Nairobi, Jan. 16 -- Centum Investment Company Plc asked to be paid Sh4.3 billion at once for its 83.4 percent stake in Sidian Bank, a demand that was not met by Nigeria's Access Bank and led to the collapse of the deal.

The parties initiated talks in 2021, culminating in the signing of a share purchase agreement in June 2022.

Centum's chief executive James Mworia told Business Daily that the company was to be paid Sh1.7 billion after two years from September 2022 when the transaction was originally expected to have been concluded.

Securing approvals from authorities in Kenya and Nigeria however took longer than anticipated and went beyond the long stop date of December 5, 2022 -the time when the parties could agree to extend the deadli...