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Nigerian bank reveals extra pay to Moi allies
A customer being served at a Transnational Bank branch on City Hall Way in Nairobi earlier. It has since been taken over by Nigeria’s Access Bank. FILE PHOTO | NMG
Close associates of former president Daniel Moi are set for an additional Sh370.85 million (₦1.29 billion) payout for selling a majority stake in Transnational Bank to Nigeria’s Access Bank.
The Nigerian lender has revealed in regulatory filings in Lagos that the extra amount will be paid over the next two years, pushing total payout for the deal to Sh1.58 billion (₦5.52 billion).
