Acquisitive Growth Strategy and Post-Acquisition Integration Outcomes in Nigerian Financial Services Firms

This study investigates acquisitive growth strategies and the determinants of successful post-acquisition integration in Nigerian financial services firms. The financial services sector in Nigeria has witnessed significant merger and acquisition activity driven by Central Bank of Nigeria recapitalization requirements and strategic consolidation imperatives. Strategic management theory and organizational integration theory provide the framework. The research adopts a mixed methods design. Quantitative analysis of pre- and post-acquisition performance data from twelve financial services acquisitions completed between 2019 and 2024 was combined with qualitative interviews of integration managers and executive leaders. Financial performance metrics examined include return on equity, non-performing loan ratios, and cost-to-income ratios. Multivariate regression with time fixed effects was applied to quantitative data, while thematic analysis was used for qualitative findings. Findings indicate that the quality of pre-acquisition due diligence, specifically the depth of cultural compatibility assessment alongside financial analysis, is the strongest predictor of post-acquisition integration success. Acquisitions with dedicated integration management offices achieve target synergy capture 40 percent faster than those managed through conventional management hierarchies. The study concludes that Nigerian financial services firms must develop institutionalized acquisition management capabilities to improve integration success rates. Keywords: acquisitive growth, post-acquisition integration, financial services, Nigeria, merger strategy.