Business
KEYSTONE BANK STRUGGLES FOR LIFE, SELLS OFF PROPERTY
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
Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives
Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives
A Nigerian-born designer is gradually carving out a cross-continental footprint in contemporary fashion, blending African textile heritage with British technical discipline.
Esther Fiyinfoluwa Adeosun, Founder and Creative Director of Fifi Stitches, is gaining recognition for structured womenswear and bridal couture that reinterprets traditional fabrics through architectural tailoring and precision construction.
Born in Ibadan, Oyo State, Adeosun’s fashion journey began at home, seated beside her mother’s sewing machine. What started as childhood curiosity, sometimes jamming the machine just to understand its mechanics—evolved into a disciplined design practice now operating between Nigeria and the United Kingdom.
During an interview with journalists the fifi Stitches once mentioned “I was fascinated by how flat fabric could transform into something structured and meaningful”.
In her Story , early designs made for her family, though imperfectly finished, were worn with pride—an encouragement that laid the foundation for her professional confidence.
Today, Fifi Stitches is recognised for sculpted bodices, controlled tailoring, corsetry construction, and the contemporary reinterpretation of Ankara, Aso Oke, and Adire textiles.
The brand challenges the long-held perception that African fabrics belong solely in ceremonial contexts, instead positioning them within global luxury and modern design spaces.
Adeosun’s training reflects this dual perspective. She studied Fashion Design and Entrepreneurship at the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, and earned a Diploma in Fashion Design through Alison Online.
In the UK, she undertook industry-focused technical training with Fashion-Enter Ltd and gained fashion business exposure through Fashion Capital UK.
Her technical expertise spans pattern drafting, draping, garment technology, structured tailoring, corsetry, and bespoke fittings—skills she describes as central to credibility in fashion. “Precision builds trust,” she says. “A designer must understand construction as deeply as creativity.”
Fifi Stitches has showcased collections at the Suffolk Fashion Show, Liverpool Fashion Show – FB Fashion Ball, Red Carpet Fashion Event in London, and through editorial features in London Runway Magazine.
The brand has also received coverage in The Guardian Nigeria and Vanguard Allure, expanding its visibility across markets.
Beyond couture, Adeosun integrates community impact into her practice.
She has facilitated garment construction workshops, draping sessions, and introductory training programmes for women and emerging creatives, promoting fashion as both artistic expression and vocational empowerment.
Fifi Stcithes Boss operates between Nigeria and the UK, in order to continue to shape her brand identity.
According to her “Nigeria provides cultural richness and expressive textile traditions, while the UK offers structured production systems, sustainability conversations, and institutional frameworks”.
Looking ahead, Adeosun said she plan to establish a fully structured fashion house spanning Africa and the UK, develop scalable production partnerships, launch capsule collections, and expand independent editorial visibility.
Her broader ambition is clear: to position African textile craftsmanship within global contemporary design conversations—through structure, discipline, and technical excellence.
Business
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Business
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
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