings, the parent company of Nigeria’s biggest bank by assets, will pay $109.6 million (₦179.1billion) to acquire National Bank of Kenya (NBK) from KCB Bank Group, according to its financial statements for Q2, 2025.
“As part of the completion process, the Group received the completion documents from the Seller (KCB Group) on 30 May 2025 for a total estimated consideration of USD109.6 million (₦ 179.1billion),” Access disclosed.
The takeover, announced in March 2024, was completed in May; however, the Nigerian lender’s latest financial statements indicate that it has yet to remit the payment for the acquisition. The $109 million deal aligns with TechCabal’s earlier estimated valuation of around $100 million for the company, which is 1.25 times NBK’s book value of $79.77 million as of 2023.
To help secure the pending completion, African Export–Import Bank AFREXIM has issued a guarantee of up to $89.5 million (₦142.3 billion).
The group aims to increase its footprint in East Africa’s largest economy, where it already owns Access Bank Kenya. With NBK’s national reach and government-linked client base, the acquisition gives Access a ready-made network and a chance to gain relevance in East Africa’s competitive banking market, where it reported a loss of $1.47 million in H1 2025.
Access Kenya reported an operating income of ₦4.85 billion ($3.33 million) in H1 2025, and a loss after tax of ₦2.14 billion ($1.47 million) driven by operational expenses of ₦8 billion ($5.49 million). Its Nigerian arm made a profit of ₦165.16 billion ($113.28 million).
In September, Access began integrating operations with the National Bank of Kenya (NBK), allowing customers of either lender to use a shared branch network. However, it has not consolidated NBK’s results into the group’s earnings.
“Consequently, the financial results of National Bank of Kenya have not been consolidated in these financial statements,” Access said in its Q2 report.
Access told TechCabal that customers could conduct routine transactions, such as deposits, withdrawals, and account inquiries, at more than 100 combined branches nationwide, marking the first major step since Access acquired NBK as part of its East African expansion.
“By opening our networks to each other’s customers, we are ensuring that banking is simpler, faster, and more accessible,” Access Kenya country director Ralph Opara said at the time.