Centum Exits Buyout Deal With Access Bank

Centum Investment Company PLC has abandoned a buyout deal with Nigerian lender Access Bank.

In a statement on Thursday, January 12, 2022, Centum CEO James Mworia said that the company was forced to abandon the deal after the expiry of the agreed “long stop date”.

Through a notice issued on June 7, 2022, Centum announced that it had entered into a share purchase agreement to sell all of its share**lding in Sidian Bank Limited to Access Bank. Centum **lds 83.4% of the issued shares of Sidian, in its own name and also through its w**lly owned subsidiary, Bakki **ldco Limited.

The completion of the acquisition of shares in Sidian by Access Bank was subject to various conditions, which were to have been fulf***ed on or before December 5, 2022, or such further date as the parties may agree (the “long stop date”). The parties later extended the long stop date to January 9, 2023.

“Centum hereby issues notice that by reason of the long stop date having been reached and the conditions to the SPA not all having been fulf***ed and/or waived by the parties, the share purchase agreement has terminated and ceased to have force and effect,” Mworia said.

“The share**lders of Centum and the investing public are hereby notif*** that Centum w*** continue as a share**lder in Sidian following this termination of the share purchase agreement.”

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