Centum Investment has shelved its initial plan to sell its shares in the Sidian Bank to Access Bank PLC from Nigeria.

This was confirmed by a statement Centum Managing Director and CEO James Mworia sent to its shareholders and investing public on Thursday notifying them of the latest development.

"The shareholders of Centum and Investing public are hereby notified that Centum will continue as a shareholder in Sidian following the termination of share purchase agreement," the statement read.


According to sources, the sale was subject to some pre-conditions that Access Bank PLC had to meet before December 5, 2022.

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However, the parties involved later agreed to extend the Long Stop Date to January 9, 2023.

Upon reaching the extended-Long Stop Date, Centum issued a notice terminating the share purchase agreement because the conditions had not been met or waived.

In June 2022, Centum announced it had agreed to a share purchase of all its 83.4 per cent shareholding in Sidian Bank Limited to Access Bank.

Centum holds the shares in both its own name and its subsidiary Bakkin Holdco Limited.