Keystone Bank Limited

Nigerian commercial bank

Keystone Bank Limited

Company type| Private
Industry| Banking
Founded| 2011
Headquarters| Victoria Island, Lagos, Nigeria
Products| Loans, credit cards, savings, investments, online banking
Total assets| US$1.916 billion (NGN:307.5 billion)[1]
Website| www.keystonebankng.com

Keystone Bank Limited, is a commercial bank in Nigeria. The bank is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.[4]

## Overview

[edit]

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. As of December 2012[update], 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).[5]

## History

[edit]

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.[6]

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.[7]

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).[8]

## Ownership

[edit]

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.[citation needed]

## Keystone Bank Group

[edit]

The bank together with its onshore and offshore subsidiaries, constitute the Keystone Bank Group. The bank's subsidiaries include the following:[9]

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

## Branch network

[edit]

According to its website, the bank maintains a network of over 150 business offices and locations in all the states of Nigeria.[10]

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

[edit]

As of January 2024, the managing director and chief executive officer of the bank is Hassan Imam[2] The executive director of Keystone Bank Limited is  Nnenna Anyim Okoro.[3]

## Awards

[edit]

The Bank was awarded Retail Bank of the Year at the African Industrial and Development Conference and Awards (AIDCA) in 2024.[11]

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.[12]

## See also

[edit]

* Banks portal

* Bank PHB
* Central Bank of Nigeria
* Economy of Nigeria
* Orient Bank
* List of banks in Nigeria

## References

[edit]

1. ^ "December 2012 Financial Statement" (PDF). Keystonebankng.com. Retrieved 15 October 2017.
2. ^ a b Vanguard Nigeria (11 January 2024). "Hassan Imam: Meet newly appointed CEO of Keystone Bank". Vanguard (Nigeria). Lagos, Nigeria. Retrieved 18 January 2024.
3. ^ a b Ngozi Ekugo (11 January 2024). "Profile: Meet Chioma Mang, Keystone bank's new Executive Director ". Nairametrics. Lagos, Nigeria. Retrieved 18 January 2024.
4. ^ "Central Bank of Nigeria | Commercial Banks". Cenbank.org. Retrieved 29 August 2017.
5. ^ "Audited December 2012 Financial Statement" (PDF). Keystonebankng.com. Retrieved 15 October 2017.
6. ^ Chima, Obinna (6 August 2011). "Nigeria: Afribank, Spring Bank, Bank PHB Nationalised". This Day (Lagos). Retrieved 29 August 2017.
7. ^ "Finally, AMCON Sells Keystone Bank for N25bn to New Investors". This Day. 21 March 2017. Retrieved 6 April 2017.
8. ^ Reporters, Our (11 February 2025). "Court orders forfeiture of 6.3bn Keystone Bank shares to FG". Punch Newspapers. Retrieved 25 February 2025.
9. ^ James, Ikpeme. "Keystone Bank | Convenience & Reliability : Information Centre »". Keystonebankng.com. Retrieved 29 August 2017.
10. ^ James, Ikpeme. "Keystone Bank | Convenience & Reliability : Inside Keystone Bank »". Keystonebankng.com. Retrieved 29 August 2017.
11. ^ "Keystone Wins Retail Bank of the Year 2024 Award – THISDAYLIVE". www.thisdaylive.com. Retrieved 14 October 2024.
12. ^ https://www.vanguardngr.com/2018/08/keystone-bank-shines-at-international-banker-awards-wins-in-2-categories/

## External links

[edit]

* Homepage of Keystone Bank Limited
* Website of Central Bank of Nigeria
* AMCON names new buyers of Keystone Bank As at 21 March 2017.