Business

KEYSTONE BANK STRUGGLES FOR LIFE, SELLS OFF PROPERTY

Published

10 years ago

February 25, 2016

Despite several attempts to keep it atop the several crises trying to stunt its growth, Keystone Bank is still struggling for life.

Sadly, the once-vibrant financial institution has become a shadow of former self. A visit to most of the branches scattered across lagos revealed a bank with low patronage. The once bubbling Ogba branch in Lagos has become a shadow of its self. Even, customers avoided the ATM like an accursed child everybody is afraid to identify with.

Interestingly, a visit to its popular branch at Agege road clearly revealed that the bank ois only waiting for an undertaker to perform its obituary. Why? The multi million naira property belonging to the bank has been converted to a worship centre.

The planned sale of Keystone Bank Limited, by the Asset Management Company of Nigeria (AMCON), may upset the relative calm that has attended the nation’s banking industry for some time. This is made more complex by the uncertainties that the proposed sale has generated as anxiety mounts within and outside the bank among employees and other stakeholders over what appears a jigsaw puzzle the exercise would be confronted with.

Keystone is one of the three nationalised banks that emerged from the carcas of their progenitor establishments following the liquidation of the latter in the aftermath of the 2009 bank reform. The other two nationalised lenders, Enterprise Bank and Mainstreet Bank were sold to Heritage Bank and Skye Banks respectively by AMCON in the fourth quarter of 2014 for a combined sum of N181.1bn, after bidding processes that lasted for several months..

Heritage Bank won the bid to acquire Enterprise Bank for N56.1bn, while Skye Bank was announced as the winner for Mainstreet Bank with a bid of N125bn. The banks were formerly Bank PHB (now Keystone Bank); Afribank (later Mainstreet Bank) and Spring Bank (later Enterprise Bank). The progenitor establishments were nationalised in August 2011 after they failed to meet the recapitalisation requirements as stipulated by the CBN then under Malam Sanusi Lamido Sanusi as Central Bank governor.

Their nationalisation triggered controvery and series of litigations that are yet to settle, creating deep wounds in the minds of those who found themselves on the loser side, while the operators were also rattled by the outcome of the strange development. In the process, some interest groups, mainly shareholders of the former Bank PHB (now Keystone Bank), headed for the courts to stop AMCON from selling the bank which they claim was wrongfully taken from them by the Central Bank under Sanusi. While the controversy and resultant litigation rage, AMCON embarked on the process of selling Keystone in line with its mandate which led to the transfer of ownership of the two other nationalised banks.

Some shareholders of the defunct Bank PHB Plc that headed for a Federal High Court in Lagos include Benedicta Oyiana, Ifeyinwa Oyiana, Chioma Onyiana, Okoli Dumebi and Felix Onyiana. Others are Pius Okonji, Okonji Obiageli, Ndiwa Uwaonye and Allwell Brown. The plaintiffs are claiming that they were not duly compensated when the bank’s assets were transferred to Keystone Bank Plc. They are demanding N38.6bn from the defendants being “fair compensation” to them for the value of their investment in the defunct Bank PHB Plc.

They are also praying the court to award N20bn as damages against the defendants in their favour to cover for the loss of value on their investments in the defunct bank. They further sought an order of the court setting aside what they described as “unlawful nationalisation, compulsory acquisition and expropriation of their investments in Bank PHB.”

In their papers before the court, they contested the validity of a letter dated August 5, 2011, written by the NDIC to the Managing Director of Bank PHB, informing him that the bank’s assets and liabilities had been transferred to Keystone Bank. According to them, such a transfer amounted to an illegality when the NDIC did not make any arrangement for their compensation prior to the move. But AMCON appears set to commence the sale of Keystone Bank in the second quarter of the year. In January, the bad debt manager announced that it would put this into effect soon after the general elections earlier scheduled for February (now shifted to March and April).

Business

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Published

2 days ago

February 19, 2026

Sahara Weekly

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.

The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.

Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.

Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

Bank

Alpha Morgan to Host 19th Economic Review Webinar

Published

4 days ago

February 18, 2026

Sahara Weekly

Alpha Morgan to Host 19th Economic Review Webinar

In an economy shaped by constant shifts, the edge often belongs to those with the right information.

On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.

The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.

With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.

Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19

It is a bi-monthly platform that is open to the public and is held virtually.

Visit www.alphamorganbank to know more.

Business

GTBank Launches Quick Airtime Loan at 2.95%

Published

4 days ago

February 17, 2026

Sahara Weekly

GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

GTBank Launches Quick Airtime Loan at 2.95%

Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.

In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.

For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.

Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”

Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.

With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank

Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.

About HabariPay

HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:

GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com