Keystone Bank Limited

Overview

Keystone Bank offers banking services to large corporations, public institutions, small to medium enterprises (SMEs) and individuals. The bank is a large financial services provider in Nigeria. , the bank's total assets were valued at US$1.916 billion (NGN:307.5 billion), with shareholders' equity valued at about US$213.3 million (NGN:34.23 billion).

History

On Friday 5 August 2011, Keystone Bank Limited was issued a commercial banking license by the Central Bank of Nigeria (CBN). On the same day, CBN revoked the banking license of Bank PHB. Keystone Bank assumed the assets and some liabilities of the now defunct Bank PHB.

On 22 March 2017, Asset Management Company of Nigeria announced that Keystone bank had been sold to investors for 25 billion naira ($81.5 million). It was sold to Sigma Golf-Riverbank consortium.

On February 11, 2025, the Lagos State Special Offences Court ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited to the Federal Government of Nigeria. The decision followed a guilty plea by Sigma Golf Nigeria Limited in a ₦20 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC).

Ownership

The bank was previously owned by the Asset Management Corporation of Nigeria (AMCON), an arm of the Federal Government of Nigeria. The bank is currently owned by Sigma Golf River Bank Consortium after being acquired from the Asset Management Corporation of Nigeria (AMCON) in March 2017.

Keystone Bank Group

The bank together with its onshore and offshore subsidiaries, constitute the Keystone Bank Group. The bank's subsidiaries include the following:

• Global Bank Liberia – Monrovia, Liberia
• Keystone Insurance – Lagos, Nigeria

Branch network

According to its website, the bank maintains a network of over 150 business offices and locations in all the states of Nigeria.

Some of its products offered to the public includes; QuickSave/ QuickSave Plus, Paytime Accounts, Partner Plus, Active Dom/Dom Extra, Growbiz Account, Future Account, NIDA etc.

Governance

As of January 2024, the managing director and chief executive officer of the bank is Hassan Imam The executive director of Keystone Bank Limited is Nnenna Anyim Okoro.

Awards

The Bank was awarded Retail Bank of the Year at the African Industrial and Development Conference and Awards (AIDCA) in 2024.

It got the Nigeria’s Most Innovative Retail Bank of the year, and the Africa’s Best Customer Service Provider respectively in 2018 at the International Bankers' Award Ceremony.

References

References

1. Vanguard Nigeria. (11 January 2024). "Hassan Imam: Meet newly appointed CEO of Keystone Bank". [[Vanguard (Nigeria)]].
2. Ngozi Ekugo. (11 January 2024). "Profile: Meet Chioma Mang, Keystone bank's new Executive Director". [[Nairametrics]].
3. "December 2012 Financial Statement".
4. "Central Bank of Nigeria {{!}} Commercial Banks".
5. "Audited December 2012 Financial Statement".
6. Chima, Obinna. (2011-08-06). "Nigeria: Afribank, Spring Bank, Bank PHB Nationalised". This Day (Lagos).
7. (2017-03-21). "Finally, AMCON Sells Keystone Bank for N25bn to New Investors". [[This Day]].
8. Reporters, Our. (2025-02-11). "Court orders forfeiture of 6.3bn Keystone Bank shares to FG".
9. James, Ikpeme. "Keystone Bank {{!}} Convenience & Reliability : Information Centre »".
10. James, Ikpeme. "Keystone Bank {{!}} Convenience & Reliability : Inside Keystone Bank »".
11. (11 July 2024). "Keystone Wins Retail Bank of the Year 2024 Award – THISDAYLIVE".
12. (5 August 2018). "Keystone Bank shines at International Banker Awards, wins in 2 categories".